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The recent budget unfolds promising fiscal metrics, signaling a shift towards fiscal prudence. With a noteworthy reduction in the fiscal deficit to 5.8% of GDP for the current year and a targeted 5.1% for the next, the government displays a commitment to financial responsibility. This approach extends to the reduction in net borrowings, promising improved funds availability for the private sector.
A total of 337,538 shares changed hands on the counter till 11:21AM (IST).
Shares of defence-related companies declined due to profit booking after the 2024 Interim Budget speech, which raised allocations for the defence sector. The total capital outlay for defence is now Rs 6.2 lakh crore, an increase of 4.4% from the FY24 budget. The government had previously increased the defence budget by 13.8% to Rs 5.94 lakh crore in FY24. Finance Minister Nirmala Sitharaman also announced a new scheme for strengthening deep-tech technologies for defence purposes.
Defence shares: ZEN Technologies climbed 4.05 per cent to 874.80 on BSE. HAL shares rose 1.12 per cent to Rs 3,033.65. Bharat Electronics advanced 0.62 per cent to Rs 187. Mazagon Dock shares fell 0.98 per cent to Rs 2,268.10.
Budget 2-24: Experts say defence, railways and roads and highways will continue to account for about three-fourths of the capex in FY25.