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Railway engineering sector: Back on track

We find good value in stocks like IRCON and RITES

March 30, 2021 / 06:21 PM IST
Railway engineering sector: Back on track

A TGV high-speed train operated by state-owned railway company SNCF leaves a depot station in Charenton-le-Pont near Paris, as a strike by all unions of the Paris transport network (RATP) and French SNCF workers entered its 14th consecutive day in Paris, France, December 18, 2019. REUTERS/Charles Platiau - RC2NXD9IZVAM

PRO Only Highlights
Quarterly performance largely backed by improved realisations
Medium-term triggers China plus and protectionist measures for tyre industry
Valuations not inexpensive; but improved medium-term outlook

Highlights - Sequential improvement in execution as issues on ground ease - Companies continue to deliver good improvement in revenue and margins - Rationalisation of cost and higher scale boost margins - Earnings outlook, backed by strong orders and execution, remain good - Stocks trading at reasonable valuations, offering good dividend yield With the Budget promising more capex and government prioritising investments in the Railways, companies like RITES and IRCON have emerged as favourable investment opportunities. However, in recent times, the stocks have we cover have consolidated...

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