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Shares of railway-related companies were trading with a positive bias for the second straight trading session, after sentiment of these counters were bolstered following statements by key ministers expressing confidence over continued reforms post election results.
The Indian stock market will 'shoot up' after the Lok Sabha elections 2024 results are announced on June 4, said Union Home Minister Amit Shah and encouraged investors to buy before that.
In an exclusive interview to NDTV on May 13, Union Home Minister Amit Shah cautioned against linking recent stock market fluctuations with the 2024 Lok Sabha elections. Shah, and instead urged investors to consider purchasing stocks before June 4, the Lok Sabha election results date.
"I can't anticipate stock market moves. But normally whenever a stable government is formed at Centre, the market sees a rally. I see 400-plus seat wins for the Bharatiya Janata Party [BJP], a stable Modi government coming, and thus market rising," Shah told NDTV. READ MORE
In the last two trading days, the NSE benchmark, the Nifty 50 index has advanced 0.5 per cent, while rail-related stocks surged up to 8 per cent in the last two trading sessions.
That apart, new order wins by select firms have also lifted the sentiment at these counters. Rail Vikas Nigam (RVNL) recently won an order worth Rs 239 crore from the Southern Railway. RailTel bagged an Rs 51.53 crore work order from Central Warehousing Corporation.
RailTel and RVNL have zoomed 8 per cent in the last two trading days. IRFC soared nearly 7 per cent. Jupiter Wagons, Titagarh Rail Systems, Texmaco, RITES and IRCTC were up 4 - 6 per cent each.
