This railway stock gains 20% - Check details

A railway stock gained 20 per cent even as benchmark Sensex declined by 318 points on Wednesday weak trends in global markets. The stock in discussion is KRRAIL.

The counter opened in green at Rs 319.70 on the BSE and gained further to touch the intra-day high of Rs 388.25 - a gain of around 20 per cent from the previous close of Rs 323.55.

The counter has gained after four days of consecutive fall and comes a day after the board of the company approved the allotment of 96 lakh equity shares of the face value of Rs 10 each.

The surge in the stock comes a day after the company's board approved the allotment of 96 lakh equity shares of Rs 10 face value upon conversion of 96,00,000 convertible redeemable preference shares of Rs 10 each aggregating to Rs 960,00,000 to the promoter and promoters group.

Earlier, the company announced a sub-division of the face value of equity shares in the 10:1.  

Meanwhile, the BSE Sensex declined by 318.76 points or 0.39 per cent to settle at 81,501.36. During the day, it slumped 461.86 points or 0.56 per cent to 81,358.26.

The NSE Nifty declined by 86.05 points or 0.34 per cent to close at 24,971.30.
From the 30 Sensex firms, Mahindra & Mahindra, Infosys, Kotak Mahindra Bank, JSW Steel, Adani Ports, Tata Motors, Adani Ports, ITC and Titan were the major laggards.

HDFC Bank, Bharti Airtel, Reliance Industries, Asian Paints and State Bank of India were the gainers.

"The market traded range bound with a negative bias due to the fear of a downgrade in FY25 earnings, which could impact the sustainability of premium valuation," Vinod Nair, Head of Research, Geojit Financial Services said.

Foreign Institutional Investors (FIIs) offloaded equities worth Rs 1,748.71 crore on Tuesday, according to exchange data.

In Asian markets, Seoul, Tokyo and Hong Kong settled lower, while Shanghai ended in the positive territory.