Rail stocks decline three to five pct ahead of Rail Budget
New Delhi [India], Feb 1 (ANI): With maximum focus on safety, speed and infra development, the Finance Minister Arun Jaitley will present the first Rail Budget subsumed in the General Budget today.
With higher expectations with the sector, the shares of rail-related companies are in focus. Shares such as Texmaco Rail, Kalindee Rail Nirman, Titagarh Wagons and Kernex Microsystems were down three percent to five percent intraday.
On the other hand, the investors are looking for a safety fund for railways reeling under a series of deadly derailments, development of new lines, station redevelopment and setting up of Rail Development Authority and High Speed Rail Authority in the Rail Budget.
Jaitley, who is likely to give more focus on infrastructure development such as new lines, doubling, station redevelopment and safety upgradation is likely to announce creation of a separate safety fund of about Rs. one lakh crore over the next five years out of which Rs. 20,000 crore will be earmarked for 2017-18.
Texmaco Rail was quoting at Rs. 104.75, down 1.78 percent, Kalindee Rail Nirman was quoting at Rs. 112 down 1.71 percent, Titagarh Wagons was quoting at Rs. 113.05, down 2.46 percent and Kernex Microsystems was quoting at Rs. 37.95, 4.89 percent. (ANI)