Power stocks edged higher after the Union Finance Minister Nirmala Sitharaman announced allocation for hydro and solar projects in FY23.
Adani Green Energy (up 3.54%), Adani Power (up 2.78%), Tata Power (up 2.28%), NTPC (up 1.16%), Jaiprakash Power (up 0.55%) and NHPC (up 0.33%) gained in trade.
"Rs 1,400 crore will be allocated for 123 MW hydro & 27 MW solar projects in FY23," the Finance Minister said.
Finance Minister Nirmala Sitharaman is currently presenting the Union Budget for the Financial Year 2022-23 in the Lok Sabha. The copy of the Budget will be laid on the Table of the Rajya Sabha soon thereafter.
This is the fourth budget to be presented by Finance Minister Nirmala Sitharaman in Parliament. For the Budget-2022-23, the Finance Minister had held several pre-budget consultation meetings with stakeholder groups including economists, agriculture and agro processing industry, trade union and labour organizations, financial sector and capital markets, industry, services and trade, social sector, infrastructure and climate change sector. Sitharaman had also held pre-budget consultation with finance ministers of states and union territories for the budget.
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