Highlights

• Railway stocks recorded gains of up to 8% in a single session, outperforming the BSE Sensex.
• Government approval of ₹89,780 crore worth of railway projects in Maharashtra supported sector sentiment.
• Company-specific developments might have contributed to momentum in Jupiter Wagons and IRFC shares.

Indian railway stocks moved into focus on Tuesday as several key names posted notable gains, outperforming the broader market. Shares of Ircon International, Jupiter Wagons, Indian Railway Finance Corporation (IRFC), and Rail Vikas Nigam (RVNL) recorded advances amid policy-related developments and company-specific updates, even as benchmark indices remained largely unchanged.

Railway Stocks Outperform the Broader Market

On December 23, 2025, shares of Ircon International closed at ₹168.80, rising 7.65% during the session. Despite the day’s gain, the stock remains down nearly 22.52% on a year-to-date basis.

Jupiter Wagons Limited ended the session at ₹335.00, up ₹24.55 or 7.91%. The stock has declined around 33% so far in 2025.

Indian Railway Finance Corporation shares gained ₹4.89, or 4.18%, to close at ₹121.89. IRFC remains down more than 18% on a year-to-date basis. Rail Vikas Nigam Limited added ₹10.10, or 3.04%, to finish at ₹342.60, though the stock is still lower by nearly 20% for the year.

In comparison, the BSE Sensex closed at 85,524.84, down 42.63 points or 0.05%, indicating limited movement in the broader market.

Infrastructure Push Lifts Sector Attention

Railway stocks gained traction following confirmation that the central government has approved 38 major railway projects in Maharashtra, involving a total investment of ₹89,780 crore. The projects span 5,098 km and include 11 new lines, two gauge conversion projects, and 25 line doubling or multitracking works.

As of April 1, 2025, around 2,360 km has already been commissioned, with expenditure of ₹39,407 crore. The expansion plan also includes platform extensions at 34 stations to accommodate 15-car EMU trains, along with capacity upgrades under the Mumbai Urban Transport Project to address rising suburban passenger demand.

The rally comes slightly over a month ahead of the Union Budget, a period that often sees increased attention on infrastructure-linked stocks.

Stock-Specific Triggers Add Momentum

Jupiter Wagons shares saw additional activity following a disclosure that Tatravagónka a.s. acquired 28,72,340 equity shares in the company. The shares were obtained through the conversion of an equal number of convertible warrants issued on June 29, 2024.

IRFC shares also moved higher amid recent multiple developments. Indian Railways announced a marginal increase in passenger fares for long-distance travel, effective December 26, 2025. In addition, IRFC raised ₹2,981 crore through its first-ever zero-coupon bond issuance, which attracted bids exceeding ₹7,500 crore.

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