Infrastructure stocks rallied after the Finance Minister Nirmala Sitharaman said that the government will set up a professionally managed Development Finance Institution (DFI) to provide, enable and catalyze infrastructure financing.
NCC (up 8.49%), Larsen & Toubro (up 7.83%), KNR Construction (up 5.77%), GMR Infrastructure (up 2.73%) and IRB Infrastructure Developers (up 0.01%) advanced.
In the Union Budget today, 1 February 2021, Finance Minister Nirmala Sitharaman said the government will set up a Rs 20,000 crore Development Finance Institution (DFI) with a view to mobilise Rs 111 lakh crore required for funding of the ambitious national infrastructure pipeline.
The government proposes Rs 20,000 crore to capitalise this institution and aims to have lending portfolio of at least Rs 5 lakh crore in three years, FM said. The DFI will play a key developmental role apart from the financing role.
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