Rail stocks rally after President's speech
Shares of eight firms whose fortunes are linked to orders from Indian Railways gained by 1.02% to 10% at 15:15 IST on BSE after Pranab Mukherjee said that modernization and revamping of Railways is on top of the government's infrastructure agenda.
Texmaco Rail & Engineering (up 10% at Rs 113.20), Titagarh Wagons (up 5% at Rs 297.70), Kernex Microsystems (India) (up 5% at Rs 76.05), Stone India (up 5% at Rs 33.80), BEML (up 4.98% at Rs 772.75), Kalindee Rail Nirman (Engineers) (up 5% to Rs 108.85), Hind Rectifiers (up 1.91% to Rs 58.60) and Container Corporation of India (up 1.02% to Rs 1192) edged higher.
Meanwhile, the S&P BSE Sensex was up 184.24 points, or 0.73% at 25,580.71
President Pranab Mukherjee today, 9 June 2014, in his address to the joint sitting of Parliament said that the government will launch a Diamond Quadrilateral project of high speed trains, the President said. The country will have a network of freight corridors with specialised Agri-Rail networks for perishable agricultural products. Investment in railways will be increased using innovative financing methods, the President said. Expansion of railways in hilly states and Northeast region and modernization of rail safety systems will be prime focus areas. The government will encourage R&D and high level local manufacturing for railway systems, the President said.
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