Railways stocks: All seven listed railway PSUs were soaring higher up to 5 per cent on Tuesday after IRCTC and IRFC were lifted to the status of Navratna company.
An analyst from Anand Rathi said that RVNL appears slightly bearish as it is testing the critical support level at the current juncture and a wait-and-watch approach is advisable.
Stocks such as Jupiter Wagons Ltd (up 58 per cent), Indian Railway Finance Corporation Ltd (47 per cent), BEML Ltd (44 per cent), Ircon International Ltd (22 per cent) and Railtel (18 per cent) advanced up to 58 per cent in 2024 so far.Â
Railway stocks took a beating on Friday after Rail Vikas Nigam (RVNL) and Ircon International reported a weak set of numbers in the quarter ended on September 30, 2024.
An analyst at Anand Rathi said that Ircon displayed some encouraging technical signals in the previous trading session, despite trading below its 200-DEMA, which typically signals a bearish trend.
Cochin Shipyard shares surged 10 per cent to lock at their upper circuit limit of Rs 1,846.55. HUDCO soared 7.79 per cent to Rs 248.30. Mazagon Shipbuilders saw its shares rallying 7.14 per cent to Rs 4,349.
Railway stocks, particularly the PSU owned, have remained the blue-eyed boys of Dalal Street lately as the state-owned railways stocks delivered multibagger returns to investors.
The latest round of profit booking at Dalal Street has not only wiped out more than Rs 20 lakh crore from the investors' pockets, but also pushed 25 stocks of the BSE500 index into the bear grip in a month.
Retail investors bought additional shares of BDL, Canara Bank, HAL and The Jammu & Kashmir Bank. They trimmed stakes in Rashtriya Chemicals and Fertilizers Ltd (RCF), HUDCO and Ircon International Ltd.
IREDA saw 6,70,66,515 shares worth Rs Rs 1,611 crore changing hands, as the stock climbed 4.78 per cent to Rs 239.78. IRCON International shares were up 5.15 per cent at Rs 323.60, as 4,73,31,233 shares worth Rs 1,542 crore changed hands.
Railway stocks: The outlook on capex and ordering activity and execution traction of the new projects won would be key monitorable going ahead, Antique said.
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