Nine infrastructure stocks rose 0.7% to 4.94% at 12:00 IST on BSE after the Cabinet Committee on Economic Affairs allowed 100% equity divestment after two years of completion of construction for all BOT projects.
Jaiprakash Associates (up 4.94%), Hindustan Construction Company (up 3.32%), NCC (up 2.45%), L&T (up 0.52%), IRB Infrastructure & Developers (up 3.19%), GVK Power & Infrastructure (up 1.21%), IL&FS Transportation Networks (up 4.62%), Unity Infraprojects (up 3.56%), and Lanco Infratech (up 0.7%), gained. GMR Infrastructure (down 2.52%), IVRCL (down 1.26%), and Gammon India (down 1.01%) declined.
Meanwhile, the BSE Sensex was up 307.55 points, or 1.22% to 26,027.64.
The developers can utilize the proceeds from the sale of divested equity to reduce their existing corporate debt or for investment in any new infrastructure project. The government in a statement said that the main object of the approval by Committee on Economic Affairs (CCEA) is to expedite award and implementation of highway projects in the country by making additional funds available for investment in projects.
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