Rail stocks gain on reports govt. releases first order for rail wagons

Shares of seven companies related to rail business rose by 0.24% to 20% at 15:25 IST on BSE on reports that the government has released its first order for railway wagons.

Meanwhile, the S&P BSE Sensex was up 264.88 points or 0.92% at 28,326.26.

Among rail stocks, Cimmco (up 20%), Container Corporation of India (up 0.71%), Kernex Microsystems (up 4.37%), NELCO (up 1%), Kalindee Rail Nirman (up 5.33%), Titagarh Wagons (up 12.96%), Texmaco Rail & Engineering (up 6.76%) and BEML (up 0.24%) gained.

The Narendra Modi led Bharatiya Janata Party (BJP) Government has released its first order for railway wagons, keeping its promise of taking quick steps to give necessary boost to the Railways sector, report said. The Railways board issued orders to listed wagon manufacturers including Texmaco Rail, Titagarh, Cimmco, and also to unlisted entities such as Modern Industries, Hindustan Engineering, Besco and Jupiter Wagons, informing them of the decision to release 50% of their respective withheld allocations, report added.

 

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