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Textile, Infra, Defence to benefit from interim budget

This article was posted on Feb 17, 2009 and is filed under Stock News

Pranab Mukherjee hosted the interim budget today. He declared several measures for selective sectors in the interim budget.

Textiles, Gems & Jewellley

Measures: The government extends interest subvention for some export loans. It extends 2% interest subsidy on pre & post shipment export credit. The Sunset clause for gems & jewellery, textiles, handicrafts will be extended.

Positive impact on stocks: Arvind Mills, Alok Industries, SB&T, Vaibhav Gems, Suraj Diamonds, Titan


Measures: Pranab Mukherjee in his interim budget speech said that post November 26 attacks; the defence of India was severely exposed. This has called for a better defence system. The government will increase the allocation in defence at Rs 141703 crore for FY10.

Positive impact on stocks: Zen Technologies, Astra Microwave, M&M & BEML


Measures: The government has taken steps to encourage the private investments in infrastructure via PPP. The government has approved 37 infra projects worth Rs 70,000 crore between August 08 & January 09. It has also allocated Rs 40900 crore for Bharat Nirman Scheme. The corpus Of Rural Infrastructure Development Fund was increased to Rs 14000 crore in 2008-09. IIFCL has given permission to raise Rs 10000 crore from market by March 09. It will be also given permission to raise Rs 30000 crore more if required. The Centre has been given in-principle approval under PPP mode projects worth Rs 67700 crore.

Positive impact on stocks: Nagarjuna Construction, Hindustan Construction Company, IVRCL Infra

Analysts say that the interim budget was more of a dampener as it has neither given any positive surprise for the market nor any negative measure for the sectors. Also the stocks which were positively impacetd from the interim budget have ended on a weak note as analysts feel that the interim budget failed to meet the expectations of the markets.

source: Moneycontrol

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