Rail stocks slide in absence of major announcement in budget

Tags: News
Rail stocks today saw hectic selling pressure, falling as much as 10 per cent, in the absence of any major announcement in the interim Railway Budget.

Shares of Hind Rectifiers slumped 10.09 per cent, while Kernex Microsystems India tanked 4.04 per cent.

Among others, Kalindee Rail Nirman (Engineers) lost 1.81 per cent and Titagarh Wagons was down 1.33 per cent on the BSE.

"Shares of companies related to railways fell due to lack of major expected announcements. Kernex, Kalindee were some of the stocks impacted by the news," said Rakesh Goyal, Senior Vice President, Bonanza Portfolio Limited.

Passenger fares and freight rates were left untouched today in the interim rail budget, which talks about plans about involvement of private sector and FDI as part of efforts to modernise the largest transport network in the country.

Presenting the interim budget for four months in the Lok Sabha, Railway Minister Mallikarjun Kharge said an independent Rail Tariff Authority is being set up to rationalise fares and there was a proposal to expand dynamic pricing of tickets in line with the airline industry.

The budget speech did not touch upon passenger fares or freight rates. Kharge later said no hike has been proposed.

Annual Rail Plan has been pegged at Rs 64,305 crore with a budgetary support of Rs 30,223 crore.

EDITORIAL OF THE DAY

  • Saffronites need to build their own edifices and narratives

    The news that the BJP-led NDA government, no admirers of India’s first prime minister, want to give a ‘contemporary’ look to the capital’s mos

FC NEWSLETTER

Stay informed on our latest news!

INTERVIEWS

Sarthak Raychaudhuri

vice-president, HR, Asia South Whirlpool of India

GV Nageswara Rao

MD & CEO, IDBI Federal Life

Timothy Moe

Goldman Sachs

TODAY'S COLUMNS

Sachin Shridhar

Crouching tiger, hidden dragon

The Chinese are consummate gamblers. If you visit a casino ...

Zehra Naqvi

Capturing change

The pace of change in the world around us can ...

Gautam Gupta

Bring on the Benares brigade

It was in 2003 when I first started work and ...

INTERVIEWS

William D. Green

Chairman & CEO, Accenture