 "Railway-linked stocks surge after Suresh Prabhu launches freight reforms")
Shares of Railway-linked stocks such as Titagarh Wagon and Texmaco Rail soared up to 6% after the railway minister Suresh Prabhu presented Indian Railways Freight and Passenger Business Action Plan 2017-18, which railway officials are terming as "mini-budget".
Reacting to the development, the stock of Titagarh Wagon rallied nearly 6% to Rs 109 on the BSE, while Texmaco Rail & Engineering gained 4% to Rs 93. Stone India and Kernex Microsystems advanced 5% each to Rs 65 and 43, respectively.
Outlining the Railways outlook for the financial year 2017-18, Prabhu said Railways will offer discounts on the long-term freight contacts, which will range between 1.5% and 35% as per incremental growth in gross freight revenues. Long-term tariff agreements will be for three-four years, he added.
Prabhu aims to launch Bangladesh-India freight train this year, and also plans to convert 25 stations to 'digital stations'.
Soon Railways will move towards Aadhaar-based ticketing system, he added.
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