Railway stocks chug on the chances of higher allocation in Budget 2023

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February 1, 2023
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Market participants believe higher allocation will be allotted for defence capital outlay, roads, metro projects, housing and railways.

Children’s Railway, Budapest. (Photo: Wikimedia Commons)

Shares of companies related to the railways such as IRCTC, Container Corporation of India, IRFC, Rail Vikas Nigam Ltd, BEML, Titagarh Wagons, Texmaco Rail & Engineering, and IRCON International gained 1-3 percent ahead of Finance Minister Nirmala Sitharaman’s Budget speech today.

Market participants believe higher allocation will be allotted for defence, roads, metro projects, housing and railways.

ICICI Securities expects the central government’s allocation to capex to grow 18 percent on-year at Rs 8.9 lakh crore in FY24, led by sectors like railways, roads, defence, housing.

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