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Volatility in railway-linked firms' stocks

Thu, Feb 26, 2015, 12:57 PM
Mumbai, Feb 26: As Railway Minister Suresh Prabhu started presenting his maiden budget to the Lok Sabha, stocks of companies associated with the public transporter experienced marked volatility in Thursday's afternoon trade session.

Stocks of companies like Texmaco Rail and Engineering, Container Corporation of India, Kalindee Rail Nirman (Engineers) and Stone India were trading in the red.

However, healthy gains were made by Titagarh Wagons, Hind Rectifiers, Transformers and Rectifiers (India), Kernex Microsystems and Cimmco.

At the Bombay Stock Exchange (BSE), shares of wagon-maker Texmaco Rail and Engineering were trading down 2.66 percent (12.30 p.m.) at Rs.135.50 from the previous close of Rs.139.20.

The scrip of Container Corporation of India slipped by 0.21 percent at Rs.1,570.35 from the previous close of Rs.1,573.60.

Kalindee Rail Nirman (Engineers) decreased 0.71 percent at Rs.139.80, moving down from its previous close of Rs.140.80.

Scrip of another company associated with the railways, Stone India, was trading lower by 1.59 percent at Rs.83.50 from its previous day's close of Rs.84.85 per equity share.

However, scrip of Transformers and Rectifiers (India) another company associated with the railways was trading higher. It was up 0.80 percent at Rs.188 from its previous day's close of Rs.186.50 per equity share.

Healthy buying was also observed in stocks of wagon manufacturer Titagarh Wagons. The company's scrip increased by 2.73 percent at Rs.595 from its previous close of Rs.579.20.

The shares of Hind Rectifiers were also trading higher. It was up 5.33 percent at Rs.82 from the previous close of Rs.77.85.

Kernex Microsystems's stocks rose 4.83 percent at Rs.48.80 from its previous close of Rs.46.55 per equity share.

Shares of Cimmco was up 2.03 percent at Rs.78.05 from its previous close of Rs.76.50.

Railway Minister Prabhu presented his maiden railway budget in the Lok Sabha Thursday afternoon.

The budget proposed various plans to re-energise one of the largest railroad networks in the world, while seeking to improve passenger amenities and safety.

The markets expect the budget to bring-in fiscal stability to the railways and fund inflows for modernisation, in line with the government's proposal for infrastructure development through the public-private partnership (PPP) model.
Agency: IANS
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