Shares of ten companies whose fortunes are linked to orders from Indian Railways rose by 0.18% to 12.08% at 13:22 IST on BSE as Narendra Modi heads to become the next Prime Minister of India.
Kalindee Rail Nirman (Engineers) (up 12.08%), Kernex Microsystems (India) (up 6.32%), Titagarh Wagons (up 4.97%), Bhel (up 4.54%), Hind Rectifiers (up 3.58%), BEML (up 3.53%), Stone India (up 3.34%), Transformers & Rectifiers (India) (up 2.01%), Container Corporation of India (up 0.98%) and Texmaco Infrastructure & Holdings (up 0.18%), edged higher.
The S&P BSE Sensex was up 649.88 points, or 2.72% at 24,555.48.
Poll results in India's general election put opposition leader Narendra Modi on course for an absolute majority on Friday, 16 May 2014, handing him an unfettered mandate.
Rail stocks are in demand as Modi has been stressing on improving Indian railways. In his campaign speeches, he also highlighted about modernising the railway system, just like Japan. Modi repeatedly referred to bullet trains during his campaign speeches and high-speed trains found a prominent space in BJP's election manifesto.
According to reports, Mumbai-Ahmedabad and New Delhi-Patna (via Varanasi) corridors are on top of the list and the national transporter is planning to accelerate these projects.
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