Prabhu's budget fails to muster investor confidence
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Mumbai: A majority of stocks associated with the railways plunged in Thursday's trade as Railway Minister Suresh Prabhu's maiden budget failed to garner investor confidence.
The minister proposed to correct the railway's investment deficit position and outlined a slew of initiatives for generating financial resources like tying up with pension funds and other debt-related instruments.
Prabhu also proposed various plans to increase investment, erect new rail infrastructure, ration energy consumption and spruce up passenger amenities.
Stocks of companies like Texmaco Rail and Engineering, Container Corporation of India, Kalindee Rail Nirman (Engineers), Stone India and Cimmco ended the day's trade in the red.
However, the stocks of Hind Rectifiers, Titagarh Wagons and Transformers and Rectifiers (India) made gains during the day's trade.
At the Bombay Stock Exchange (BSE), shares of wagon-maker Texmaco Rail and Engineering closed the day's trade down 2.51 percent at Rs.135.70 from the previous close of Rs.139.20.
The scrip of Container Corporation of India was lower by 3.47 percent at Rs.1,518.95 from the previous close of Rs.1,573.60.
Stocks of Kalindee Rail Nirman (Engineers) decreased 4.05 percent at Rs.135.10, moving down from its previous close of Rs.140.80.
The scrip of another company associated with the railways, Stone India, ended the day's trade lower by 6.07 percent at Rs.79.70 from its previous day's close of Rs.84.85 per equity share.
Shares of Cimmco were down 6.93 percent at Rs.71.20 from its previous close of Rs.76.50.
However, the stocks of Hind Rectifiers were up 14.71 percent at Rs.89.30 from the previous close of Rs.77.85.
Wagon manufacturer Titagarh Wagons's scrip made marginal gains. It was up 0.50 percent at Rs.582.10 from its previous close of Rs.579.20.
The scrip of Transformers and Rectifiers (India) at the BSE was up 3.97 percent at Rs.193.90 from its previous day's close of Rs.186.50 per equity share.
Kernex Microsystems's stocks remained at a standstill. It closed the day's trade at Rs.46.55 per equity share.
