Business
Prabhu's budget fails to muster investor confidence
Mumbai, Feb 26
A majority of stocks associated
with the railways plunged in Thursday's trade as Railway Minister
Suresh Prabhu's maiden budget failed to garner investor confidence.
The
minister proposed to correct the railway's investment deficit position
and outlined a slew of initiatives for generating financial resources
like tying up with pension funds and other debt-related instruments.
Prabhu
also proposed various plans to increase investment, erect new rail
infrastructure, ration energy consumption and spruce up passenger
amenities.
Stocks of companies like Texmaco Rail and Engineering,
Container Corporation of India, Kalindee Rail Nirman (Engineers), Stone
India and Cimmco ended the day's trade in the red.
However, the
stocks of Hind Rectifiers, Titagarh Wagons and Transformers and
Rectifiers (India) made gains during the day's trade.
At the
Bombay Stock Exchange (BSE), shares of wagon-maker Texmaco Rail and
Engineering closed the day's trade down 2.51 percent at Rs.135.70 from
the previous close of Rs.139.20.
The scrip of Container Corporation of India was lower by 3.47 percent at Rs.1,518.95 from the previous close of Rs.1,573.60.
Stocks
of Kalindee Rail Nirman (Engineers) decreased 4.05 percent at
Rs.135.10, moving down from its previous close of Rs.140.80.
The
scrip of another company associated with the railways, Stone India,
ended the day's trade lower by 6.07 percent at Rs.79.70 from its
previous day's close of Rs.84.85 per equity share.
Shares of Cimmco were down 6.93 percent at Rs.71.20 from its previous close of Rs.76.50.
However, the stocks of Hind Rectifiers were up 14.71 percent at Rs.89.30 from the previous close of Rs.77.85.
Wagon
manufacturer Titagarh Wagons's scrip made marginal gains. It was up
0.50 percent at Rs.582.10 from its previous close of Rs.579.20.
The
scrip of Transformers and Rectifiers (India) at the BSE was up 3.97
percent at Rs.193.90 from its previous day's close of Rs.186.50 per
equity share.
Kernex Microsystems's stocks r