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Rail-related cos surge ahead of interim railway budget

Rail-related cos surge ahead of interim railway budget
PTI
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First Published: Fri, Feb 13 2009. 10 47 AM IST
Updated: Fri, Feb 13 2009. 10 47 AM IST
Mumbai: Stocks of engineering and wagon manufacturing firms surged on Friday on the Bombay Stock Exchange ahead of the interim Railway Budget.
Major gainers include state-run Bharat Earth Movers Ltd (BEML), Container Corporation of India and rail infrastructure developing firm Kalindee Rail Nirman Engineers Ltd.
Marketmen said wagon manufacturing companies and logistics firms gained on the bourses amid expectations of new contracts as introduction of new trains may be announced in the budget.
Interim Railway Budget is likely to have proposals for introduction of more trains such as Garib Rath. Besides, the railways minister is expected to announce some pro-people schemes ahead of the Lok Sabha polls, they added.
Kalindee Rail Nirman Engineers Ltd gained 7.6% at Rs156.90. State-run BEML rose by 4.58% to Rs413.
K.K. Birla Group firm Texmaco, which is in the business of wagon manufacturing, went up by 8.63% to Rs62.25.
Currently, there are 20 Garib Raths that provide AC comfort to passengers belonging to poor sections of society, and a few more are likely to be announced this time.
Anticipating positive announcement, Titagarh Wagons soared by 6.28% to Rs262, Container Corporation of India was up 1.13% at Rs684.85 and Kernex Microsystems, which is into the business of signal systems, rose by 8.86% at Rs93.35.
Logistics firm Gateway Distriparks rose by 4.87% to Rs61.30 and Kolkata-based engineering firm Stone India jumped nearly 5% to hit its upper circuit at Rs23.65.
While the budget is likely to register a cash surplus before paying dividend at about Rs25,000 crore, the operating ratio is also expected to be more than last year’s 76%.
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First Published: Fri, Feb 13 2009. 10 47 AM IST