Railway Stocks RVNL, IRFC, RITES Trade In The Green After 4 Sessions

Majority of railway stocks IRFC, RVNL and RITES were trading in the green on Friday after falling in the last four sessions. 

What Happened: Most of the railway stocks were trading higher on Friday. Though the reason for the rise is not clear, some of the stocks such as RITES and Titagarh Rail Systems had set September 20 as the record date for different corporate actions.

RITES is set to issue a 1:1 bonus share for the shareholders while Titagarh Rail Systems will pay out a dividend of ₹0.80 per share.

After a massive rally at the bourses over the past year, Railway stocks have derailed slightly following the union budget. 

See Also: Top 7 Railway Stocks Ranked By Order Book Value As Of Q1

Shares of IRFC and Titagarh have fallen 16% and 15%, respectively, since the budget, while Railtel has been the best performer among the stocks with a decline of 4%.

Price Action: On Friday, shares of RVNL surged 5.84% to ₹540.

Shares of IRFC gained 3.64% to ₹160.90.

Shares of RITES were up 6.74% at ₹362.10.

Shares of IRCTC rose 1.28% to ₹894.95.

Shares of Titagarh Rail Systems were up 5.95% to ₹1,327.25.

Shares of IRCON jumped 5.92% to ₹236.90.

Shares of Jupiter Wagons rose 4.11% to ₹538.80.

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