Rail stocks steam ahead on revamp plan, gain up to 10 pc

Rail stocks today sprinted up to 10 per cent after President Pranab Mukherjee said modernisation and revamping of the sector is on top of the government's infrastructure agenda.
Shares of Texmaco Rail & Engineering climbed 9.96 per cent and Titagarh Wagons rose 4.99 per cent on the BSE, among prominent names in the sector.
The likes of Kernex Microsystems was up 4.97 per cent, Stone India rallied 4.97 per cent and Kalindee Rail Nirman climbed 4.97 per cent.
"My government will launch a Diamond Quadrilateral project of high speed trains. 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," President Pranab Mukherjee said in his address to the Joint Sitting of Parliament today which outlined the vision of the new government of Narendra Modi.

Expansion of railways in the hilly states and the Northeast region and modernisation of rail safety systems would be the prime focus areas, Mukherjee said, adding R&D and high-level local manufacturing for railway systems would be encouraged.