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  5. Railway stocks witness profit booking; Railtel, RVNL down nearly 5%

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Railway stocks witness profit booking; Railtel, RVNL down nearly 5%

Upstox
By Upstox News Desk

2 min read | Updated on July 18, 2024, 11:44 IST

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SUMMARY

Railway stocks on Thursday fell due to profit booking. Railtel was down almost 5%, while RVNL saw losses of 3.73%. The railway sector has rallied significantly over the past few months and will likely see more action in the coming days due to the upcoming budget.

Stock list

RAILTEL
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RVNL
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IRFC
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TITAGARH
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Railway stocks witness profit booking ahead of union budget after sharp rally in the previous month

Railway stocks fell on Thursday as investors decided to take some profits off the table. Over the past few months, railway stocks have rallied to provide significant returns, with some stocks seeing their share price surge over 100%. With the upcoming budget and lack of global cues to propel the market higher, investors likely booked some profits in the sector.

Railtel Corporation of India saw losses of 4.97% on Thursday and was trading at ₹528.55 per share. The stock had hit an intraday low of ₹520.20. In the past month, shares of the company have rallied over 21%, while the stock price has appreciated nearly 46% in the past six months.
Rail Vikas Nigam (RVNL) was down 3.73% to trade at ₹597 per share. The stock had hit an intraday high of ₹626 and a low of ₹582.65. Shares of RVNL have surged over 50% in the past month. The company has been at the forefront of the rally in the railway sector and has seen its stock price soar nearly 400% in the past year.
Shares of Indian Railway Finance Corp (IRFC) were in the red as it fell 3.89% to trade at ₹203.85 per share. The stock had hit an intraday high of ₹212. Shares of the company have risen over 100% in the past year and have rallied nearly 16% in the past month.
Meanwhile, Titagarh Rail Systems’ shares were trading lower by 4% near its intraday low of ₹1,630. The stock has risen nearly 10% in the past month and over 200% in the past year.

Railway stocks are likely to see more action in the coming days, with the full Union Budget on the horizon. The railway sector is undergoing a pivotal transformation to enhance passenger travel and connectivity. With increased government support, the sector has seen rising investor sentiment.

Uplearn

About The Author

Upstox
Upstox News Desk is a team of journalists who passionately cover stock markets, economy, commodities, latest business trends, and personal finance.

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