Railway-linked firms’ stocks volatile ahead of budget

Railway-linked firms’ stocks volatile ahead of budget

40Mumbai, Feb 26 (IANS) Ahead of Railway Minister Suresh Prabhu’s maiden budget, stocks of companies associated with the public transporter were volatile in Thursday’s pre-afternoon trade session.

Stocks of companies like Texmaco Rail and Engineering, Transformers and Rectifiers (India), Kalindee Rail Nirman (Engineers) and Stone India were trading in the red.

However, healthy gains were made by Titagarh Wagons, Hind Rectifiers, Container Corporation of India, Kernex Microsystems and Cimmco.

At the Bombay Stock Exchange (BSE), shares of wagon-maker Texmaco Rail and Engineering were trading down 0.43 percent (11.00 a.m.) at Rs.138.60 from the previous close of Rs.139.20.

The scrip of Transformers and Rectifiers (India) slipped by 0.11 percent at Rs.186.30 from the previous close of Rs.186.50.

Kalindee Rail Nirman (Engineers) decreased 0.36 percent at Rs.140.30, moving down from its previous close of Rs.140.80.

Scrip of another company associated with the railways, Stone India, was trading lower by 0.88 percent at Rs.84.10 from its previous day’s close of Rs.84.85 per equity share.

However, healthy buying was observed in stocks of wagon manufacturer Titagarh Wagons. The company’s scrip increased by 2.68 percent at Rs.594.70 from its previous close of Rs.579.20.

The shares of Hind Rectifiers were trading higher by 4.43 percent at Rs.81.30 from the previous close of Rs.77.85.

Container Corporation of India’s stocks rose by 1.37 percent at Rs.1,595.10 from its previous close of Rs.1,573.60.

Another firm, Kernex Microsystems’s stocks were up 3.97 percent at Rs.48.40 from its previous close of Rs.46.55 per equity share.

Shares of Cimmco were trading up 1.57 percent at Rs.77.70 from its previous close of Rs.76.50.

Railway Minister Prabhu will present his maiden railway budget in the Lok Sabha Thursday amid expectations that his proposals will re-energise one of the largest railroad networks in the world, while seeking to improve passenger amenities and safety.

The markets expect the budget to bring fiscal stability to the railways and fund inflows for modernisation, in line with the government’s proposal for infrastructure development through the public-private partnership (PPP) model.

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