Infrastructure stocks rally ahead of Union Budget 2022-23; Polycab India, HG Infra, KNR Constructions, PNC Infratech, Larsen -; Toubro in focus

1 Feb 2022 , 10:20 AM

Infrastructure stocks were broadly in focus ahead of Union Budget 2022-23 announcements today with majority heavyweight stocks witnessed buying sentiments from market players. Appetite for equities looked hopeful as investors’ sentiments are expected to follow suit with renewed infra policies and strategies.

Infrastructure, rural development, healthcare pharma stocks and banking- financials are among the top picks for analysts’ as India’s government is set to step up spending in a budget aimed at regenerate investment to boost growth.

Among infrastructure stocks, PNC Infratech surged 4.6% followed by KNR Constructions jumped 3.68%. Larsen & Toubro also advanced by 2.14% while H G Infra advanced by 1.7%. on the NSE.

Other stocks like Ramco Cements (up 1.86%), Bharat Dynamics (up 1.23%) were among top bulls while NTPC also joined the gainers to trade 0.53% higher. Polycab India surged 0.43% while ABB India was on the downside, falling 1.2%. 

In order to make India a $5 trillion economy in line with the Governments vision, market players expect from budget to introduce various policy initiatives to accelerate the development of an integrated logistics ecosystem.

Experts expect budget to extend the Corporate Tax Benefits for Infrastructure companies and reduce the GST from 18% to 12% for the Ports & Logistics sector in order to boost infrastructure growth, EXIM competitiveness and make the country self-reliant.