Shares of infrastructure firms, mainly engaged in the business of roads and highways construction rallied up to 13 per cent on the BSE in Monday's intra-day trade after Finance Minister Nirmala Sitharaman announced a mega national highway project in poll-bound Tamil Nadu, West Bengal, Assam and Kerala.
The Finance Minister announced an allocation of Rs 1.18 trillion for the Ministry of Road Transport and Highways. FM said that this is the ‘highest ever’ allocation for the department. The states of Tamil Nadu, Kerala, West Bengal and Assam will get highways worth Rs 2.27 trillion in the next three years or so.
The FM in her Budget speech said, “National highway works of 3,500 km for Rs 1.03 trillion will be undertaken in Tamil Nadu, 1,100 km projects for Rs 65,000 crore in the state of Kerala, 675 km for Rs 25,000 crore in West Bengal and Rs 34,000 crore worth of projects in Assam in the next three years. CLICK HERE TO READ FULL REPORT
Shares of NCC rallied 13 per cent to Rs 66.75 on the BSE on back of two-fold jumped in trading volumes. Ashoka Buildcon jumped 9 per cent to Rs 95.30, followed by KNR Constructions (up 7 per cent at Rs 394), Dilip Buildcon (up 6 per cent at Rs 450) and Larsen & Toubro (up 4 per cent at Rs 1,386). In comparison, the S&P BSE Sensex was up 3.6 per cent at 47,957 points at 01:00 PM.