Shares of digital payments companies rose after the government announced a Rs 2,000 crore incentive scheme for Unified Payments Interface (UPI) and RuPay debit card transactions in the Union Budget 2026.

Shares of One97 Communications Ltd, the parent company of Paytm, surged as much as 5 percent, while One Mobikwik Systems Ltd climbed 4 percent in intraday trade.

The proposed allocation is close to the Rs 2,196 crore subsidy the government is expected to spend in FY25–26, as per revised budget estimates. However, the amount is significantly lower than the industry’s expectation of around Rs 4,500 crore.

Budget documents showed that the actual subsidy outgo for FY24–25 stood at Rs 1,923 crore. The subsidy bill has remained largely unchanged even as the digital payments ecosystem recorded nearly 70 percent growth in transaction volumes.

According to payment companies, the platform requires around Rs 10,000 to Rs 12,000 crore in annual subsidies to support investments in digital infrastructure, ensure seamless payment processing and expand into newer segments.

UPI transactions have continued to scale new highs in both volume and value, with annual growth of around 30 percent. In January, UPI transaction volumes crossed 21 billion, while transaction value exceeded Rs 28 lakh crore.

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Paytm, Mobikwik shares jump after Rs 2,000 crore UPI incentive announcement

Shares of digital payments companies rose after the government announced a Rs 2,000 crore incentive scheme for Unified Payments Interface (UPI) and RuPay debit card transactions in the Union Budget 2026.

Shares of One97 Communications Ltd, the parent company of Paytm, surged as much as 5 percent, while One Mobikwik Systems Ltd climbed 4 percent in intraday trade.

The proposed allocation is close to the Rs 2,196 crore subsidy the government is expected to spend in FY25–26, as per revised budget estimates. However, the amount is significantly lower than the industry’s expectation of around Rs 4,500 crore.

Budget documents showed that the actual subsidy outgo for FY24–25 stood at Rs 1,923 crore. The subsidy bill has remained largely unchanged even as the digital payments ecosystem recorded nearly 70 percent growth in transaction volumes.

According to payment companies, the platform requires around Rs 10,000 to Rs 12,000 crore in annual subsidies to support investments in digital infrastructure, ensure seamless payment processing and expand into newer segments.

UPI transactions have continued to scale new highs in both volume and value, with annual growth of around 30 percent. In January, UPI transaction volumes crossed 21 billion, while transaction value exceeded Rs 28 lakh crore.

Defence stocks fell sharply after budget capex failed to meet expectations, Nifty Defence index dropped nearly 9 percent amid broad market selloff, Major defence firms like BDL, GRSE, and Paras Defence saw double-digit declines

* Defence stocks fell sharply after budget capex failed to meet expectations
* Nifty Defence index dropped nearly 9 percent amid broad market selloff
* Major defence firms like BDL, GRSE, and Paras Defence saw double-digit declines

Defence stocks fell sharply after Finance Minister Nirmala Sitharaman’s Budget 2026 capex plans disappointed investors, with the Nifty Defence index dropping nearly 9% despite a 21% rise in defence capital expenditure and 24% increase for modernisation.

shorts/business/bdl-grse-other-defence-stocks-fall-up-to-14-as-budget-2026-misses-expectations-on-capex-outlay-index-falls-9

* Defence stocks fell sharply after budget capex failed to meet expectations
* Nifty Defence index dropped nearly 9 percent amid broad market selloff
* Major defence firms like BDL, GRSE, and Paras Defence saw double-digit declines

The shares of defence companies tumbled in trade on February 1 as Finance Minister Nirmala Sitharaman’s capex plans for the sector failed to meet analysts and industry’s expectations.

The <a href="https://www.moneycontrol.com/indian-indices/nifty-india-defence-139.html">Nifty Defence index</a> crashed nearly 9 percent to 7,458.65, amid a sharp selloff in the overall market in the afternoon trading hours of Sunday.
<h3><strong>What Nirmala Sitharaman said about defence capex:</strong></h3>
While presenting Budget 2026, Finance Minister Nirmala Sitharaman pegged FY27 defence expenditure at Rs 5.94 lakh crore, up from Rs 5.68 lakh crore in FY26. Defence capital expenditure has increased 21 percent year-on-year, with the allocation for defence modernisation seeing a sharper 24 percent rise over last year.

Investors had expected a strong jump in defence budget, especially as an aftermath to Operation Sindoor which the Indian military forces conducted over targeted military outfits in Pakistan and Pakistan-occupied-Kashmir last year.
<h3><strong>Defence stocks:</strong></h3>
Bharat Dynamics (<a href="https://www.moneycontrol.com/india/stockpricequote/aerospacedefence/bharatdynamics/BDL01">BDL</a>) shares crashed nearly 10 percent to trade at Rs 1,384.4 apiece, while Garden Reach Shipbuilders &amp; Engineers (<a href="https://www.moneycontrol.com/india/stockpricequote/engineering-heavy/gardenreachshipbuildersengineers/GRS01">GRSE</a>) and Data Patterns (India) shares declined nearly 14 percent. Paras Defence shares fell 12 percent.

<a href="https://www.moneycontrol.com/india/stockpricequote/ship-building/mazagondockshipbuilders/MDS01">Mazagon Dock Shipbuilders</a>, Hindustan Aeronautics (<a href="https://www.moneycontrol.com/india/stockpricequote/aerospacedefence/hindustanaeronautics/HAL">HAL</a>), Cochin Shipyard and Bharat Electronics (BEL) shares also fell around 10 percent each, while BEML shares fell nearly 11 percent.
<h3><strong>What experts say:</strong></h3>
Beyond immediate security needs, capital-led defence spending has a powerful economic multiplier—supporting indigenous manufacturing, technology development and skilled employment, said Varun Gupta, CEO, Groww Mutual Fund.

"A sustained shift towards domestically sourced defence capital can strengthen India’s strategic autonomy while creating durable growth opportunities across the broader industrial ecosystem," he said.

“Budget 2026 lays down an ambitious roadmap for India’s manufacturing sector, anchored by a record ₹12.2 trillion infrastructure capex and a clear strategy to expand manufacturing’s share of GDP. The enhanced focus on structural reforms, revitalising legacy industries and scaling advanced sectors signals a shift from incremental support to broad-based capacity building and competitiveness," said Jaikaran Chandock, Director, Balu Forge Industries.

He added that the allocation of Rs 5.95 lakh crore to the defence sector for defence research, land systems and equipment further strengthens the manufacturing outlook, particularly for precision engineering and high-value domestic production.

Follow all <a href="https://www.moneycontrol.com/news/business/markets/stock-market-live-updates-indices-to-remain-volatile-all-eyes-on-fm-budget-speech-liveblog-13802068.html">LIVE updates</a> from the stock markets here.

<em>Disclaimer: The views and investment tips expressed by experts on Moneycontrol are their own and not those of the website or its management. Moneycontrol advises users to check with certified experts before taking any investment decisions.</em>

BDL, GRSE, other defence stocks fall up to 14% as Budget 2026 misses expectations on capex outlay; index falls 9%

The shares of defence companies tumbled in trade on February 1 as Finance Minister Nirmala Sitharaman’s capex plans for the sector failed to meet analysts and industry’s expectations.

The Nifty Defence index crashed nearly 9 percent to 7,458.65, amid a sharp selloff in the overall market in the afternoon trading hours of Sunday.
What Nirmala Sitharaman said about defence capex:
While presenting Budget 2026, Finance Minister Nirmala Sitharaman pegged FY27 defence expenditure at Rs 5.94 lakh crore, up from Rs 5.68 lakh crore in FY26. Defence capital expenditure has increased 21 percent year-on-year, with the allocation for defence modernisation seeing a sharper 24 percent rise over last year.

Investors had expected a strong jump in defence budget, especially as an aftermath to Operation Sindoor which the Indian military forces conducted over targeted military outfits in Pakistan and Pakistan-occupied-Kashmir last year.
Defence stocks:
Bharat Dynamics (BDL) shares crashed nearly 10 percent to trade at Rs 1,384.4 apiece, while Garden Reach Shipbuilders &amp;amp; Engineers (GRSE) and Data Patterns (India) shares declined nearly 14 percent. Paras Defence shares fell 12 percent.

Mazagon Dock Shipbuilders, Hindustan Aeronautics (HAL), Cochin Shipyard and Bharat Electronics (BEL) shares also fell around 10 percent each, while BEML shares fell nearly 11 percent.
What experts say:
Beyond immediate security needs, capital-led defence spending has a powerful economic multiplier—supporting indigenous manufacturing, technology development and skilled employment, said Varun Gupta, CEO, Groww Mutual Fund.

&quot;A sustained shift towards domestically sourced defence capital can strengthen India’s strategic autonomy while creating durable growth opportunities across the broader industrial ecosystem,&quot; he said.

“Budget 2026 lays down an ambitious roadmap for India’s manufacturing sector, anchored by a record ₹12.2 trillion infrastructure capex and a clear strategy to expand manufacturing’s share of GDP. The enhanced focus on structural reforms, revitalising legacy industries and scaling advanced sectors signals a shift from incremental support to broad-based capacity building and competitiveness,&quot; said Jaikaran Chandock, Director, Balu Forge Industries.

He added that the allocation of Rs 5.95 lakh crore to the defence sector for defence research, land systems and equipment further strengthens the manufacturing outlook, particularly for precision engineering and high-value domestic production.

Follow all LIVE updates from the stock markets here.

Disclaimer: The views and investment tips expressed by experts on Moneycontrol are their own and not those of the website or its management. Moneycontrol advises users to check with certified experts before taking any investment decisions.

Thomas Cook, Easy Trip shares up after TCS rate cut on overseas tours, TCS on overseas tour packages reduced to 2 percent in Union Budget 2026, Five medical tourism hubs and a National Institute of Hospitality proposed

* Thomas Cook, Easy Trip shares up after TCS rate cut on overseas tours
* TCS on overseas tour packages reduced to 2 percent in Union Budget 2026
* Five medical tourism hubs and a National Institute of Hospitality proposed

Thomas Cook and Easy Trip Planners shares surged after the Union Budget proposed cutting TCS on overseas tour packages to 2%. The Budget also announced new medical tourism hubs and initiatives to boost infrastructure, training, and quality in the tourism sector.

shorts/business/budget-2026-thomas-cook-easy-trip-shares-rise-up-to-11-as-fm-reduces-tcs-rate-on-overseas-tour-packages-to-2

* Thomas Cook, Easy Trip shares up after TCS rate cut on overseas tours
* TCS on overseas tour packages reduced to 2 percent in Union Budget 2026
* Five medical tourism hubs and a National Institute of Hospitality proposed

The shares of <a href="https://www.moneycontrol.com/india/stockpricequote/miscellaneous/thomascookindia/TCI">Thomas Cook</a> and <a href="https://www.moneycontrol.com/india/stockpricequote/travel-services/easytripplanners/ETP01">Easy Trip Planners</a> gained sharply on February 1 after Finance Minister Nirmala Sitharaman proposed to reduce TCS rate on the sale of overseas tour programme package.

While presenting the Union Budget 2026, Sitharaman said the Budget aims to reduce TCS rate on these packages from the current 5 percent and 20 percent to 2 percent without any stipulation of amount.

The shares of Easy Trip Planners, the parent company of Ease My Trip, jumped nearly 11 percent to trade at Rs 7 apiece. Thomas Cook (India) shares meanwhile gained more than 5 percent to trade at Rs 129 apiece.

Notably, this is only one of the several reforms proposed for the tourism sector. The Finance Minister also proposed to build five medical value tourism hubs in India.

“In partnership with the private sector, these hubs will serve as integrates healthcare complexes that combine medical, educational and research facilities. There will be AYUSH centres, medical-valued tourism facilitation centres and infrastructure for diagnostics, post-care and rehabilitation. These hubs will provide diverse opportunities, job opportunities for healthy professionals including doctors,” the finance minister said today.

Reacting to the announcements, Vineet Verma, Director at Brigade Hotel Ventures, said that tourism has finally received the strategic recognition it deserves in this year’s Budget.

"The emphasis on infrastructure led development, experiential tourism, and ease of doing business sends a strong signal to investors and operators alike. This can accelerate asset creation, improve quality standards, and unlock the sector’s true economic potential. The Budget’s emphasis on tourism also goes beyond infrastructure and rightly addresses the sector’s biggest gap, skilled human capital. The proposed National Institute of Hospitality, along with focused training of tourist guides and service professionals, can significantly raise quality standards, visitor experience, and global competitiveness of Indian tourism," he added.

Follow all <a href="https://www.moneycontrol.com/news/business/markets/stock-market-live-updates-indices-to-remain-volatile-all-eyes-on-fm-budget-speech-liveblog-13802068.html">LIVE updates</a> from the stock markets here.

<em>Disclaimer: The views and investment tips expressed by experts on Moneycontrol are their own and not those of the website or its management. Moneycontrol advises users to check with certified experts before taking any investment decisions.</em>

Thomas Cook, Easy Trip shares rise up to 11% as FM Sitharaman reduces TCS rate on overseas tour packages to 2%

The shares of Thomas Cook and Easy Trip Planners gained sharply on February 1 after Finance Minister Nirmala Sitharaman proposed to reduce TCS rate on the sale of overseas tour programme package.

While presenting the Union Budget 2026, Sitharaman said the Budget aims to reduce TCS rate on these packages from the current 5 percent and 20 percent to 2 percent without any stipulation of amount.

The shares of Easy Trip Planners, the parent company of Ease My Trip, jumped nearly 11 percent to trade at Rs 7 apiece. Thomas Cook (India) shares meanwhile gained more than 5 percent to trade at Rs 129 apiece.

Notably, this is only one of the several reforms proposed for the tourism sector. The Finance Minister also proposed to build five medical value tourism hubs in India.

“In partnership with the private sector, these hubs will serve as integrates healthcare complexes that combine medical, educational and research facilities. There will be AYUSH centres, medical-valued tourism facilitation centres and infrastructure for diagnostics, post-care and rehabilitation. These hubs will provide diverse opportunities, job opportunities for healthy professionals including doctors,” the finance minister said today.

Reacting to the announcements, Vineet Verma, Director at Brigade Hotel Ventures, said that tourism has finally received the strategic recognition it deserves in this year’s Budget.

&quot;The emphasis on infrastructure led development, experiential tourism, and ease of doing business sends a strong signal to investors and operators alike. This can accelerate asset creation, improve quality standards, and unlock the sector’s true economic potential. The Budget’s emphasis on tourism also goes beyond infrastructure and rightly addresses the sector’s biggest gap, skilled human capital. The proposed National Institute of Hospitality, along with focused training of tourist guides and service professionals, can significantly raise quality standards, visitor experience, and global competitiveness of Indian tourism,&quot; he added.

Follow all LIVE updates from the stock markets here.

Disclaimer: The views and investment tips expressed by experts on Moneycontrol are their own and not those of the website or its management. Moneycontrol advises users to check with certified experts before taking any investment decisions.

Hospital stocks rose after FM proposed 5 medical tourism hubs in Budget 2026, Medical hubs to boost foreign patient inflow, revenues, and sector growth, Experts: Hubs to boost jobs, enhance India's global healthcare standing

* Hospital stocks rose after FM proposed 5 medical tourism hubs in Budget 2026
* Medical hubs to boost foreign patient inflow, revenues, and sector growth
* Experts: Hubs to boost jobs, enhance India's global healthcare standing

Hospital stocks surged after Finance Minister Sitharaman proposed five medical tourism hubs in India’s Budget 2026, aiming to boost healthcare infrastructure, foreign patient inflow, sector growth, and India’s global position as a medical destination.

shorts/business/budget-2026-max-healthcare-other-hospital-stocks-rise-up-to-4-as-fm-proposes-to-build-5-medical-tourism-hubs

* Hospital stocks rose after FM proposed 5 medical tourism hubs in Budget 2026
* Medical hubs to boost foreign patient inflow, revenues, and sector growth
* Experts: Hubs to boost jobs, enhance India's global healthcare standing

The shares of hospitals jumped in trade on February 1 after Finance Minister proposed to build 5 medical value tourism hubs in India.

<a href="https://www.moneycontrol.com/india/stockpricequote/hospitalhealthcare-services/maxhealthcareinstitute/MHI">Max Healthcare Institute</a> shares jumped more than 4 percent to trade at Rs 996.4 apiece. Narayana Hrudayalaya shares gained over 3 percent, while <a href="https://www.moneycontrol.com/india/stockpricequote/hospitalsmedical-services/apollohospitalsenterprises/AHE">Apollo Hospitals Enterprise</a>s shares rose nearly 1.5 percent.
<h3><strong>What FM Sitharaman said:</strong></h3>
While presenting Union Budget 2026, Finance Minister Nirmala Sitharaman proposed to launch a scheme to support states in establishing five regional medical hubs to promote India as a hub for medical tourism services.

“In partnership with the private sector, these hubs will serve as integrates healthcare complexes that combine medical, educational and research facilities. There will be AYUSH centres, medical-valued tourism facilitation centres and infrastructure for diagnostics, post-care and rehabilitation. These hubs will provide diverse opportunities, job opportunities for healthy professionals including doctors,” the finance minister said today.

The medical hubs being built in partnership with the private sector may have boosted the hospital stocks, as they may increase foreign patient inflow, revenues and sector growth.
<h3><strong>What experts say:</strong></h3>
Budget 2026 highlights a structural transformation in healthcare, prioritising modern manufacturing, integrated infrastructure, workforce readiness and India’s global positioning, said Medical Technology Association of India (MTaI).

"The Budget emphasises allied healthcare professionals through skill development and workforce expansion. The government’s proposal to  set up regional medical tourism hubs will promote India as a global destination for medical and wellness travel. Government’s focus on building a domestic ecosystem for cancer drugs and technologies will lower costs and improve overall access to patients," it added.

By positioning India as a trusted global destination for high-quality, affordable care, the Budget reinforces the sector’s potential both as a growth engine as well as a contributor to India’s global healthcare leadership, said Sujay Shetty, Partner and Leader – Health Industries, PwC India.

"Establishing dedicated research centres with a specific focus on medical tourism will act as a significant growth catalyst for the healthcare ecosystem. Such centres are expected to generate substantial employment opportunities across clinical, paramedical, research and allied services, while, more importantly, strengthening India’s position as a global healthcare destination and contributing to sustained foreign exchange inflows," said Brijesh Gandhi, Partner, NPV &amp; Associates LLP.

Follow all <a href="https://www.moneycontrol.com/news/business/markets/stock-market-live-updates-indices-to-remain-volatile-all-eyes-on-fm-budget-speech-liveblog-13802068.html">LIVE updates</a> from the stock markets here.

<em>Disclaimer: The views and investment tips expressed by experts on Moneycontrol are their own and not those of the website or its management. Moneycontrol advises users to check with certified experts before taking any investment decisions.</em>

Union Budget: Max Healthcare, other hospital stocks rise up to 4% as FM proposes to build 5 medical tourism hubs

The shares of hospitals jumped in trade on February 1 after Finance Minister proposed to build 5 medical value tourism hubs in India.

Max Healthcare Institute shares jumped more than 4 percent to trade at Rs 996.4 apiece. Narayana Hrudayalaya shares gained over 3 percent, while Apollo Hospitals Enterprises shares rose nearly 1.5 percent.
What FM Sitharaman said:
While presenting Union Budget 2026, Finance Minister Nirmala Sitharaman proposed to launch a scheme to support states in establishing five regional medical hubs to promote India as a hub for medical tourism services.

“In partnership with the private sector, these hubs will serve as integrates healthcare complexes that combine medical, educational and research facilities. There will be AYUSH centres, medical-valued tourism facilitation centres and infrastructure for diagnostics, post-care and rehabilitation. These hubs will provide diverse opportunities, job opportunities for healthy professionals including doctors,” the finance minister said today.

The medical hubs being built in partnership with the private sector may have boosted the hospital stocks, as they may increase foreign patient inflow, revenues and sector growth.
What experts say:
Budget 2026 highlights a structural transformation in healthcare, prioritising modern manufacturing, integrated infrastructure, workforce readiness and India’s global positioning, said Medical Technology Association of India (MTaI).

&quot;The Budget emphasises allied healthcare professionals through skill development and workforce expansion. The government’s proposal to  set up regional medical tourism hubs will promote India as a global destination for medical and wellness travel. Government’s focus on building a domestic ecosystem for cancer drugs and technologies will lower costs and improve overall access to patients,&quot; it added.

By positioning India as a trusted global destination for high-quality, affordable care, the Budget reinforces the sector’s potential both as a growth engine as well as a contributor to India’s global healthcare leadership, said Sujay Shetty, Partner and Leader – Health Industries, PwC India.

&quot;Establishing dedicated research centres with a specific focus on medical tourism will act as a significant growth catalyst for the healthcare ecosystem. Such centres are expected to generate substantial employment opportunities across clinical, paramedical, research and allied services, while, more importantly, strengthening India’s position as a global healthcare destination and contributing to sustained foreign exchange inflows,&quot; said Brijesh Gandhi, Partner, NPV &amp;amp; Associates LLP.

Follow all LIVE updates from the stock markets here.

Disclaimer: The views and investment tips expressed by experts on Moneycontrol are their own and not those of the website or its management. Moneycontrol advises users to check with certified experts before taking any investment decisions.

GMDC, Orissa Minerals, and NMDC shares surged after Budget 2026 rare earth focus, FM Sitharaman proposed rare earth corridors in Odisha, Kerala, AP, Tamil Nadu, Experts say the move boosts India's EV, clean energy, and semiconductor sectors

* GMDC, Orissa Minerals, and NMDC shares surged after Budget 2026 rare earth focus
* FM Sitharaman proposed rare earth corridors in Odisha, Kerala, AP, Tamil Nadu
* Experts say the move boosts India's EV, clean energy, and semiconductor sectors

Shares of GMDC, Orissa Minerals, and NMDC surged after Finance Minister Sitharaman announced support for rare earth corridors in mineral-rich states during the Union Budget 2026, boosting sentiment for mining, research, and manufacturing in India.

shorts/business/gmdc-orissa-minerals-shares-jump-up-to-7-as-budget-2026-proposes-dedicated-rare-earth-corridors-in-4-states

* GMDC, Orissa Minerals, and NMDC shares surged after Budget 2026 rare earth focus
* FM Sitharaman proposed rare earth corridors in Odisha, Kerala, AP, Tamil Nadu
* Experts say the move boosts India's EV, clean energy, and semiconductor sectors

The shares of Gujarat Mineral Development Corporation (GMDC), Orissa Minerals Development Company and NMDC surged in trade on February 1 after Finance Minister Nirmala Sitharaman spoke about rare earth magnets while presenting Union Budget 2026.

<a href="https://www.moneycontrol.com/india/stockpricequote/miningminerals/gujaratmineraldevelopmentcorporation/GMD">GMDC</a> shares gained around 7 percent to trade at Rs 617.8 apiece, while <a href="https://www.moneycontrol.com/india/stockpricequote/miningminerals/orissamineralsdevelopmentcompany/OMD">Orissa Minerals Development Company</a> shares also rose around 7 percent to trade at Rs 4,776 apiece. NMDC shares reverser earlier losses and rose nearly 2 percent.
<h3><strong>What FM Sitharaman said:</strong></h3>
While presenting Union Budget 2026, Finance Minister Nirmala Sitharaman said a scheme for rare earth permanent magnets was launched in November 2025. "We now propose to support the mineral-rich states of Odisha, Kerala, Andhra Pradesh and Tamil Nadu to establish rare earth corridors to promote mining, research and manufacturing," she said.

While additional capex announcements are yet to be made, the positive sentiment after the comments boosted the stocks up.

What experts say:

This is a landmark Budget anchored in the spirit of Kartavya and focused on building economic resilience, said Jaideep Wadhwa, Director, Sterling Tools. "The proposal to create Rare Earth Corridors is the missing link for India’s EV sovereignty, directly addressing long standing dependence on imported NdFeB magnets. By de-risking the value chain from mining to advanced manufacturing and backing strategic and frontier sectors, Budget 2026 lays the foundation for true Atmanirbharta in electric mobility," he added.

"The announcement of dedicated rare earth corridors in Odisha, Andhra Pradesh, Tamil Nadu, and Kerala is equally significant, as it strengthens India’s position in critical materials that underpin semiconductors, clean energy, defence systems, and electric mobility, while enabling higher-value research and processing capabilities within the country," said Lakshminarayanan (Lux) Ramalingam, COO, Quest Global.

The focus on rare earth corridors and advanced manufacturing is particularly critical, as it secures essential minerals for battery storage and power electronics, said Siddharth Bhatia, Managing Director, Oyster Renewables &amp; AB Energia.

Follow all <a href="https://www.moneycontrol.com/news/business/markets/stock-market-live-updates-indices-to-remain-volatile-all-eyes-on-fm-budget-speech-liveblog-13802068.html">LIVE updates</a> from the stock markets here.

<em>Disclaimer: The views and investment tips expressed by experts on Moneycontrol are their own and not those of the website or its management. Moneycontrol advises users to check with certified experts before taking any investment decisions.</em>

GMDC, Orissa Minerals shares jump up to 7% as Budget 2026 proposes dedicated rare earth corridors in 4 states

The shares of Gujarat Mineral Development Corporation (GMDC), Orissa Minerals Development Company and NMDC surged in trade on February 1 after Finance Minister Nirmala Sitharaman spoke about rare earth magnets while presenting Union Budget 2026.

GMDC shares gained around 7 percent to trade at Rs 617.8 apiece, while Orissa Minerals Development Company shares also rose around 7 percent to trade at Rs 4,776 apiece. NMDC shares reverser earlier losses and rose nearly 2 percent.
What FM Sitharaman said:
While presenting Union Budget 2026, Finance Minister Nirmala Sitharaman said a scheme for rare earth permanent magnets was launched in November 2025. &quot;We now propose to support the mineral-rich states of Odisha, Kerala, Andhra Pradesh and Tamil Nadu to establish rare earth corridors to promote mining, research and manufacturing,&quot; she said.

While additional capex announcements are yet to be made, the positive sentiment after the comments boosted the stocks up.

What experts say:

This is a landmark Budget anchored in the spirit of Kartavya and focused on building economic resilience, said Jaideep Wadhwa, Director, Sterling Tools. &quot;The proposal to create Rare Earth Corridors is the missing link for India’s EV sovereignty, directly addressing long standing dependence on imported NdFeB magnets. By de-risking the value chain from mining to advanced manufacturing and backing strategic and frontier sectors, Budget 2026 lays the foundation for true Atmanirbharta in electric mobility,&quot; he added.

&quot;The announcement of dedicated rare earth corridors in Odisha, Andhra Pradesh, Tamil Nadu, and Kerala is equally significant, as it strengthens India’s position in critical materials that underpin semiconductors, clean energy, defence systems, and electric mobility, while enabling higher-value research and processing capabilities within the country,&quot; said Lakshminarayanan (Lux) Ramalingam, COO, Quest Global.

The focus on rare earth corridors and advanced manufacturing is particularly critical, as it secures essential minerals for battery storage and power electronics, said Siddharth Bhatia, Managing Director, Oyster Renewables &amp;amp; AB Energia.

Follow all LIVE updates from the stock markets here.

Disclaimer: The views and investment tips expressed by experts on Moneycontrol are their own and not those of the website or its management. Moneycontrol advises users to check with certified experts before taking any investment decisions.

Sector Stocks
Check latest stock performance, list of stocks, earnings review & more details about the sector stocks.

Gainers/Losers

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Earnings Review-Q3 FY25-26

Stock News

Paytm, Mobikwik shares jump after Rs 2,000 crore UPI incentive announcement

BDL, GRSE, other defence stocks fall up to 14% as Budget 2026 misses expectations on capex outlay; index falls 9%

Thomas Cook, Easy Trip shares rise up to 11% as FM Sitharaman reduces TCS rate on overseas tour packages to 2%

Union Budget: Max Healthcare, other hospital stocks rise up to 4% as FM proposes to build 5 medical tourism hubs

GMDC, Orissa Minerals shares jump up to 7% as Budget 2026 proposes dedicated rare earth corridors in 4 states

Sector StocksCheck latest stock performance, list of stocks, earnings review & more details about the sector stocks.

Gainers/Losers

Sector Market Map

Earnings Review-Q3 FY25-26

Stock News

Paytm, Mobikwik shares jump after Rs 2,000 crore UPI incentive announcement

BDL, GRSE, other defence stocks fall up to 14% as Budget 2026 misses expectations on capex outlay; index falls 9%

Thomas Cook, Easy Trip shares rise up to 11% as FM Sitharaman reduces TCS rate on overseas tour packages to 2%

Union Budget: Max Healthcare, other hospital stocks rise up to 4% as FM proposes to build 5 medical tourism hubs

GMDC, Orissa Minerals shares jump up to 7% as Budget 2026 proposes dedicated rare earth corridors in 4 states

Sector Stocks
Check latest stock performance, list of stocks, earnings review & more details about the sector stocks.