Rail stocks spurt 10% on appointment of new minister
Mumbai: Shares of companies belonging to the rail sector gained as much as 10 per cent today after the appointment of a new railway minister.
Shares of Texmaco Rail & Engineering surged 10.23 per cent, while Kalindee Rail Nirman (Engineers) zoomed 9.51 per cent and Titagarh Wagons climbed 8.76 per cent on the BSE.
Kernex Microsystems India jumped 4.96 per cent and Stone India rose 4.61 per cent.
Market experts said these scrips rose on hopes of reforms and investment in the rail sector.
Suresh Prabhu was yesterday inducted into the Union Cabinet and given Railway portfolio as Prime Minister Narendra Modi undertook an expansion of his council of ministers and reshuffled portfolios while bringing in 21 new faces.