Weakness prevails in rail stocks

Kernex Microsystems (India) (down 6.48%), Titagarh Wagons (down 4.60%), Kalindee Rail Nirman (Engineers) (down 4.17%), Simplex Casting (down 2.79%), Hind Rectifiers (down 2.15%), Stone India (down 1.42%), NELCO (down 1.23%), Texmaco Infrastructure & Holdings (down 1.15%), Bhel (down 0.43%), BEML (down 0.41%) and TRIL (down 0.40%), edged lower.

The BSE Sensex was up 69.02 points, or 0.35% at 19,732.57.

On Thursday (10 January 2013), shares of TRIL, Texmaco Infrastructure & Holdings, BEML, Hind Rectifiers, Bhel, Titagarh Wagons, Stone India, Kalindee Rail Nirman (Engineers) and Kernex Microsystems (India) fell by 0.88% to 7.06%.

Railway Minister Pawan Kumar Bansal on Wednesday, 9 January 2013, said while announcing the rationale for hike passage rail fares that due to no fare hike during the past ten years, Railway's internal resource generation was seriously impacted, resulting in scaling down of Annual Plan size, which has now been limited to Rs 51000 crore in 2012-13 as against Rs 61000 crore that was originally targeted.

Similarly, Railway's fund balances became negative in 2011-12, thereby adversely affecting essential replacement/renewal of assets, operation and maintenance activities and critical safety and passenger amenity works, Bansal said.

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