Railway stocks changing to fast track on the bourses
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The share prices of the Indian Railway sector companies seem to be chugging fast on the stock bourses track.
The major listed companies catering to the railway sector are: Indian Railway Catering and Tourism Corporation Ltd (IRCTC), Container Corporation of India Ltd, Indian Railway Finance Corporation, IRCON International Ltd, Texmaco Rail and Engineering Ltd, BEML Ltd, Bharat Electronics Ltd, Rail Vikas Nigam Ltd and RailTel Corporation of India Ltd.
According to analysts, the share prices are on the uptrend perhaps expecting some announcement from the government in the 2023-24 budget or on the asset monetization plans.
In the last budget, the government had announced rolling out of 400 Vande Bharat Express trains and a similar announcement in the upcoming budget can also be expected.
The government had earlier announced its plans to monetise railway assets worth Rs 1,52,496 crore over a four year period 2022-25.
The asset base considered for monetisation are: Railway Stations 400 numbers; Passenger Trains 90 numbers; Track Infrastructure (route length) 1,400 km; Existing Railway owned Goods sheds 265 numbers; Hill Railways 4 numbers; Total length of Eastern & Western Dedicated Freight Corridor (DFC) 673 km; Railway Stadiums 15 numbers and Railway Colonies.
On Monday the shares of IRCTC after opening on a low note at Rs 720 (previous close Rs 721.70) touched a high of Rs 736 and were changing hands for around Rs 729.
The market capitalization was about Rs 58,372 crore.
The share had touched a 52-week high and low of Rs 918.30 and Rs 557 respectively.
Similarly the shares of: Container Corporation opened at Rs 754 and touched a high of Rs 773.30 and were traded at Rs 764 band; Indian Railway Finance (open Rs.32, high Rs 34.80, traded at Rs 33.70 band); IRCON International (open Rs 61.50, high Rs 63.90, traded at Rs.62 band); Texmaco Rail (open Rs 60, high Rs 63.40, traded Rs 62 band); Rail Vikas Nigam (open Rs 75.40, high Rs 80.30, traded Rs 80 band); BEML (open Rs 1,473, high Rs 1,497, traded Rs 1,476 band) and Bharat Electronics (open Rs 107.10, high Rs 108.70, traded Rs 107 band) and RailTel (open Rs 143.65, high Rs 148.70, traded at Rs 144 band).
