 "Rail stocks extend fall on disappointing Railway Budget")
Shares of railway related stocks such as Titagarh Wagons, Texmaco Rail and Engineering, Kalindee Rail, Kernex Microsystems and Hind Rectifiers are trading lower by up to 7%, extending their previous day’s fall, as no major announcements was made by the Railway Minister, Mallikarjun Kharge in his interim budget.
Among the individual stocks, Titagarh Wagons is down 7% to Rs 96.80 on the BSE. Kernex Microsystems and Hind Rectifiers are down 6% each at Rs 33.50 and 29.90 respectively, while Kalindee Rail Nirman down 5% at Rs 62.20 and Texmaco Rail and Engineering by 4.5% at Rs 39.35 at 1025 hours.
The Interim Railway Budget for 2014-15 has refrained from any major policy measures or capex related increases, analyst at Angel Broking said in a client note.
The government would be presenting the Interim Union Budget for 2014-15 on February 17, 2014 and analyst don not expect any major policy announcements in the same.
We believe that the government is likely to curtail the deficit at the budgeted level of 4.8% of GDP by significant cuts in plan expenditure from the budgeted levels, rolling-over discretionary expenditure into the next fiscal year as well as aggressively seeking to garner proceeds from non-tax revenues and disinvestment receipts, said analyst.
Among the individual stocks, Titagarh Wagons is down 7% to Rs 96.80 on the BSE. Kernex Microsystems and Hind Rectifiers are down 6% each at Rs 33.50 and 29.90 respectively, while Kalindee Rail Nirman down 5% at Rs 62.20 and Texmaco Rail and Engineering by 4.5% at Rs 39.35 at 1025 hours.
The Interim Railway Budget for 2014-15 has refrained from any major policy measures or capex related increases, analyst at Angel Broking said in a client note.
The government would be presenting the Interim Union Budget for 2014-15 on February 17, 2014 and analyst don not expect any major policy announcements in the same.
We believe that the government is likely to curtail the deficit at the budgeted level of 4.8% of GDP by significant cuts in plan expenditure from the budgeted levels, rolling-over discretionary expenditure into the next fiscal year as well as aggressively seeking to garner proceeds from non-tax revenues and disinvestment receipts, said analyst.