Shares of Kalindee Rail, Texmaco Rail and Engineering, Kernax Microsystems (India), Stone India and Titagarh Wagons have rallied up to 14% in morning trades after the state-owned coal miner Coal India Ltd (CIL) on Wednesday said it may spend additional Rs 14,500 crore as part of capital expenditure on augmenting rail infrastructure
At 10:17 a.m., shares of Texmaco Rail and Engineering surged 14%, Kernex Microsystems rallied 10%, Kalindee Rail Nirman (Engineers) soared 8% and Titagarh Wagons and Stone India was up 5% each on the BSE.
"CIL plan to spend Rs 7,500 crore on rail infrastructure provided the Railways complete the project on time. The company intends to spend another Rs 7,000 crore on rail projects for faster transportation of coal if all goes well,” the report suggests quoting CIL Chairman S Narsing Rao.
