Infra, power stocks rise after BJP announces manifesto for Lok Sabha elections 2019

Post-BJP Manifesto announcement, in which the party promised Rs 100 lakh crore for infrastructure development, share prices of multiple companies from the infrastructure sector climbed higher. Nifty Infra was advanced 6.60 points or 0.21%, while BSE Infra was up 1.16 points or 0.56%.  

By BusinessToday.In  
Monday, April 8, 2019

Bharatiya Janata Party on Monday released its manifesto ahead of Lok Sabha elections 2019.

Post-BJP Manifesto announcement, in which the party promised Rs 100 lakh crore for infrastructure development, share prices of multiple companies from the infrastructure sector climbed higher. Nifty Infra was advanced 6.60 points or 0.21%, while BSE Infra was up 1.16 points or 0.56%.   

Jaypee Infratech Ltd was trading up by 4.7 %, SORIL Holdings up 5 %, SORIL Infra Resource up 4.99 %, SKIL Infrastructure up by 4.86 %, ARSS Infra up 5%,NCC Ltd. up by 3%, ABB India Limited up by 3%, KNR Construction up 2.19 %, Atlanta Ltd. up 2%, Cummins India up 1.40 % and H.G. Infra Engineering Ltd was up by 1.33 %.

Shares of IRB Infrastructure developers were up by 1.35 %, Siemens up 1.17%, while share prices of PNC Infratech Ltd 0.17 %, JSW Energy Ld. by 0.62 %, GMR Infra 0.27%, Rattan India Infra 0.70 %, Reliance Power 0.29 %, IL&FS Transportation Networks Ltd 1.61%, Reliance Naval  Engineering 1.37%, SJVN Ltd 0.41 % and Sambhav Infra 3.91% fell in the red.

BSE Power index was also trading higher at 0.79%, with top performers in the index such as ABB India jumping 3%, NTPC up 1.60 % and Thermax up 1.36%.

The S&P BSE Capital Goods index traded higher as well, backed by Kalpataru Power Transmissions up 3.49 %, CG Power and Industrial Solutions up 3.10% and NBCC up 2.74 %.

The BJP party aspires to take up capital investment in the country to new levels. "By 2024, we will make the capital investment of Rs100 lakh crore in the infrastructure sector. We recognize that investment-driven growth requires cheaper cost of capital. By anchoring inflation at 4% and cleaning up our banking system we have created the space for structural reduction in the cost of capital. This will not only help infrastructure investment but investment also in the wider economy. Thus, new India will be built on the basis of investment-driven growth," statement read in the manifesto.

As per the Manifesto, the aim is towards focusing on next-generation infrastructure, developing infrastructure and connectivity throughout the country, by providing massive budgetary allocation for railways, highways, village roads, and other health as well as educational infrastructure.

Under the leadership of Prime Minister Modi, BJP added that they would ensure that 50 cities are covered with a strong metro network in the next five years.

Amid promising a world-class infrastructure, BJP also plans to construct 60,000 kms of National Highways in the next five years as well as doubling its length by 2022, backed up by new technologies and designs in road construction, operation, and maintenance. BJP plans to launch the National Urban Mobility Mission to integrate the public transport systems.

(Edited by Rupa Burman Roy)

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