Road developers' shares gain up to 9% on investment plans in Budget

Written by PTI | Mumbai | Updated: Jul 10 2014, 21:22pm hrs
Shares of road developers gained as much as 9 per cent after Finance Minister Arun Jaitley proposed a Rs 37,880 crore investment in National Highways Authority of India and state roads in the current fiscal year.

IRB Infrastructure Developers surged 8.72 per cent, while GMR Infrastructure rallied 4.96 per cent and Ashoka Buildcon was up 4.15 per cent on the BSE.

The Finance Minister announced an amount of Rs 37,880 crore for National Highways Authority of India and State Roads, out of which Rs 3,000 crore will be spent in the North East.

He announced that during the current financial year, a target of construction of 8,500 km of National Highways will be achieved.

The FM also announced initiation of work on select expressways in parallel to the development of industrial corridors.