Source: https://in.investing.com/news/railway-stocks-rvnl-irfc-railtel-shoot-up-after-24657-cr-projects-announcement-4378948
Publisher: Investing.com
Railway stocks were in the green on Monday after the central government approved ₹24,657 crore worth of railway projects.
What Happened: On Saturday, the Cabinet Committee on Economic Affairs green-lit eight new railway projects worth ₹24,657 crore, covering 14 districts across seven Indian states. The projects are expected to be completed by the 2030-31 financial year.
The projects will be implemented in Odisha, Maharashtra, Andhra Pradesh, Jharkhand, Bihar, Telangana, and West Bengal with the construction of 64 new stations.
In the Union Budget of 2024-25, the Central government announced capital expenditure of ₹2.62 lakh crore, an increase of ₹2.40 lakh crore in the budget of 2023-24.
Railway stocks have been on a downward trend after the budget. Poor results from high-flying stocks such as RVNL and IRCON also dented some of the bull runs the railway stocks had in the past year. Most of the railway stocks expect RITES were up on Monday.
Price Action: Shares of RVNL rose 5.92% to ₹₹548.80.
Shares of Railtel (NS:RAIT) rose 2.24% to ₹479.95.
Shares of IRFC rose 1.90% to ₹183.20.
Shares of IRCON were up 0.91% to ₹267.
Shares of Rites (NS:RITS) were down 1.48% to ₹675.
Shares of Jupiter Wagons (NS:JUWL) were up 0.72% to ₹559.55
Shares of Titagarh Rail Systems were up 0.56% to ₹1356.20.
