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Rail stocks surge ahead of railway budget

Shares of engineering and wagon manufacturing firms surged by up to 4 per cent on the Bombay Stock Exchange in early trade on Friday ahead of the Railway Budget 2009-10.

business Updated: Jun 15, 2009 13:30 IST

Shares of engineering and wagon manufacturing firms surged by up to 4 per cent on the Bombay Stock Exchange in early trade on Friday ahead of the Railway Budget 2009-10.

KK Birla Group company Texmaco, which is in the business of wagon manufacturing, gained 2.53 per cent to hit a high of Rs 123.50 within minutes of opening trade. Kalindee Rail Nirman rose by 2.80 per cent to Rs 229.30.

Anticipating a positive announcement, Titagarh Wagons gained 2.62 per cent to Rs 450.80. Container Corporation of India was up 3.76 per cent at Rs 1,008.

Marketmen said wagon manufacturing companies and logistics firms gained on the bourses amid expectations of new contracts as introduction of new trains may be announced in the budget.

Besides, Bharat Earth Movers Ltd (BEML) gained 2.15 per cent at Rs 1,105, Hind Rectifiers, the manufacturer of rectifier equipment and semi-conductor devices, rose by 5.27 per cent to Rs 64.95.

Railway Minister Mamata Banerjee in the budget for 2009-10 is likely to put the dedicated freight corridor on fast track and is expected to carry out some revision in passenger fares and remove superfast charges that have come in for flak.

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