Stocks of wagon manufacturer Titagarh Wagons Ltd managed to turn into green after downward gyrations till 2.15 pm. The stock, along with the stock of Texmaco Rail Engineering, moved down following the Rail Budget speech.
The Rail Budget for 2015-16 talked of acquisition of improved rolling stocks, including automotive carriers and higher speed as well as freight load capacity trains. Nevertheless, wagon stocks witnessed a sharp decline.
Umesh Chowdhary, Vice-Chairman and MD of Titagarh Wagons told BusinessLine that "implementation" of the promises made in the Rail Budget would obviously be key going forward. The Budget underlines long-term positives for the wagon industry, particularly for companies with manufacturing capabilities for producing high-end, improved products and designs.
He, however, said the market behaviour following the Railway Budget speech was difficult to explain. Titagarh Wagons closed at Rs 582.10, up 0.5 per cent. Texmaco Rail finished 2.5 per cent down at Rs 135.70 on the BSE.