OPEN APP
Home / Politics / Policy /  Rail stocks slide 4% ahead of Rail Budget

New Delhi: Shares of most of the railway sector related companies declined as much as four per cent ahead of presentation of the first Rail Budget subsumed in the General Budget on Wednesday. Titagarh Wagons settled 4.06% down at Rs115.90 on BSE on Tuesday, while Kalindee Rail Nirman (Engineers) ended 3.27% down at Rs113.95 from the previous close.

Texmaco Rail & Engineering lost 3.22% and closed at Rs106.65. Stone India went down by 2.94% to settle at Rs69.30. Kernex Microsystems tumbled 3.27% and was quoted at Rs39.90 at the end of Tuesday’s trading session.

The 30-share barometer BSE Sensex on Tuesday slumped 194 points ahead of the budget—to be presented on Wednesday—to a one-week low of 27,656 after the Economic Survey projected a lower growth of 6.5% for 2016-17.

A safety fund of Rs20,000 crore 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 will be in focus as Arun Jaitley will present the Rail Budget.

Jaitley is likely to give more focus on infrastructure development such as new lines, doubling, station redevelopment and safety up gradation. The Budget will also give a fillip to non-fare revenue exercise and monetising assets such as vacant land, estimated to be about 48,000 hectares including redevelopment of stations with private participation.

Subscribe to Mint Newsletters
* Enter a valid email
* Thank you for subscribing to our newsletter.

Never miss a story! Stay connected and informed with Mint. Download our App Now!!

Close
×
Edit Profile
My ReadsRedeem a Gift CardLogout