The Indian Railway stocks surged high after Ashwini Vaishnaw was reappointed as the Railway Minister in Modi 3.0 Cabinet.
RailTel Corporation of India advanced 9% to an intra-day high of Rs 418.70 while Indian Railway Catering and Tourism Company (IRCTC) rose 6% to the day’s high of Rs 1,036. Similarly, stocks of Titagarh Rail Systems rose by 2.5% to its intra-day high of Rs 1,377. Shares of Rail Vikas Nigam, better known as RVNL, inched up 3.8% to the day’s high of Rs 388.
Other railway stocks also saw a similar rally IRCON International surged 6.5%, BEML 4.3%, BHEL 3.8%, Container Corporation of India 3.7%, and BEL 2.5% on June 11.
That said, Ashwini Vaishnaw retained his previous portfolios: Railways and Minister of Electronics and Information Technology. He has also been appointed as the Minister of Information and Broadcasting.
The Ministry of Railways embarked on several transformative initiatives under Vaishnaw’s leadership, including introducing hundreds of semi-high-speed Vande Bharat trains. The inaugural pair of Vande Bharat trains commenced operations in February 2019, and since then, the fleet has expanded to 102 trains operating nationwide, boasting an impressive overall occupancy rate of 105.7%. The widespread popularity of Vande Bharat trains is underscored by the staggering statistic that over 2.15 crore passengers had travelled on them till March 31, 2024.
Additionally, in 2022-23, Indian Railways laid down a record-breaking 3,901 kilometres of tracks, marking the highest-ever track laying in its history under the leadership of Ashwini Vaishnaw.