New Delhi: Union Finance Minister Nirmala Sitharaman on Thursday said that the government will convert 40,000 normal railway bogies to Vande Bharat standard. Three major railway corridors, including for cement, will be constructed, the minister added while delivering the last Union Budget before the general elections of 2024.
According to Sitharaman, the Indian air carriers proactively placed orders for 1,000 new aircraft. She said that global affairs were becoming more complex and challenging with wars and conflicts.
Rail stocks trade higher ahead of Budget
Stocks of companies related to railways were trading in the positive territory on Thursday morning ahead of the presentation of the interim Budget.
Shares of IRCON International rallied 3.26 per cent, Texmaco Rail Engineering jumped 2.71 per cent, Indian Railway Finance Corporation climbed 2.58 per cent and Rail Vikas Nigam advanced 1.52 per cent on the BSE.
The stock of Jupiter Wagons went up 1.46 per cent, Indian Railway Catering and Tourism Corporation (IRCTC) (0.88 per cent) and Titagarh Rail Systems (0.71 per cent).
"In railways, we anticipate a surge in investment, unveiling transformative projects and introducing 300-400 Vande Bharat trains," Suman Banerjee, CIO of Paris-based hedge fund Hedonova, said.
In the equity market, the 30-share BSE Sensex rose 118.59 points to 71,870.70 points and the Nifty quoted 68.20 points up at 21,789.90 points.