Larsen & Toubro (L&T), NCC, IRB Infrastructure, GMR Infrastructure, Siemens, Engineers India and Bharat Heavy Electricals Limited (BHEL) from the Nifty Infrastructure index were trading higher by upto 6% on the NSE.
KNR Constructions, Ashoka Buildcon, Sadbhav Engineering, Simplex Infrastructures and Gayatri Projects from the non-index stocks were up in the range of 5% to 9%.
At 12:07 AM; Nifty Infrastructure index was up 1.9% at 3,541, as compared to 0.55% gain in the benchmark index. The infra index hit an intra-day high of 3,544, its highest level since November 2010.
The Union Cabinet on Tuesday cleared the Bharatmala project to construct 20,000 km of highways connecting western and eastern parts of the country at an estimated investment of Rs 7 lakh crore.
In the first phase to be undertaken over three-five years, the project would cost Rs 5.5 lakh crore. The project would be funded through various sources, including Rs 2.09 lakh crore from the market, Rs 1.06 lakh crore through private investment and Rs 2.19 lakh crore from the central road fund or toll collection.
“Overall, we believe cabinet approval is a positive step and provides a multiyear visibility for the National Highways Authority of India (NHAI) as only around 10,000 km is left in the National Highways Development Project (NHDP) program. Investment in road sector has multi-fold implications and can materially revive the capex cycle along with potential acceleration in housing, railways and defence,” Antique Stock Broking said in a note.
|LARSEN & TOUBRO||1199.20||1140.00||5.2|
|C & C CONSTRN.||58.70||55.95||4.9|