PM Modi praises Rail Budget. Addressing the nation, he says initiatives taken will help Indian economy in a big way. “Rail budget is a growth engine. This budget will prove that. We neglected it in the past”. Aimed at overall development of India. It is a modern budget. Focussed on science and technology,” he adds.

Rahul Gandhi criticises the budget. Says it is not pro-poor. Former Railways minister PK Bansal criticises Rail Budget. Says budget focussed more on minor issues.Former minister Ashwini Kumar says budgets talks only about the ills, offers no concrete solutions. The Congress criticises Rail Budget. Says it is a bankrupt budget.

Glenmark Generics, USA a subsidiary of Glenmark Generics Ltd has been granted final abbreviated new drug approval (ANDA) from the United States Food and Drug Administration (US FDA) for Telmisartan Tablets, the company said in a filing to the BSE.

“Glenmark will commence distribution of the product immediately,” it added. The approval is for the 20 mg, 40 mg and 80 mg tablets. Telmisartan tablets are Glenmark’s generic version of Boehringer Ingelheim’s Micardis. Telmisartan is indicated for the treatment of hypertension.

Sharemarket of Aban Offshore surge as much as 9.8 percent to Rs 940, their highest level since May 14, 2010, on hopes the country’s largest offshore drilling company may enjoy higher rig rates in the coming quarters, dealers say. “ONGC has okayed an expenditure sanction of an additional $501.95 million (equivalent to 3,085.54 crore rupees) for hiring of five more offshore jack-up rigs for a period of three years,” according to oil and gas industry website Indianpetro.com.

Slide in market continues as Railway Minister Sadananda Gowda presents Budget. The Sensex is down 152.01 points at 25948.07 and the Nifty is down 54.70 points at 7732.45. About 967 shares have advanced, 1813 shares declined, and 93 shares are unchanged.