Rail stocks fall on profit-taking ahead of budget
Titagarh Wagons, Texmaco, BEML are all down between 1%-4.5%
Railway-related stocks fall on profit-taking ahead of railway budget later in the day. Shares in the sector have surged on hopes of reforms including opening of the sector to foreign investments under newly-elected Modi government, traders say.
Titagarh Wagons Ltd, which has risen 183% in 2014 compared to the Nifty's gain of 23.65%, fell 4.4%.
Texmaco Rail & Engineering Ltd is down 1.3% and BEML Ltd has slumped 3.7%.
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Any increase in the FY15 outlay for railways compared to Rs 64,300 crore ($10.73 billion) set in the previous budget would be seen as positive, investors say.
Also, any specific mention regarding increase in allocation or procurement for wagons will be positive for wagon manufacturers.