Finance Min allots Rs14873 cr to JNNURM; stocks of CV makers escalate

New Delhi: Taking into consideration the successive development of the Jawaharlal Nehru National Urban Renewal Mission (JNNURM), the Finance Minister P Chindambaram has allotted Rs14,873 crore for urban transportation under JNNURM in 2013-14.

(prHWY.com) March 1, 2013 - Mumbai, India -- New Delhi: Taking into consideration the successive development of the Jawaharlal Nehru National Urban Renewal Mission (JNNURM), the Finance Minister P Chindambaram has allotted Rs14,873 crore for urban transportation under JNNURM in 2013-14.

"The 14,000 buses sanctioned during 2009 to 2012 have made a big contribution to urban transport. I propose to provide `14,873 crore for JNNURM, as against the RE of `7,383 crore in the current year," said Chidambaram.

Of the budget allocated, a significant portion will be used to support the purchase of up to 10,000 buses, especially by the hill states.

Following this announcement, stocks of major commercial vehicle manufacturers have mounted by 2.6%. Tata Motors for instance surged by 2.58% to Rs 293.40, while Ashok Leyland climbed 2.15% to Rs 23.25 on the BSE. Among other auto stocks, Hero MotoCorp and Bajaj Auto was trading 0.65% and 0.27% respectively.

EPC News Bureau

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