CEBBCO gets nod for India rail project; shares up

Commercial Engineers & Body Builders said on Monday it has obtained approval from the federal railway ministry for refurbishment of wagons for the Indian Railway, sending its shares up.                  

The firm, which listed on the stock exchanges in October last year, makes locomotive and vehicle bodies. Its  railway division was set up in 2008 to diversify its revenue stream.  

At 11:45 am, shares were up 3.99% to Rs42.95 in a weak Mumbai market, easing from a rise of 8.8% after the announcement.