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  5. NCC hits all-time high, other Andhra-based stocks rally too as Budget spells ₹15,000 crore fiscal aid to state

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NCC hits all-time high, other Andhra-based stocks rally too as Budget spells ₹15,000 crore fiscal aid to state

Upstox
By Upstox News Desk

2 min read | Updated on July 23, 2024, 16:46 IST

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SUMMARY

NCC hit an all-time high of ₹349.70 on the NSE. The stock eventually ended at ₹337.95, up 6.78%. Amara Raja Energy & Mobility shares ended 0.58% higher at ₹1,539.80. Ramky Infrastructure shares jumped over 8% to settle at ₹703 on the NSE.

Stock list

NCC
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ANDHRSUGAR
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"Recognising the state's need for capital, we will facilitate special financial support through multilateral agencies," the FM said.

"Recognising the state's need for capital, we will facilitate special financial support through multilateral agencies," the FM said.

Shares of Andhra Pradesh-based stocks such as Andhra Sugars, NCC Ltd., and Heritage Foods, among others, gained in trade on Tuesday, July 23, after Finance Minister Nirmala Sitharaman, in her Budget 2024–25 speech, announced special financial support to the state. 

Presenting the Budget, the finance minister said the NDA government at the Centre has “made concerted efforts to fulfill the commitments” in the Andhra Pradesh Reorganisation Act, 2014. The FM added that “special financial support” will be facilitated by the Union Government through multilateral agencies.

Shares of Andhra Sugars ended at ₹117, up 1.57% on the NSE, while those of Heritage Foods ended 5% higher at ₹575.60. NCC hit an all-time high of ₹349.70 on the NSE. The stock eventually ended at ₹337.95, up 6.78%. Amara Raja Energy & Mobility shares ended 0.58% higher at ₹1,539.80. Ramky Infrastructure shares jumped over 8% to settle at ₹703 on the NSE.

“Recognising the state’s need for the capital, we will facilitate special financial support through multilateral development agencies. In the current financial year, ₹15,000 crore will be arranged with additional amounts in future years,” the FM said.

The finance minister further said, "Our government has made efforts to fulfill the commitments in the Andhra Pradesh Reorganisation Act. Recognising the state's need for capital, we will facilitate special financial support through multilateral agencies. In the current FY, ₹15,000 crore will be arranged with additional amounts in future years."

Moreover, the FM also proposed an outlay of ₹ 26,000 crore for various road projects in Bihar.

In her Budget speech, Finance Minister Nirmala Sitharaman said the Union government will arrange financial assistance to Bihar through aid from multilateral development agencies. The government will also set up airports, medical colleges, and sports infrastructure in Bihar, she said.

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