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.