Railway stocks were skyrocketing for the second straight session after reports of plans for a massive rail and ports corridor that would link India with the Middle East were confirmed over the weekend.
What Happened: Prime Minister Narendra Modi, along with U.S. President Joe Biden and Saudi Arabian Prime Minister Mohammed bin Salman, unveiled the India-Middle East-European corridor over the weekend during the G20 Summit in New Delhi .
At the G20 Summit, several key players including the United States, Saudi Arabia, the European Union, and the United Arab Emirates, among others, unveiled an ambitious plan to establish robust connections encompassing data, railway networks, ports, energy infrastructure, and hydrogen pipelines spanning the three regions.
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Why It Matters: The agreement aims to uplift low- and middle-income nations in the region while positioning the Middle East as a pivotal player in the global trade landscape, according to Jon Finer, US Deputy National Security Adviser.
Mohammed Bin Salman of Saudi Arabia expressed optimism about the initiative and the Economic Corridor project announced during the meeting, emphasising the collaborative efforts behind the plan.
The India-Middle East-European corridor involves key players, including India, the United Arab Emirates, Saudi Arabia, the European Union, France, Italy, Germany, and the United States, and is set to leave a lasting mark on regional and global economic integration.
Price Action:
Most Indian railway stocks extended gains from Friday into Monday’s trading session:
Container Corporation of India share price: up 3.73% to ₹735.35
Indian Railway Finance Corp share price: up 9.99% to ₹84.80
Ircon International share price: up 17.32% to ₹156.80
RVNL share price: up 14.18% to ₹185.95
Raitel Corporation share price: up 6.38% to ₹249.20
RITES share price: up 3.28% to ₹565.95
Titagarh share price: up 4.22% to ₹840.50
IRCTC share price: down 0.37% to ₹722.90
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