RVNL, IRFC among other railway stocks rally up to 16% ahead of Union Budget
Rail Vikas Nigam (RVNL) and Indian Railway Finance Corporation (IRFC) rallied 15.5% and 9% to their new all-time highs of Rs 567 and Rs 206 respectively on BSE in Monday's trade ahead of the Union Budget, where the focus is likely to be on infrastructure investment.
The sentiment around RVNL also remains positive as in the last week, the company signed a Memorandum of Understanding (MoU) with Delhi Metro Rail Corporation (DMRC) for participation in upcoming projects in India and abroad.
Meanwhile, the shares of other railway companies also soared high to touch their new peaks today. Shares of Texmaco Rail & Engineering rose 8.3% to its new 52-week high of Rs 295.65, while those of RailTel surged 7.5% to its new peak at Rs 559.35.
Ircon International and Oriental Rail Infrastructure shares also jumped up to 6.64% to their new highs while RITES shares went up by 4.5% on BSE to the day’s high of Rs 797.
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In the last one year, railway stocks have highly benefited their investors giving multibagger returns. IRFC has given returns of 505%. RVNL and RailTel have gained over 300% on charts while Ircon International, Texmaco Rail and Oriental Rail Infrastructure have increased by over 200%. Meanwhile, RITES shares have increased by 104% in the same time period.
Finance Minister Nirmala Sitharaman will be presenting the Union Budget that will lay the roadmap of Modi 3.0 on July 23 in Lok Sabha. The Parliamentary session for the Budget
