Railway supplier stocks drop as Railway Budget disappoints

Companies that offer products to the Indian railways saw their shares dropping, as there was disappoint from the Railway budget presented by Railway Minister Dinesh Trivedi.

Texmaco dropped 7% to Rs 66.35, while Kalindee Rail Nirman too dropped 7% and Titagarh Wagons was down 5.43% at Rs 406.50 at 2.38 PM IST.

Marketmen expect railway stocks to continue to be under pressure at least for the next few sessions.

Indian Railways needs a sum of Rs 14 lakh crores in the next 10 years, Dinesh Trivedi, Railways Minister said, while presenting the Railway Budget 2012-2013.

Trivedi emphasised the need for funding to achieve ambitions of safety, consolidation capacity augmentation and,de-congestion. He stated that 487 projects were pending and unless he got the support from his government it would be difficult to implement the projects.

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