Commodity Online
MUMBAI: The Union Railway Minister’s ambitious plan of purchasing huge number of railway wagons in the current fiscal to expedite expansion projects fails to please wagon manufacturers as the stocks of these companies tumbled heavily on the Bombay Stock Exchange (BSE) today.
Stocks of three train wagon makers rose initially in the morning trading session but post the declaration of railway budget, the stocks fell sharply despite the announcement of purchasing 18,000 wagons by the railways in the current fiscal.
Trade sitting at the comfort of home. Start with a mere 50$BEML Ltd, Titagarh Wagons Ltd and Texmaco Ltd shed heavy losses on the bourses today. BEML was trading at Rs.1022 down by over 5.5%, while Titagarh Wagons and Texmaco Ltd lost close to 5% by the closing hours on the BSE today. Both the stocks traded at Rs.417.35 and Rs.144.45 respectively today.
Meanwhile, the benchmark index, Sensex was trading at 14925 points with gains of over 250 points or close to 2%.
The railway minister, Mamata Bannerjee also suggested introducing inter-city double-decker air-conditioned coaches.
BEML is engaged in manufacturing mining and construction equipments, railway rolling stocks, metro and defense equipments and aggregates. The products include bulldozers, shovels, excavators, dumpers, railway and transway passenger coaches.
Titagarh Wagons is a leading private sector wagon manufacturer in India. It manufactures railway wagons, bailey bridges, heavy earth moving and mining equipment, steel and SG iron castings of moderate to complex configuration etc.
Texmaco, a part of K K Birla Group, is a diversified engineering company. It manufactures railway freight cars/wagons, hydro-mechanical equipment for mega power projects, heavy steel structures and process equipment.
