Domestic indices opened the week on a higher note. The NSE Nifty 50 jumped 40.25 points or 0.23% to 17,664.3 levels while the BSE Sensex surged 146.74 points or 0.25% to 59,801.80. Going with the positive trends in the market, the Indian railway stocks also shined in the early hours of Monday.
Here are 2 railway stocks that have gained up to 8% on Monday:
Ircon International Limited
The shares of Ircon International Ltd opened at Rs 65 levels and gained as much as 8% in the early hours to reach a 52-week high of Rs 69.95. The gain can be attributed to the high volumes on the exchanges. The stock has jumped approximately 14 percent in the past 5 days and gained around 58 percent in the span of six months.
Ircon International, or Indian Railway Construction International Limited, is an Indian engineering & construction corporation, specializing in transport infrastructure.
The small-cap company has a market capitalization of Rs 6,357 Crore and a dividend yield of 3.69 percent. As of December 2022, the company’s total revenue stood at Rs 2,346.51 Crore and its net profits were Rs 199.03 Crore.
Rail Vikas Nigam Limited
The shares of Rail Vikas Nigam Ltd (RVNL) opened at Rs 77.50 levels only to gain almost 8 percent and reach a 52-week high of Rs 84.75. The scrip jumped after the company along with its consortium with Siemens Ltd bagged two orders from Gujarat Metro Rail Corporation.
The stock has logged a multibagger return of 110 percent in the past six months on the back of a strong order book. During the period, the company has received multiple orders that include the production of 120 advanced Vande Bharat Express trains by August 2023.
Rail Vikas Nigam Limited (RVNL), a Mini-Ratna CPSE is engaged in the business of implementing rail infrastructure projects assigned by the Ministry of Railways, including doubling, gauge conversion, new lines, electrification, major bridges, workshops, production units, and sharing freight revenue with the railways.
Other Railway Stocks
Along with these, the other two railway stocks also gained more than 5 percent. Railtel Corporation of India Ltd was trading 5 percent higher at Rs 109 levels till the afternoon after reaching an intraday high of Rs 110.65 in the early hours.
Further, the shares of the Indian Railway Finance Corporation (IRFC), the financing arm of Indian railways, gained approximately 6.5 percent to reach an intra-day high of Rs 30 in the early hours.
Written by Anoushka Roy
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