Railway Stocks Surge on Modi's Infrastructure Push

Railway Stocks Surge on Modi's Infrastructure Push

In the wake of Prime Minister Narendra Modi's announcement of 2,000 rail projects worth Rs 41,000 crore, shares of railway-related companies experienced a surge during intra-day deals on Tuesday. This surge was attributed to Modi's emphasis on Indian Railways as a significant investment hub in the coming years.

Among these railway-related companies, RailTel Corporation of India witnessed a notable rise of nearly 16% to reach a record high of Rs 484. As of 11:20 am, the stock was trading at Rs 475, showing a 12% increase. The counter displayed heavy volume, with approximately 12.26 lakh shares traded on the BSE, surpassing the two-week average volume of 4.78 lakh shares.

Other railway-related companies also exhibited gains. Rail Vikas Nigam (RVNL), IRFC, IRCON International, and Texmaco Rail rose by 1-2% each. These gains came against the backdrop of a 0.1% rise in the S&P BSE Sensex, which stood at 72,858 points.