Infra stocks surge on higher budgetary spending provisions

The BSE Infra index surged 2 percent on the back of the incentives. KNR Construction rose the most 10 percent followed by PNC Infra, which was up 8 percent. Meanwhile, L&T, Gujarat Pipavav Port, IRB, Powergrid, Sadbhav Engineering also rose over 2 percent each during the day.

The NIP was launched with 6,835 projects, which has now been expanded to more than 7,300. Projects identified under the NIP require investment of a whopping Rs 111 lakh crore during 2020-25.

Many ministries/departments have shown substantial progress in project implementation and expenditure, especially in the second quarter of 2020-21, the statement said.

In addition, the majority of ministries/departments have targeted substantially high infra expenditure in the current fiscal than the actual expenditure of FY'20.