India's rail-linked stocks lose steam after extent of Modi victory unclear

Indian Railway Finance

04/06/2024 05:53

** India's rail-linked stocks log sharp early losses while
vote count for India elections gets underway
    ** Analysts say PM Modi-led alliance's early lead in vote
count "below expectations", benchmark Nifty 50  .NSEI  opened 2%
lower on the day  .BO 
    ** Wagon makers Texmaco Rail & Engineering  TEXA.NS  and
Titagarh Rail Systems  TITG.NS  slump 5.7% each 
    ** Railway and metro coaches maker BEML  BEML.NS  loses
3.2%, Indian railways' financing arm Indian Railway Finance Corp
 INID.NS  drops 3.3% 
    ** TEXA, TITG, BEML and INID added between 4.5%-6.3% in last
session, after weekend exit polls predicted landslide victory
for Modi 
    ** Infra and manufacturing-linked stocks seen as key
beneficiaries of predicted third-term win for Modi, analysts had
said

 (Reporting by Hritam Mukherjee in Bengaluru)
 ((Hritam.Mukherjee@thomsonreuters.com;))