The sell-off in the railway stocks was triggered after FM Sitharaman earmarked a capex of ₹2.55 lakh crore for the Indian Railways, which is lower than industry expectations of ₹3 lakh crore.
On Ram Janmabhoomi temple, Jefferies says potential beneficiaries in the hotels and hospitality sector are Indian Hotels Company Ltd, ITC Hotels, EIH Ltd, and Oyo Rooms.
The stock, which made its market debut in June last year, hit a fresh all-time high of ₹398.10 on September 5, after touching 52-week low of ₹66.90 on September 27, 2022.
The ticketing and catering arm of Indian Railways registered a 30.4% YoY rise in net profit at ₹279 crore, while revenue from operations jumped 39.6% YoY to ₹965 crore for Q4FY23.
The government will sell 5% stake in IRCTC at a floor price of ₹680 per share, a discount of 7.4% from Wednesday’s closing price of ₹734.70 on the BSE.