Ahead of Budget 2024, railway stocks including Texmaco Rail & Engineering, Jupiter Wagons, Titagarh Rail Systems, RVNL, and IRFC rose up to 19%. The price of IRFC shares has increased significantly during the last month, six months, and two years, reaching an all-time high of Rs 134.5. RVNL shares have increased and reached a 52-week high of Rs 230.6. The stock prices of Texmaco Rail & Engineering, Jupiter Wagons, and Titagarh Rail Systems all increased.
In anticipation of Budget 2024, railway stocks including Texmaco Rail & Engineering, Jupiter Wagons, Ircon International, Titagarh Rail Systems, Indian Railway Finance Corporation (IRFC), and Rail Vikas Nigam (RVNL) surged up to 19% in Monday’s session.
Shares of IRFC jumped over 19% to touch an all-time high of Rs 134.5 as 33.66 million shares worth Rs 4,291.5 crore changed hands on the counter.
Over the course of a month, IRFC shares have increased by 41.3%, six months, and two years, by 311% and 465%, respectively. In contrast, the benchmark Sensex has increased by 10.83% over the past six months, 2.4% over the past month, and 203.2% over the past two years.
As 10.16 lakh shares valued Rs 2,240.3 crore exchanged hands on the market, RVNL shares also increased 13.5% to reach a new 52-week high of Rs 230.6. It has also increased by 88% in six months, 520% in two years, and 23.1% in a single month.
India is going through its most revolutionary period ever, with huge infrastructure development (building of highways, ports, railways, metro, and other transportation networks), defense, PLI, and a marked rise in domestic demand due to the country’s youngest population and rising income levels. They were stated in a report by Prabhudas Lilladher.
At Rs 371.6, other railway equities, like Jupiter Wagon, had a 5% increase in value. shares of Titagarh Rail Systems increased 3.5%, while shares of Ircon International surged 7.5% to reach a 52-week high of Rs 209.7.
As per The Economic Times, “As we eagerly await the upcoming budget, our industry anticipates a focus from the government on building a strong railway network. Our hopes for the budget center on promoting decongestion strategies and strategic planning, supporting domestic industry, and building a resilient and self-sufficient Bharat. According to Vivek Lohia, Managing Director of Jupiter Wagons, “We anticipate a carryover of the previous year’s postulates with undeterred throttle.”
In today’s trade, Texmaco Rail & Engineering shares experienced a 6.2% increase and reached a 52-week high of Rs 193.5 on the BSE amidst significant trading volumes.
The stock was up 3.7% at Rs 189 on the BSE at 1:30 p.m. The stock has increased by around 135% in the last six months and more than 380% in the last two years.
