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Railway-linked stocks like IRCTC, RVNL, and Jupiter Wagons fell significantly, with declines up to 8%, after the Union Budget FY26 did not meet expectations for a huge increase in railway capital expenditure. The government allocated the same Rs 2.5 lakh crore for railway capex as last year, dampening short-term growth prospects for the sector.
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In the Union Budget 2025-26, the government has kept its total capex outlay at Rs 11.2 lakh crore, largely unchanged from the FY25 budgeted estimates. However, the capex for FY25 has been revised downward to Rs 10.2 lakh crore. The allocation for key sectors such as Railways (Rs 2.5 lakh crore) and Roads (Rs 2.7 lakh crore) remained flat compared to the revised estimate for FY25.
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UPL shares surged 5% to Rs 636.45 on strong Q3 results, driven by agrochemical demand recovery. Investec upgraded UPL to buy with a Rs 700 target, while Nuvama raised its target to Rs 705. Management expects 50% YoY EBITDA growth, citing margin recovery, debt reduction, and improved business conditions.
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