Raliway stocks - Texmaco Rail, Titagarh Wagons and Cimmco - saw huge buying interest, up 6-12 percent intraday Friday after the Narendra Modi Government released its first order for railway wagons.
Media report suggested that the Railways board issued orders to listed wagon manufacturers including Texmaco Rail, Titagarh, Cimmco, and also to unlisted entities such as Modern Industries, Hindustan Engineering, Besco and Jupiter Wagons, informing them of the decision to release 50 percent of their respective withheld allocations.
The allocation to individual manufacturers was done in April when 50 percent of that allocation was immediately ordered and the balance withheld, to be issued at a future date at the discretion of the Railways board, the report added.
"Texmaco was allocated 2,400 wagons and order for 1,200 wagons was released on April 29. Now, 50 percent of this balance 1,200 order is now being issued. Similarly, Titagarh has been issued order for 385 wagons, or 50 percent of its withheld 769 units," said the report.
At 13:17 hours IST, the scrip of Titagarh Wagons was quoting at Rs 316.20, up Rs 17.95, or 6.02 percent while Cimmco rose 6.21 percent to Rs 52.15 and Texmaco Rail and Engineering jumped 4.36 percent to Rs 122 on the BSE.
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