Budget 2023-24: Metal, cement stocks gain on sharp increase in capital outlay

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February 1, 2023
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Finance Minister Nirmala Sitharaman announced a 33 percent increase in capital investment outlay to Rs 10 lakh crore in Union Budget 2023-24

India’s migrant workers neither get featured at the annual Pravasi Bharatiya Divas nor are their concerns discussed. (Representative image)

Shares of cement and metal manufacturers gained after Finance Minister Nirmala Sitharaman announced a 33 percent increase in capital investment outlay to Rs 10 lakh crore in her Union Budget 2023-24.

This higher capital expenditure announcement will boost key EPC players involved in segments such as road EPC, water and urban development. This announcement also augurs well for the demand of building and construction materials.

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An increase in infrastructure spending will be a positive for steel and aluminium producers along with cement manufacturers, market participants said.

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