There were expectations about possible announcements on improving the safety standards of railways, which saw multiple mishaps in the past year, but no major allocation was announced
Railway stocks were mostly trading higher ahead of Budget, barring Texmaco Rail, while Railtel topped the chart with a 3% gain.
Union Railways minister Ashwini Vaishnaw last Friday said the India Railways plans to manufacture 10,000 non-AC coaches in the next two years
All railway-related stocks were trading higher today after Ashwini Vaishnaw retained the railway ministry in Modi 3.0, raising hopes for continuity in policies.
The sell-off in the railway stocks was triggered after FM Sitharaman earmarked a capex of ₹2.55 lakh crore for the Indian Railways, which is lower than industry expectations of ₹3 lakh crore.
The largecap stock, which made its share market debut on April 11, 2019, has risen more than 1,500% in the last five years.
According to the company, the strategic partnership is already underway with orders of propulsion equipment and TCMS for metro coaches in Gujarat.
The PSU company has secured orders worth around ₹665 crore for supply of rolling stock (3000 hp diesel electric locomotives and high sided open wagons).
The ticketing and catering arm of Indian Railways registered a 30.4% YoY rise in net profit at ₹279 crore, while revenue from operations jumped 39.6% YoY to ₹965 crore for Q4FY23.
The consortium of BHEL and Titagarh Wagons will supply 80 sleeper-class Vande Bharat trains within 72 months at the rate of ₹120 crore per train.
