Railway stocks in India gain momentum on the heels of a potential India-Gulf connectivity deal.
RITES, under the Ministry of Railways, witnesses a 7.47% rise in its shares, hitting Rs 546 on BSE.
Indian Railway Finance Corporation Ltd, RITES Ltd, Rail Vikas Nigam Ltd, and Titagarh Rail Systems all see up to 7% growth in shares.
Indian Railway Finance Corporation Limited (IRFC) shares rise by 3.74% to reach Rs 75.91.
Rail Vikas Nigam Ltd, focused on rail infrastructure projects, surges by 4.74% to Rs 161.15.
Titagarh Rail, known for manufacturing rolling stock, advances by 2.54% to Rs 809.95.
US officials reveal discussions involving the US, Saudi Arabia, UAE, and Europe, aiming to boost India's connectivity.
The G20 Summit in Delhi serves as the platform for further discussions on the infrastructure deal.
US President Biden seeks to present the US as an alternative partner to China's Belt and Road initiative, focusing on developing economies.