Reacting to the news, shares of IDBI Bank climbed 17% intraday to the high of Rs 39.80, as against the last closing price of Rs 33.90.
Capital expenditure on roads, railways, renewable energy and urban housing projects, is expected to be up from 3.38 lakh crore by 20 per cent in FY21 budget.
In the last year, the government has taken steps like 'housing for all' by 2022, tax sops, a sharp cut in GST rates for under-construction flats and a Rs 25,000 crore fund to salvage stalled residential projects.
The industry, this budget has sought measures such as reduction in GST rates on vehicles, incentive-based scrappage policy, increase in re-registration charges of vehicles and the abolition of duty on import of lithium-ion battery cells
Budget 2020: An increase in fiscal deficit target in view of the ongoing economic slowdown may not negatively impact the market since elevated level of expenditure is expected to result in higher demand in Indian economy
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Budget 2020: The ongoing earnings season is likely to set the tone of market in run-up to FM Nirmala Sitharaman's second consecutive Budget speech
In September last year, PM Narendra Modi had promised foreign investors that the government was working towards "bringing tax on equity investments in line with global standards"
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