Shares of several railway-related companies rallied sharply in Wednesday's trading session, with IRCON International Ltd, RITES Ltd, Jupiter Wagons Ltd and Texmaco Rail & Engineering Ltd among the prominent gainers.
At last check, IRCON International shares were up 13.35 per cent, while RITES gained 7.20 per cent. Jupiter Wagons climbed 7 per cent and Texmaco Rail & Engineering advanced 5.97 per cent.
Other railway stocks also traded higher. Oriental Rail Infrastructure Ltd rose 4.27 per cent, RailTel Corporation of India Ltd gained 3.38 per cent, and Rail Vikas Nigam Ltd (RVNL) advanced 2.83 per cent.
Indian Railway Finance Corporation Ltd (IRFC) shares were up 2.21 per cent, while Container Corporation of India Ltd (CONCOR) gained 1.84 per cent.
Indian Railway Catering and Tourism Corporation Ltd (IRCTC) rose 1.54 per cent, while Titagarh Rail Systems was up 0.57 per cent.
Most of these stocks also recorded heavy trading volumes during the session.
Kranthi Bathini, Equity Strategist at WealthMills Securities, noted that the sharp upmove across a majority of railway stocks came after a prolonged period of consolidation. He advised investors to monitor upcoming earnings and management commentary before making investment decisions.
Today's gains were seen across companies operating in different segments of the railway ecosystem, including rail infrastructure, engineering, wagon manufacturing, financing and related services.