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.

Post new comment

E-mail ID will not be published
CAPTCHA
This question is for testing whether you are a human visitor and to prevent automated spam submissions.

EDITORIAL OF THE DAY

  • The NDA government would do well to keep its economic focus in place

    It is as if the worst horrors conjured by liberal secularists about India’s prime minister could be finally coming true.

FC NEWSLETTER

Stay informed on our latest news!

INTERVIEWS

GV Nageswara Rao

MD & CEO, IDBI Federal Life

Timothy Moe

Goldman Sachs

Chander Mohan Sethi

CMD, Reckitt Benckiser India

COLUMNIST

Taslima Nasrin

Religious conversion as fundamental right

Tricks and treats, coercion, threats, manhandling and extermination are the ...

Purnendu Ghosh

Does speed liberate or enslave humans?

Speed is the reflection of modernity and modernisation. Speed is ...

Shona Adhikari

Why Indian art auctions are here to stay

With Christie’s second India sale just over in Mumbai, we ...

INTERVIEWS

William D. Green

Chairman & CEO, Accenture