Investors' confidence hit by Indian railway budget
Xinhua, February 27, 2015 Adjust font size:
Investors' confidence was hit Thursday by Indian Railway Minister Suresh Prabhu's maiden budget, as a majority of stocks associated with the railways plunged in the day's trade session.
Stocks of companies like Texmaco Rail and Engineering, Container Corporation of India, Kalindee Rail Nirman (Engineers), Stone India and Cimmco ended the day's trade in the red.
At the Bombay Stock Exchange (BSE), shares of wagon-maker Texmaco Rail and Engineering closed the day's trade down 2.51 percent. The scrip of Container Corporation of India was lower by 3.47 percent while stocks of Kalindee Rail Nirman (Engineers) decreased 4.05 percent.
The scrip of another company associated with the railways, Stone India, ended the day's trade lower by 6.07 percent, while shares of Cimmco were down 6.67 percent.
"The markets have likely been disappointed by the absence of several big announcements relating to the dedicated freight corridors or other capex programs as well as finer details on foreign direct investment and public private partnership financing, " the Indo-Asian News Service quoted Dipen Shah, head - private client group research at Kotak Securities, as saying. Endi