Shares of firms engaged in the construction of highways rose up to 8% today after FM Nirmala Sitharaman mentioned the PM Gati Shakti masterplan during her fourth consecutive Budget speech. The plan involves expansion of National Highway network by 25,000 km in 2022-23.
Gati Shakti plan is a Rs 100 lakh-crore project which primarily focuses on developing 'holistic infrastructure', with inclusive development, productivity enhancement, energy transmission, climate action and financing of investment.
The Finance Minister also said that the masterplan will be finalised in 2022-23.
Buoyed by the announcement, shares of PNC Infratech touched an intraday high of Rs 317.65, rising 7.75% on BSE. PNC Infratech stock trades higher than 5 day, 20 day, 50 day and 200 day moving averages but lower than 100 day moving averages.
Budget 2022 Market LIVE: Sensex zooms 1000 pts, Nifty above 17,600; Infra stocks shine
Share of another infra player Ashoka Buildcon touched an intraday high of Rs 102.25, rising 3.81% on BSE. Earlier the stock opened with a gain of 2.03% at Rs 100.50. The share trades higher than 5 day, 50 day and 200 day moving averages but lower than 20 day and 100 day moving averages.
IRB Infra stock too gained during the FM's Budget speech. The stock touched an intraday high of Rs 265.75, rising 4.61% on BSE. IRB Infra stock is trading higher than 5 day, 20 day, 50 day, 100 day and 200 day moving averages.
Shares of L&T too surged 2.38% to touch an intra day high of Rs 1954.3 on BSE. The large cap share trades higher than 5 day, 50 day, 100 day and 200 day moving averages but lower than 20 day moving averages.