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Rail stocks are in limelight and trading higher by up to 5% after Nirmala Sitharaman, commerce and industry minister said that the country needs foreign direct investment (FDI) for expansion of railway network.
Titagarh Wagons, Kalindee Rail Nirman, Kernex Microsystems and Texmaco Rail and Engineering rallied 3-5% on the Bombay Stock Exchange (BSE).
The commerce and industry ministry has initiated the exercise to allow 100% FDI in several segments of railways, moving beyond its earlier plan to open select sectors such as high-speed train systems, dedicated freight lines built through the public-private partnership route and in certain areas of suburban rail networks, the Times of India report suggests.
Currently, there is a complete ban on any kind of FDI in railways, except mass rapid transport systems, it added.
Meanwhile, according to media reports, the Narendra Modi government is likely to present its maiden General Budget on July 11 while the Railway Budget is likely to be presented on July 9.
Titagarh Wagons, Kalindee Rail Nirman, Kernex Microsystems and Texmaco Rail and Engineering rallied 3-5% on the Bombay Stock Exchange (BSE).
The commerce and industry ministry has initiated the exercise to allow 100% FDI in several segments of railways, moving beyond its earlier plan to open select sectors such as high-speed train systems, dedicated freight lines built through the public-private partnership route and in certain areas of suburban rail networks, the Times of India report suggests.
Currently, there is a complete ban on any kind of FDI in railways, except mass rapid transport systems, it added.
Meanwhile, according to media reports, the Narendra Modi government is likely to present its maiden General Budget on July 11 while the Railway Budget is likely to be presented on July 9.
