Moneycontrol Bureau
Shares of railway stocks are big gainers as the government is likely to allow foreign direct investment (FDI) in railways. According to a media report, FDI limit in railways may be lowered to 74 percent. Kalindee Rail, Titagarh Wagaons, Texmaco Rail and Hind Rectifiers are up 1-7 percent in intraday trade on Monday.
The report quotes a senior official, "The proposal is currently with the Prime Minister’s Office and the Cabinet secretary. CCEA was expected to take it up either on January 2 or January 9. Changes had to be made to DIPP’s version of the Cabinet note to bring it in sync with the Railways’ demand."
At present, FDI is not allowed in railway segments. FDI in Indian Railways is expected see foreign funds inflow invest in rail and port connectivity projects, dedicated freight corridors, logistic parks, station development, locomotive manufacturing units and power plants.
At 10:21 hrs Kalindee Rail Nirman (Engineers) was quoting at Rs 70.65, up Rs 4.65, or 7.05 percent, Titagarh Wagons was at Rs 110.45, up Rs 6.30, or 6.05 percent, Hind Rectifiers was quoting at Rs 40.50, up Rs 1.30, or 3.32 percent and Texmaco Infrastructure & Holdings was at Rs 26.60, up Rs 0.30, or 1.14 percent on the BSE.
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