Moneycontrol Bureau
The market was holding gains as infra stocks boosted the indices. In his Budget speech, Finance Minsiter P Chidambaram spoke of approving Rs 50,000 crore tax-free bonds in FY14. The government expects to raise Rs 25,000 crore via tax-free bonds in FY13.
Get full Budget coverage: http://www.moneycontrol.com/budget2013/
As per the Budget announcement, IIFCL will give credit enhancement to companies. Finance minister says infra debt funds will be encouraged going forward. Interest subvention on farm loans repaid on time will continue, he told the House.
He also added that 3000 KM of road projects will be awarded in first 6 months of FY14.
The Sensex was up 40.79 points or 0.21% at 19193.20 while the Nifty gaiend 10.75 points or 0.19% at 5807.65.
Infra stocks like IRB Infra (up 3%), L&T (up 1.5%) and JP Associates (up 2.6%) are getting investors’ confidence.
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