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In the first trading session of the week, the shares of railway related companies are trading with strong gains. The biggest gain is in the shares of Rail Vikas Nigam Limited, which is trading with a gain of more than 15 percent. IRFC's stock is trading above Rs. 200 for the first time. It is believed that the government may provide funds for the railways in the budget to be presented on July 23, 2024, which has been indicated by Railway Minister Ashwini Vaishnav himself.
Rail PSU stocks rise
All government PSU rail stocks rose in today's trade. Rail Vikas Nigam Limited stock rose more than 16 percent to a lifetime high of Rs 568. The stock has gained 50 percent in one month and more than 200 percent in six months. The stock has increased 16 times in 3 years. IRFC shares are also witnessing a strong rally. For the first time, IRFC shares crossed Rs. 200 and reached Rs. 206. The stock is trading 7 percent higher at around Rs. 201. In the year 2024, IRFC stock has given a return of 101 percent. While in 2 years, the stock has increased 9 times.
Rail stock turns rocket
In today's session, the shares of Aircon International are also witnessing a huge jump. The share of IRCON has also reached a highest level of Rs. 334.50. The stock is currently up 6.50 percent at Rs. 328. BEML is trading at Rs. 5236, up 3.36 percent, Railtel Corporation of India is trading with 3.28 percent. Apart from this, the share of Texmaco Rail is trading at Rs. 285, up 4.50 percent.
The focus will be on railways in the budget
Finance Minister Nirmala Sitharaman is going to present the budget for the financial year 2024-25 on July 23, the date of which has been announced on Saturday, July 6. The Modi government can provide funds for the railways in the budget. The Railway Minister has announced to bring 10000 new rail coaches along with 2500 passenger coaches. This announcement of the Railway Minister has led to a jump in the shares of the railways. Also, in view of the recent rail accident, a provision of large funds can also be made in the budget to further strengthen railway security. The government also plans to run 50 Amrit Bharat trains. This is the reason why railway shares are seeing a rise before the budget.