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Infra stocks surge on higher budgetary spending provisions

Infra stocks surge on higher budgetary spending provisions

Infra stocks surge on higher budgetary spending provisions
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By Pranati Deva  Feb 2, 2021 12:24:32 PM IST (Updated)

Shares of infrastructure companies continued trading higher on Tuesday after Finance Minister Nirmala Sitharaman announced incentives to boost the sector in Budget 2021.

Shares of infrastructure companies continued trading higher on Tuesday after Finance Minister Nirmala Sitharaman announced incentives to boost the sector in Budget 2021.

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In the Budget speech, FM said National Infrastructure Pipeline (NIP) has been expanded to 7,400 projects. She added that projects worth Rs 1.1 lakh crore have been completed under the National Infra Pipeline.
"We will also introduce a bill to set up Development Finance Institution (DFI) providing Rs 20,000 crore to launch the National Asset Monetisation Pipeline to fund new infra projects," she further said.
The BSE Infra index surged 2 percent on the back of the incentives. KNR Construction rose the most 10 percent followed by PNC Infra, which was up 8 percent. Meanwhile, L&T, Gujarat Pipavav Port, IRB, Powergrid, Sadbhav Engineering also rose over 2 percent each during the day.
The NIP was launched with 6,835 projects, which has now been expanded to more than 7,300. Projects identified under the NIP require investment of a whopping Rs 111 lakh crore during 2020-25.
Many ministries/departments have shown substantial progress in project implementation and expenditure, especially in the second quarter of 2020-21, the statement said.
In addition, the majority of ministries/departments have targeted substantially high infra expenditure in the current fiscal than the actual expenditure of FY'20.
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