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Railway Stocks News: Three railway stocks were in focus on Monday’s trading session following the historic US, European Union (EU) agreed on the Mideast-India Rail and Shipping Corridor at the G-20. The US inked an agreement with India, Middle Eastern nations, and the EU with the goal of linking them through a system of railways and marine lines. Ircon International share price surged 19.3% to touch a 52-week high of ₹159.25 apiece, Rail Vikas Nigam share price jumped 17.6% to hit a 52-week high of ₹191.40 apiece, and Indian Railway Finance Corporation (IRFC)share price rose 10% to touch a 52-week high of ₹84.76 apiece on BSE.
According to to Rajesh Bhosale – Equity Technical and Derivative Analyst, Angel One, these railways stocks have seen strong traction in the September month as Ircon International stock is up by 38% , Rail Vikas Nigam is up by 41% and IRFC stock is up by 68%, respectively.
The momentum is strongly in favours of bulls but post a strong move in just 10 day, the indicators are in overbought. Hence. ideally one should avoid for short term as risk reward not lucrative, better wait for any dip to enter the stocks from a long term be view, advised Bhosale.
The project was unveiled at the annual Group of 20 summit of the world’s leading economies by US President Joe Biden, Indian Prime Minister Narendra Modi, and European Commission President Ursula von der Leyen. The project is a component of the Partnership for Global Infrastructure Investment programme.
An economic corridor linking India, the Middle East, and Europe will soon be established. A historic effort for connectivity and infrastructure collaboration that includes India, the UAE, Saudi Arabia, the EU, France, Italy, Germany, and the US will be the first-of-its-kind economic corridor.
According to a report from the White House, the railway agreement will connect shipping and rail lines from India to Europe via the United Arab Emirates, Saudi Arabia, Jordan, and Israel.
The ambitious initiative to construct a rail and maritime corridor connecting India with the Middle East and Europe aims to promote political collaboration and economic progress.
“This is a big deal,” said US President Joe Biden. “This is a really big deal.”
The corridor would help to boost trade, transport energy resources and improve digital connectivity. It would include India, Saudi Arabia, the United Arab Emirates, Jordan, Israel and the European Union, said Jake Sullivan, Biden’s national security adviser.
He said the enhanced infrastructure would boost economic growth, help bring countries in the Middle East together and establish that region as a hub for economic activity instead of as a “source of challenge, conflict or crisis” as it has been in recent history.
In January, the White House started having conversations with regional partners about the concept. By spring, maps and written assessments of existing rail infrastructure in the Middle East were being drafted. Sullivan, and senior White House aides Hochstein and Brett McGurk, travelled to Saudi Arabia in May to meet with their Indian, Saudi and UAE counterparts.