PSU stocks have been surging due to a confluence of factors such as increased power demand, significant order wins in the railways sector, increased budget allocations in the defence sector, and India s ambitious goals for renewable energy.
The prospect of the BJP s potential re-election is generating positive expectations for sustained Capex contributing to the increased attractiveness of PSU stocks.
PSU stocks IRFC, RVNL and Mazagon Dock surged up to 13 percent in intra-day deals on Tuesday to hit their respective new highs ahead of the 2024 Interim Union Budget.
Shares of IRFC, RVNL, Texmaco Rail and Titagarh Rail Systems surged in Tuesday s trade, hitting fresh 52-week highs. These railway stocks are rallying ahead of the Union Budget 2024. IRFC has gained 46% in the last five trading sessions and delivered 328% returns in the past 12 months. With a market cap of over Rs 1.85 lakh crore, IRFC is the largest railway stock on the Indian exchanges. RVNL, Ircon International, Jupiter Wagons, Titagarh Rail Systems, and Texmaco Rail have also outperformed the Nifty, with significant gains ranging from 135% to nearly 300%.
RVNL share price: The stock eventually settled with 8.67 per cent gains at Rs 220.70. At this price, the multibagger scrip has zoomed 187.18 per cent in a year. On BSE, around 71.11 lakh shares changed hands today.