RITES, RVNL, IRCON, other railway stocks jump up to 9% today; here's why

Railways stocks such as RITES Ltd, Rail Vikas Nigam Ltd (RVNL), IRCON Internation, RailTel Corporation of India, Indian Railway Finance Corporation Ltd (IRFC) and BEML Ltd were on a roll today, surging up to 9 per cent. The sharp rise in the said counter came despite weakness in the domestic equity benchmarks.

Engineering consultancy firm RITES surged 9.47 per cent to hit a 52-week high price of Rs 464. The company would hold a board meeting to consider the first quarter financial results (Q1 FY24) and the first interim dividend for the current financial year on July 28. It has fixed August 7 as the record date for dividend payment.

RailTel Corp jumped 8 per cent to hit a one-year high of Rs 156.50. The company's board is scheduled to meet on July 27 to consider and approve Q1 FY24 financial results.

Also, IRCON moved 7.09 per cent higher to hit its one-year high price of Rs 95.04. It has recently secured a Rs 144 crore project for works related to the Jiribam-Imphal new Railway Line Project.

Construction arm of Indian Railways, RVNL soared 8.05 per cent to hit a day high of Rs 139. A couple of days back, the company has established its solely-owned subsidiary company named 'Kinet Railway Solutions Ltd'. According to the Share Purchase Agreement signed, RVNL holds a 25 per cent stake, while joint stock company Metrowagonmash and Locomotive Electronic Systems possess 70 per cent and 5 per cent stakes, respectively.

IRFC jumped 5.71 per cent to hit a day high of Rs 35.18. In addition, railway transportation firm BEML climbed 5.94 per cent to Rs 1,694.95 today.

The above-mentioned counters were in the buzz today after it was reported that Indian Railways may launch more non-AC general category trains between major cities to meet the demand of low-income passengers and migrant workers. Usually, such trains are offered during the festival season but the Railway board is now planning to launch them with more amenities for the full year.

Meanwhile, Indian equity benchmarks halted their six-day winning run and fell sharply today, dragged by technology and consumer stocks. The 30-share BSE Sensex pack dived 888 points or 1.31 per cent to settle at 66,684, while the broader NSE Nifty index moved 234 points or 1.17 per cent lower to close at 19,745.

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