Rail stocks gain by up to 4% after Budget merger nod
Stone India surged 4.21 per cent, Kernex Microsystems gained 3.06 per cent, Titagarh Wagons was up 2.81 per cent on BSE. Among others, shares of Kalindee Rail Nirman gained 1.33 per cent and Texmaco Rail & Engineering rose by 1.12 per cent.
Rail Minister Suresh Prabhu said the merger of rail and General Budgets will not impact the functional autonomy of the railways but help in enhancing capital expenditure.
"One single budget will mean railway and General Budget will work in harmony," Prabhu said, adding railways will not have to pay <g data-gr-id="19">dividend</g> to the government.
The actual date for presentation of the General Budget for 2017-18 will be decided by the government after taking into account the ensuing assembly elections, Finance Minister Arun Jaitley said while briefing the media about the Cabinet decisions.