Railroad stocks surge on media report on FDI

Wagon and railroad infrastructure builders gain after Business Standard newspaper reported the government could

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allow foreign direct investment in the railway sector, citing an unnamed senior government official.

The newspaper reports the FDI limits could vary by specific area, adding the proposal has been prepared by the commerce ministry and sent for approval to the Cabinet, which could consider it either on January 2 or January 9.

India has been contemplating opening up investments in railway infrastructure to foreign players in a bid to attract foreign funds to finance its ailing infrastructure.

Kalindee Rail Nirman Engineers is up 11.56 percent, Titagarh Wagons gains 8.54 percent, Texmaco Rail & Engineering 8.79 and Hind Rectifiers 12.61 percent higher.

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