Infra stocks surge on record Rs 3.96 lakh cr allocation

Infrastructure stocks rose up to 5.4 per cent today following allocation of a record Rs 3.96 lakh crore to the sector in Budget 2017-18.
Shares of Ashoka Buildcon surged 5.42 per cent, MEP Infrastructure Developers gained 3.44 per cent and KEC International climbed 3.1 per cent on BSE.
IRB Infrastructure gained 3 per cent, Sadbhav Engineering rose by 2.32 per cent and Larsen & Toubro gained 1.6 per cent.
Allocating a record Rs 3.96 lakh crore to the infrastructure sector, Finance Minister Arun Jaitley today said the magnitude of investment will spur economic activities and create more jobs.
Presenting Budget in Parliament, Jaitley said, "Total allocation for infrastructure stands at a record level of Rs 3,96,135 crore in 2017-18."

"The magnitude of investment", he said, will spur a huge amount of economic activities in the country and create more job opportunities.
For the transport sector as a whole, including railways, road, shipping, the Finance Minister said, "I have provided Rs 2,41,387 crore in 2017-18.