Budget2023: Power stocks gain as FM announces Rs 35,000 cr outlay for energy transition investment

Shares of select power companies surged after finance minister Nirmala Sitharaman announced an outlay of Rs 35,000 crore for energy transition investment.

Reacting to the announcement, JSW Energy traded 2.72 per cent up at Rs 245.10 at around 12.30 pm (IST), while the benchmark BSE Sensex was up 735 points, or 1.23 per cent, at 60,285 at around the same time. On the other hand, Reliance Power was up 1.49 per cent at Rs 12.93 at around the same time. NTPC was up 0.64 per cent at Rs 172.25.

Meanwhile, shares of fertiliser companies also gained after FM announced the PM Promotion of Alternate Nutrients for Agriculture Management (PRANAM) Scheme to promote the balanced use of Fertiliser. Shree Pushkar Chemicals & Fertilisers traded at Rs 168.05, up 1.54 per cent against its previous close. Deepak Fertilisers And Petrochemicals Corporation traded 2.15 per cent higher at Rs 661.70. Gujarat Narmada Valley Fertilizers & Chemicals was up 1.35 per cent at Rs 558.15.

On the other hand, cigarettes and tobacco players witnessed some pressure after the finance minister announced a 16 per cent increase in National Calamity Contingent Duty (NCCD) on certain cigarettes. Godfrey Phillips India declined 2.68 per cent to Rs 1871.80.

Also read: Budget 2023: Bharti Airtel, RIL, ITI, HFCL gain as govt to set up 100 labs to develop 5G applications

Also read: ITC shares plunge 6%; Godfrey Phillips, VST tumble up to 8% as FM announces hikes calamity duty