Budget 2024: Top Railway Stocks Decline Up To 3% Today

Leading railway stocks witnessed a decline in trade today after Finance Minister Nirmala Sitharaman declared a surge in allocation for the sector. However, railway stocks maintained an upward rally in January and even last year following hopes on raise of capital allocation for railway and infra sectors.

While announcing the interim budget today, Nirmala Sitharaman declared plans to increase 40,000 normal bogies to Vande Bharat standards and to increase metro rail and Namo Bharat to more cities. Moreover, 3 leading economic railway corridor programmes will be implemented - energy, mineral and cement corridors, port connectivity corridors, and high traffic density corridors.

The stocks that witnessed decline in trade today include Railtel, Tecmaxo Rail, RVNL, IRFC, and Ircon International.
Shares of Rail Vikas Nigam Ltd declined by 3.05% in noon trade today at 1:52 pm. Current market price of Rail Vikas Nigam shares on BSE is Rs 298.90 apiece on BSE. Rail Vikas Nigam shares zoomed 22% in last 2-weeks and rallied 139% in last 6-months only.

Indian Railway Finance Corporation shares fell 2.19% in trade today. Current market price of Indian Railway Finance Corporation shares on BSE is Rs 171.20 apiece. However, in last 3-months, Indian Railway Finance Corporation shares zoomed 134%.

IRCON International shares declined 2.74% today with current market price on BSE quoted at Rs 230.85 apiece.IRCON International shares rallied 67% in last 3-months. On the other hand, RailTel Corporation of India shares fell 2.80% in trade today but rallied 17% in last 2-weeks. In last 6-months, RailTel Corporation of India shares soared 140%.

Texmaco Rail shares declined 1.73% on BSE today till noon trade. Current market price of Texmaco Rail shares on BSE is Rs 215.80 apiece. Texmaco Rail shares surged 105% in last 6-months.
It is worth noting that in February 2023 budget, the finance minister had allocated Rs 2.4 lakh crore for railways, all-time high.

The last budget had allocated around Rs 10 lakh crore for the total capital expenditure, up 33% from the previous year.