After rallying nearly 75% in the month of January so far, shares of railway stocks like IRFC and RVNL along with IRCON and IRCTC are witnessing a bout of profit booking. All these stocks are down between 7% to 10% on Tuesday.
IRFC’s shares had risen as much as 75% over the last 10 trading sessions, as of closing on Saturday.
Even shares of RVNL are down 15% from their intraday high. The stock, similar to IRFC, had risen 75% over the last 10 trading sessions as of Saturday. The stock has snapped a 10-day winning streak in today’s session.
Shares of IRCTC are in the F&O ban from today’s session, which means no new positions can be created in the stock. The stock currently is down nearly 7% after a strong surge over the last few trading sessions.
Same is the case for IRCON, which is the biggest loser among the four companies listed in this story. The stock is down 10% on Tuesday, reversing some of the gains made since the start of the year.
“Last year we added 5,200 kms of new tracks. That’s like adding the entire Swiss network in one year. We are now aiming at a pace of 15 kms of tracks a day,” he said. The minister further said that out of the ₹2.4 lakh crore capex plan, 77% has been completed as of date.
Vaishnaw also said that there is huge interest among international players to participate in the Kavach technology as they see it better than established technology.
Omprakash Tiwary is a business writer who delves into the intricacies of the corporate world. With a focus on finance and economic landscape. He offers readers valuable insights into market trends, entrepreneurship, and economic developments.