Railway Stocks Soar to New Heights Amid Budget 2024 Expectations

Railway Stocks Soar to New Heights Amid Budget 2024 Expectations

VoM News Desk | January 20, 2024 | 11:48 AM IST | Breaking News | Follow on Google News

Railway Stocks Soar to New Heights Amid Budget 2024 Expectations/Reuters

Railway Stocks Soar to New Heights Amid Budget 2024 Expectations

Shares of railway-related companies experienced a remarkable surge, reaching up to 15 percent to attain new highs on Saturday, driven by substantial trading volumes and optimistic expectations of increased allocation for Indian Railways in the upcoming Budget 2024. The ongoing month alone witnessed an impressive 75 percent surge in railway stocks.

Notable Gains in Key Railway Companies

IRCON International took the lead, skyrocketing 15 percent in intra-day deals to reach a new high of ₹261.35. Following closely, Rail Vikas Nigam (RVNL) marked a 10 percent rally, achieving a record high of 320.75. Other prominent players, such as IRFC, RailTel, and IRCTC, also witnessed substantial increases, reaching new peaks in their stock prices.

Record-Breaking Performances in the Market

RVNL celebrated its 10th consecutive positive session, registering a phenomenal 75 percent surge in January alone, building on its earlier gains in December 2024 and November 2023. Meanwhile, IRFC and IRCON demonstrated impressive performances, each showcasing gains of over 74 percent and 276 percent, respectively, in the last year.

In the context of RailTel, the company experienced an impressive 21 percent advance in January, contributing to its exceptional 201 percent rise in the past year. Similarly, IRCTC, after a 14 percent increase this month, has seen an overall surge of almost 54 percent in the last 12 months.

Transformational Leap for Indian Railways

Finance Minister Nirmala Sitharaman allocated ₹2.4 lakh crore for the fiscal year 2023-24, enabling Indian Railways to embark on a transformational journey. The railways are geared towards achieving the vision of ‘Viksit Bharat,’ encompassing modern, faster passenger services, a significant share in freight cargo, and high-standard rail infrastructure. With a record capex target of ₹2.60 trillion in 2023-24, Indian Railways aims to initiate crucial changes and contribute to India’s commitment to achieving net zero carbon by 2070.

VoM News Desk

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