Railway stocks extend losses on profit-booking

Mar 15, 2012 |

mumbai

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Stocks of companies in the railways business continued to decline and fell by up to 6 per cent on bourses after yesterday's Rail Budget, which did not provide them any major direct benefits.

Investors sold most of these stocks led by Kalindee Rail, Texmaco Rail and Titagarh Wagons.

Shares of Kalindee Rail Nirman (Engineers) plunged 5.38 per cent to touch a low of Rs 99.20, while wagon maker Texmaco Rail and Engineering tanked 4.26 per cent to Rs 64.

Kernex Microsystems tumbled by 5.47 per cent and Titagarh Wagons was down 3.38 per cent. Bharat Earth Movers also fell by 1.16 per cent, while Bartronics India lost 1.39 per cent.

"These stocks suddenly become favourites on the day of the Rail Budget in anticipation of good news which usually fizzled out once the Budget was presented," an expert said.

An increase in passenger fares across all classes, more than 100 new trains, enhanced frequency and plans to hire more than one lakh employees were some of the key Rail Budget proposals.

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