Railway stocks could be seen aura-farming in the session on Monday. Many railway stocks reported higher intra-day gains even as the thirty-scrip sensitive BSE Sensex was trading in the marginal red.
Stocks such as Ircon International, operating in the index of peer groups such as Larsen Toubro and specializing in railway infrastructure projects, reported the highest gain among railway stocks. Stocks of Ircon were quoting 6.12% higher with volumes of nearly 21 lakh shares on the BSE.
Stocks or Rail Vikas Nigam Limited were quoting 3.09 percent higher or nearly ₹ 350 per share on the BSE. Volumes on RVNL were reportedly higher with more than 18 lakh shares exchanging hands. The reason for such growth has been attributed to the company having won a new order with the Western Central Railway for a traction substation project.
Why Railway Stocks Are Surging?
Other railway stocks too witnessed a rally enabled mostly by favorable announcements of new work-orders. Stocks of RailTel Corporation of India Limited saw volumes of nearly 17 lakhs enabling the stock to surge upwards by 6.63 percent in intra-day to quote price of nearly ₹ 400 per share. Last week, RailTel announced an order notification during each trading session. On Monday, the company announced having received a Letter of Acceptance from Bihar Education Project Council for a project worth ₹ 209 crores.
What Railway Stocks Surged; And What Did Not
stocks of IRFC (up by 1.66 percent), IRCTC (up by 0.48 percent), Jupiter Wagons (up by 2.62 percent), Titagarh Rail Systems (up by 2.41 percent), and Concor (up by 1.08 percent) too caught investors attention as most of these stocks traded higher through the intra-day session on Monday.
However, two railway stocks, seemed to look the other way - stocks of BEML Ltd which produces rail coaches, metro cars and defence equipment traded marginally in the red. RITES Ltd, a business support services company too did not seem to excite investors much amid the aura-farming rally with railway counters.
Disclaimer: This article is educational in nature and should not be construed as financial advice.
