Steel shares up on more railway investments
Shares of steel manufacturers rose after Rail Minister announcement that Railways will invest Rs 2, 30,000 crore in the 11th plan(2007-2012), which would require about 339,228 tonnes of steel.
By ET Bureau |
MUMBAI: Shares of steel manufacturers rose after minister Lalu Prasad said, in the interim railway budget, that Railways will invest Rs 2, 30,000 crore in the 11th plan (2007-2012), which would require about 339,228 tonnes of steel.
Investors are hoping that the investments by Railways would stabilise domestic demand for the metal, which has been on the wane due to slowdown in construction activities amid a global recession.
At 1:45 pm on Friday, Tata Steel was at Rs 195.20, up Rs 9.75 or 5.26%, SAIL was at Rs 90.95, up Rs 3.35 or 3.82% and Jindal Steel was at Rs 1,092.90, up Rs 45.05 or 4.30%.
Investors are hoping that the investments by Railways would stabilise domestic demand for the metal, which has been on the wane due to slowdown in construction activities amid a global recession.
At 1:45 pm on Friday, Tata Steel was at Rs 195.20, up Rs 9.75 or 5.26%, SAIL was at Rs 90.95, up Rs 3.35 or 3.82% and Jindal Steel was at Rs 1,092.90, up Rs 45.05 or 4.30%.
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