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Thursday, 1 February 2018

Airline and Agriculture stocks zoom on Budget impact

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Finance Minister Arun Jaitley announced in his Budget speech on Thursday that Regional air connectivity scheme will connect 56 unserved airports and 31 unserved helipads. Goveernemnt will also expand capacity of airports by 5- times to cater to one billion trips a year, under a new initiative by the government.

Subsequent on the announcement, stocks of aviation companies such as Jet Airways, Inter Globe Aviation and Spice Jet closed in positive territory. Stocks of Jet Airways gained 2.57% on National Stock Exchange, whereas the shares of Inter Globe Aviation (IndiGo) zoomed marginally by 0.42% on NSE, on Thursday. 

In a top reward to farmers, Jaitley announced fixing the support-price for kharif crops, by 50 per cent higher than the cost of production, together increasing farm credit target for the next fiscal by ten percent to Rs 11.00 lakh crore.

Following the announcement, shares of NACL Industries zoomed, 2.25%, PI Industries rose 2.49%, Action Construction Equipment spiked 2.59%, Aries Agro rose 0.28% and Monsanto India zoomed 1.81% on the NSE.


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