India's infrastructure stocks fall after 'modest' hike in infra allocations

Ashoka Buildcon

01/02/2024 07:12

** Shares of L&T  LART.NS , KNR Constructions  KNRL.NS ,
Ashoka Buildcon  ASOK.NS , J K Infraprojects  JKIP.NS  down
1%-3%
    ** India plans 11.1% increase in infra spending to 11.11
trillion rupees ($133.91 billion) in budget
    ** "(The increase) aligns closely with nominal growth
estimates," said Pradeep Gupta, co-founder & vice-chairman,
Anand Rathi Group
    ** "However, to address challenges of deteriorating
infrastructure, India must consider a more substantial increase
in investment rather than a reduction," Gupta said 
    ** L&T 2.6% fall the most, with ABDL, KNRL and JKIP falling
1.9%, 0.9% and 1.1%, respectively

($1 = 82.9670 Indian rupees)

 (Reporting by Kashish Tandon in Bengaluru)
 ((kashish.tandon@thomsonreuters.com))