Only Buyers: These railway stocks experienced a strong rally ahead of the Union Budget!
Shares soared more than 108 per cent in just one month after hitting back-to-back upper circuits!
The Indian headline indices started the session down, mainly due to significant losses in information technology and fast-moving consumer goods (FMCG) stocks. BSE Telecommunications and BSE Commodities, on the other side, were the top performing sectors, each gaining more than 2 per cent.
Stocks in the railway industry were on the rise and should be kept on radar as they would directly benefit from increased allocation in the upcoming Union Budget. On Tuesday, the day before the budget was announced, all railway-related stocks including Rail Vikas Nigam, Indian Railway Finance Corporation, IRCON International, Jupiter Wagons and Indian Railway Catering & Tourism Corporation, experienced a strong uptrend with a surge in volume.
The strong rally in the shares of K&R Rail Engineering Ltd, a Small-Cap company, also drew attention from investors. On an intraday basis on Tuesday, shares of K&R Rail Engineering Ltd surged and locked at a 5 per cent upper circuit at Rs 136.25 per share on the BSE, setting a new 52-week high.
Shares soared more than 108 per cent in just one month after hitting back-to-back upper circuits, while shareholders enjoyed multibagger returns of over 268 per cent in the past six months!
The company, which has nearly three decades of experience and a wealth of domain knowledge, is the leading railways EPCC conglomerate in India. It has completed significant bridges and earthwork projects as well as the turnkey supply of materials for prestigious clients.
Keep a close eye on this scrip for the upcoming sessions.