 "Budget 2024: Andhra Pradesh stocks rally as FM announces spl allocation")
Andhra Pradesh Package in Budget 2024-25: The Finance Minister, Nirmala Sitharaman, in her seventh India Budget 2024 presentation on Tuesday, announced a special financial support of Rs 15,000 crore for the state of Andhra Pradesh for developing its capital.
"In the current financial year, Rs 15,000 crore will be arranged, with additional amounts in future years. We will facilitate financial support through multilateral agencies," said Sitharaman.
Telugu Desam Party (TDP) chief Chandrababu Naidu is a key ally in the Modi 3.0 government.
Andhra Pradesh related stocks rally
Following the announcement, shares of Andhra Pradesh-related companies were in focus, with Andhra Cements locked at the 5 per cent upper circuit at Rs 98.97 on the BSE. The counter saw trades of around 15,000 shares, with pending buy orders for over 6,800 shares on the BSE.
Shares of KCP Limited also soared 5.7 per cent to Rs 259.50. Shares of other companies related to Andhra Pradesh, such as Likitha Infrastructure and NCL Industries, climbed over 4 per cent.
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This was followed by KNR Constructions, which gained 3 per cent, Deccan Cements gained 2 per cent, and Sagar Cements 2 per cent.
On the other hand, Andhra Petrochemicals and NMDC plunged around 4 per cent each. Andhra Sugars and KNR Constructions were down nearly 3 per cent each.
Broader markets fall
Meanwhile, the benchmark domestic equity indices, the BSE Sensex and the NSE Nifty, tumbled over 1 per cent each following the Finance Minister's Budget 2024 speech. The BSE Sensex gave up the 80k levels to touch the day's low of 79,224.32, while the Nifty 50 fell to 24,074.20.
As of 13:00 hrs, the Sensex was quoted trading in red at 80,010.94, down as much as 491.14 points or 0.61 per cent, while the Nifty50 was seen at 24,295.20, down 214.05 points or 0.87 per cent.
The broader indices plunged over 4 per cent. The Railway stocks were among the most hit and tumbled up to 9 per cent.