Infra stocks surged as Finance Minister Nirmala Sitharaman, in her budget speech, announced that the FY23 capital expenditure target has been raised to ₹7.5 lakh crore. This is up 35.4 percent from ₹5.5 lakh crore in FY22.
She further added that FY23 effective capex is seen at ₹10.7 lakh crore.
She further stated that the Budget 2022-23 seeks to lay the blueprint to steer the economy over the next 25 years from India@75 to India@100.
Infra stocks like PNC Infra, Jaypee Infra, HFCL, IRB Infra rose between 3-5 percent post the announcement.
The PM Gati Shakti master plan involving expansion of the National Highway network by 25,000 km in 2022-23 also added to their gains.
Gati Shakti plan is a ₹100 lakh crore project which primarily focuses on developing 'holistic infrastructure', with inclusive development, productivity enhancement, energy transmission, climate action and financing of investment.
She further announced that India's growth is projected to be at 9.27 percent and that the LIC IPO is to be expected shortly.
Indian indices were on the rise as the FM presented the Budget. Both Sensex and Nifty were up around 1.5 percent each.