New Delhi: Shares of railway-related companies, including Rail Vikas Nigam Ltd and IRCON International, witnessed an up-trend on Wednesday, ahead of the Union Budget presentation in Parliament. Market experts believe that shares of railway-related companies are in the focus as Dalal Street expects a boost to railways' capital expenditure. Expectations of higher allocations are driving the stocks.
Shares of Rail Vikas Nigam Ltd (RVNL) were quoting at Rs 77.95 apiece on the BSE, up 2.43 per cent from the previous close, while the counter of Indian Railway Finance Corporation (IRFC) gained 0.91 per cent to Rs 33.35. Indian Railway Catering & Tourism Corporation was trading 0.96 per cent higher at Rs 643.35, Jupiter Wagons rose 1.26 per cent, Texmaco Rail & Engineering rose 0.98 per cent, and Titagarh Wagons gained 0.74 per cent.
Shares of K&R Rail Engineering surged 5 per cent to hit its upper circuit on the bourse. Finance Minister Nirmala Sitharaman present Union Budget 2023-24 in a paperless format. This year's Budget holds much significance as the country is scheduled to have the next Lok Sabha election in April-May 2024. This year's budget session is going to have 27 sittings till April 6 with a month-long recess to examine the budget papers.
The first part of the session will conclude on February 13. Parliament will reconvene on March 12 for the second part of the Budget Session and conclude on April 6. The Union Finance Minister, Nirmala Sitharaman on Tuesday tabled the Economic Survey for the Financial Year 2022-23. The Economic Survey said that India's economic recovery from the Covid pandemic is complete and the economy is expected to grow in the range of 6 per cent to 6.8 per cent in the coming financial year 2023-24. This is in comparison to 7 per cent this fiscal and 8.7 per cent in 2021-22. (with Agency inputs)
