IRFC, IRCON, RVNL, RailTel, other railways-linked stocks rally on $3 billion Amrit Bharat Station Scheme

Shares of Indian Railway Finance Corporation Ltd, IRCON International Ltd and RailTel Corporation of India Ltd, among others climbed up to 6 per cent in Monday's trade after Prime Minister Narendra Modi laid the foundation stone for the redevelopment of 508 railway stations across the country, costing Rs 24,470 crore. The project aims to install modern amenities, integrate multiple modes of transportation, and incorporate local culture and architecture into the design of the stations, as per PTI.

Shares of Indian Railway Finance Corporation Ltd, the dedicated funding arm of Indian Railways, climbed 6.01 per cent to Rs 47.89 on BSE. IRCON International, a turnkey construction company, saw its shares surging 6.75 per cent to Rs 102.33. Rail Vikas Nigam advanced 1.59 per cent to Rs 124.65. RailTel Corporation of India, advanced 3.35 per cent to Rs 174.35. Texmaco Rail & Engineering climbed 6.16 per cent to Rs 107.65. Jupiter Wagons, a manufacturer of railway freight wagons, passenger coaches, wagon components and cast manganese, hit its 5 per cent upper circuit limit at Rs 221.90.

Watch: Chandrayaan 3's first images of Moon: Updates on India’s Lunar mission; Know about ISRO’s key missions – Mission Mangalyaan and more

These 508 stations are spread across 27 states and Union territories including 55 each in Uttar Pradesh and Rajasthan, 49 in Bihar, 44 in Maharashtra, 37 in West Bengal, 34 in Madhya Pradesh, 32 in Assam, 25 in Odisha, 22 in Punjab, 21 each in Gujarat and Telangana, 20 in Jharkhand, 18 each in Andhra Pradesh and Tamil Nadu, 15 in Haryana and 13 in Karnataka.

The redevelopment project, which will cost Rs 24,470 crore, will install modern passenger amenities apart from ensuring a well-designed traffic circulation, inter-modal integration and well-designed signage for the guidance of passengers, the Prime Minister's Office (PMO) said, adding the design of station buildings will be inspired by local culture, heritage and architecture.

Watch: Share market today: Nifty, Sensex rise; Paytm, IRFC, Zomato, Britannia among buzzing stocks; check top gainers, losers on August 7, 2023

Also Watch: Swami Gaur Gopal Das shares heartwarming memories of friendship with ISCKON’s Prem Kishore Prabhu on Friendship Day; “He used to bring me mango shake,” recalls Das

Also read: Hot stocks on August 7, 2023: Zomato, Paytm, IRFC, Adani Green, Grasim and more

Also read: Why are SBI shares falling post Q1 results. Should you buy, hold or sell this PSU bank stock?

Watch: Dream Girl 2 actor Annu Kapoor calls Reliance Industries Foundation Chairman Mukesh Ambani a “struggler”