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MARKET EYE-Railway budget underwhelms traders
March 14, 2012 / 9:38 AM / 6 years ago

MARKET EYE-Railway budget underwhelms traders

MUMBAI, March 14 (Reuters) - Disappointment was the verdict of traders after India’s railway ministry announced plans to borrow 500 billion rupees ($10.02 bln) from the market in the 2012/13 fiscal year and to invest $147 billion during the next five-year plan.

That led to a drop in shares of companies that get business or orders from Indian railways, including Kalindee Rail Nirman Engineers, Container Corp of India, Stone India, and BEML.

Dealers says that markets were looking for specifics like new wagon factories, more trains, tracks, or allocations.

“Nothing major has come in the budget. It’s a complete disappointment” a dealer said. (Reporting by Abhishek Vishnoi and Ketan Bondre)

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