At the opening bell, the stocks of the three major Indian Railway companies—Ircon International, Rail Vikas Nigam Limited (RVNL), and Indian Railway Finance Corporation (IRFC)—rose rapidly and have continued to rise.
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The stock information for IREDA and IRCON International:
| Company | Number of Shares | Total Value (Rs Crore) | Stock Price (Rs) | Percentage Change |
|---|---|---|---|---|
| IREDA | 6,70,66,515 | 1,611 | 239.78 | +4.78% |
| IRCON International | 4,73,31,233 | 1,542 | 323.60 | +5.15% |
Monday saw a significant increase in railway stocks across the board, fueled by robust purchasing since early morning trades.
At the opening bell, the stocks of the three major Indian Railway companies—Ircon International, Rail Vikas Nigam Limited (RVNL), and Indian Railway Finance Corporation (IRFC)—rose rapidly and have continued to rise.
At approximately 11:40 am, shares of Indian Railway Catering and Tourism Corporation (IRCTC) were up 2% on the Bombay Stock Exchange (BSE). While IRFC shares rose to a new high of Rs 206, representing an almost 9% intraday advance, RVNL’s share price achieved a new peak with a 15% intraday rise.
Ircon shares hit a new record high of Rs 334.35 apiece on the BSE, marking a rise of over 7%.
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Why are Railway Stocks Rising?
Stock market experts attribute the gain in railway equities, even in the face of a sideways trend on Dalal Street, mostly to statements made recently by Ashwini Vaishnaw, the Minister for Railways.
Plans for 10,000 more coaches and 2,500 more general passenger coaches were revealed by Vaishnaw.
In addition, he declared that 50 new Amrit Bharat Trains would be built, offering a high-class and fast train service. This announcement has contributed to the increase in railway stocks.
Additionally, expectations that the Union Budget will place special focus on railway infrastructure are acting as a catalyst for this upward movement.
Avinash Gorakshkar, Head of Research at Profitmart Securities, told livemint.com that in November 2023, the railway minister announced the introduction of 3,000 new trains over the next five years.
“This has set the stage for some significant railway infrastructure-related announcements in the upcoming budget on 23rd July 2024. Given the Indian government’s consistent focus on infrastructure since 2014, the market is eagerly anticipating a growth-oriented union Budget 2024 with a special focus on the energy, power, railways, and other infra segments,” he added.
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