Rail stocks up on Indo-China MoU to extend co-operation

Rail stocks up on Indo-China MoU to extend co-operation

Indian Prime Minister Narendra Modi and Chinese President Xi Jinping have signed memorandum of understanding (MoU) on extending co-operation in rail, including agreement for new Mansarovar route

Shares of rail stocks surged 5-7 percent intraday Thursday riding on an upgrade as promised by Narendra Modi in his prime ministerial campaigns. The ailing sector is all set to see an improvement after it joined hands with China which will help the nation build high-speed rail network and modernise railway stations. Indian Prime Minister Narendra Modi and Chinese President Xi Jinping have signed memorandum of understanding (MoU) on extending co-operation in rail, including agreement for new Mansarovar route. Both countries signed 12 agreements at delegation-level meeting. Earlier, India and China had signed an MoU on technical cooperation in railway sector on November 26, 2012 for five years. Railways has undertaken an exercise for technological up-gradation, capacity enhancement and development of world class services. 

The change is observed as below for the below companies yesterday:

Texmaco 5%

Kernex 5%

Titagarh 5%

Kalindee Rail 7%

Hind Rectifier 5%