March 14, 2012 / 10:38 AM / 6 years ago

Railway budget underwhelms stock traders

A man sells locks and chains on a platform at a railway station in New Delhi March 13, 2012. REUTERS/Adnan Abidi/Files

MUMBAI (Reuters) - Disappointment was the verdict of traders after India’s railway ministry announced plans to borrow 500 billion rupees 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 (KALI.NS), Container Corp of India (CCRI.NS), Stone India(STON.BO), and BEML(BEML.NS).

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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