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Railway Stocks: Railway shares IRCTC Ltd, IRFC Ltd, IRCON International Ltd, Rail Vikas Nigam (RVNL) Ltd and others are trying to recover after witnessing profit-booking in the last two trading sessions. Shares of these companies are currently trading with an increase of 1-3% in the opening minutes of trading.
Reason for the stock to rise
Rs. Shares of Rail Vikas Nigam (RVNL) recovered from the day’s lows on Wednesday after emerging as the lowest (L1) bidder for the Rs 245-crore Western Railway project. IRCTC also announced late on Wednesday that it has signed an MoU with Maharashtra State Road Transport Corporation (MSRTC) to enable booking of buses through IRCTC’s bus ticketing platform.
Also Read- The company received an order of ₹180 from SAIL, a rush to buy shares, up 13%, the price touched ₹63
Shares gained 150% YTD
Railway stocks saw some profit-booking after a sharp rally this year. Apart from IRCTC, stocks like RailTel, RVNL, IRCON and IRFC have gained between 80-150 percent this year. However, experts are advising investors to be cautious and book profits in some cases as they look at the rise in these stocks. Anshul Sehgal of Kotak PMS also said, “One of these stock valuations is much higher than earnings expectations.”