Moneycontrol
Get App
Last Updated : Feb 26, 2013 03:52 PM IST | Source: Moneycontrol.com

Major railway stocks down 6-8% after Rail Budget 2013-14

Shares of companies supplying equipment to the Railways fell quite sharply on Tuesday as investors do not see any big orders coming their way from announcements in the Rail Budget.

 
 
live
  • bselive
  • nselive
Volume
Todays L/H
More

Shares of companies supplying equipment to the Railways fell quite sharply on Tuesday as investors do not see any big orders coming their way from announcements in the Rail Budget.


Hind Rectifiers, Kalindee Rail, Kernex Microsystems, Stone India, Titagarh Wagons and Texmaco Rail were among the prominent losers, with the stocks down between 6-8 percent.


Gateway Distriparks, ARSS Infrastructure and BEML slipped nearly 3 percent. However, Zicom Security gained 3.7 percent and Container Corporation was up 1 percent.


Railway Minister Pawan Kumar Bansal has not hiked passenger fares in the Budget. Fares were hiked in January. "We will absorb Rs 850 crore hit due to no hike in passenger fares," he added.


He said Railway would implement fuel-adjusted component for freight tariff, which would raise freight by average 5 percent. Bansal has proposed hike in reservation fee and tatkal charge.


Minister said the target of 700 km of new lines in the current year (2012-13) had to be scaled down to 470 km due to inadequate resources. In 2010-11 and 2011-12, Railways completed 709 km and 727 km respectively of new lines.


The target of 800 km for gauge conversion fixed for 2012-13 has also been scaled down to 575 km.



Moneycontrol Ready Reckoner
Now that payment deadlines have been relaxed due to COVID-19, the Moneycontrol Ready Reckoner will help keep your date with insurance premiums, tax-saving investments and EMIs, among others.

First Published on Feb 26, 2013 02:46 pm
Sections
Follow us on