Oriental Rail shares rise 5% on foray into business of leasing wagons

Shares of Oriental Rail Infrastructure rose 5% in the afternoon session today after the firm said its wholly owned subsidiary has received approval from Railways for entering the business of leasing of wagons. 

Oriental Rail stock climbed 5% to Rs 169.80 today against the previous close of Rs 161.70. Market cap of the firm stood at Rs 1117.20 crore. 

"The Company’s Wholly Owned Subsidiary, Oriental Foundry Private Limited, had submitted an application to the Railway Board for registration as a Wagon Leasing Company (WLC) under the Wagon Leasing Scheme (WLS) of Indian Railways, we wish to inform you that Oriental Foundry Private Limited has received approval from the Ministry of Railways, Railway Board, for registration as a Wagon Leasing Company (WLC) to offer railway wagons on lease for operations on the Indian Railways network under the WLS (Wagon Leasing Scheme)," said Oriental Rail. 

Oriental Rail Infrastructure is engaged in the manufacturing, buying and selling of all type Recron, Seat & Berth, Compreg Boards and also engaged in trading of timber woods and all its products.