Blitz Bureau
NEW DELHI: Railway stocks such as IRFC,RVNL, IRCON saw gains between 3% and 9% on August 12 after the Government approved Rs 24,657 crore for eight new railway projects.
The Cabinet Committee on Economic Affairs approved eight new railway projects, which will cover 14 districts across seven states and involve the construction of 64 new stations. These projects are expected to be completed by the 2030-31 financial year.
Despite a recent decline in railway stocks following budget announcements and disappointing results from major companies such as RVNL, IRFC, and IRCON, the sector has seen sharp gains in Monday’s (August 12) trade.
Shares of RVNL surged 9.09% to Rs 564.85, marking the largest increase among railway stocks. Railtel saw a rise of 2.24%, trading at Rs 479.95, while IRFC and IRCON increased by 3.05% and 3.04%, respectively. In contrast, RITES shares fell 0.66% to Rs 680. Jupiter Wagons and Titagarh Rail Systems also saw gains of 1.70% and 2.35%, trading at Rs 565 and Rs 1,380.35, respectively.
The Union Budget for 2024-25 included a capital expenditure of Rs 2.62 lakh crore, a significant increase from the previous year’s Rs 2.40 lakh crore.
