Infrastructure and construction stocks edged higher intraday on February 1, after Finance Minister Nirmala Sitharaman in her Budget speech said the Union government aims to further grow highway networks in the country by 25,000 km in FY23.
"The National Highway network will be expanded by 25,000 kms in 2022-23. PM Gati Shakti will encompass the seven engines for multi-modal connectivity for the states with speedier implementation of development projects through technology to facilitate faster movement of people and goods through Rs 20,000 crore financed by the govt to speed up this project," the FM said in her Budget speech in the Parliament.
Execution of national highway projects has been one of the highlights of the Narendra Modi-led government, and companies will hope for higher tendering activity from the National Highways Authority of India (NHAI) in the next financial year.
Stocks including PNC Infratech, Ashoka Buildcon, KNR Construction, Gayatri Projects, ILandFS Engineering and Hindustan Construction gained 3-5 percent each.
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PNC Infratech's share price was trading at Rs 306.00, up Rs 11.20, or 3.80 percent at 11:44 hours on the BSE. It has touched an intraday high of Rs 317.65 and an intraday low of Rs 303.30. The scrip was trading with volumes of 82,723 shares, compared to its five day average of 39,605 shares, an increase of 108.87 percent.
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Ashoka Buildcon was quoting at Rs 100.70, up Rs 2.20, or 2.23 percent. It has touched an intraday high of Rs 102.25 and an intraday low of Rs 99.15 while IL&FS Engineering and Construction Company was quoting at Rs 18.15, up Rs 0.82, or 4.73 percent. It has touched a 52-week high of Rs 18.15.
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