Stock Market
Pump, pipe stocks soar up to 20% after govt extends Jal Jeevan Mission
Mumbai/IBNS: Shares of pump companies and pipe manufacturers surged up to 20 percent on Wednesday after the Union Cabinet approved the extension of the Jal Jeevan Mission till December 2028 along with an increase in budget allocation, media reports said.
According to a report by CNBC-TV18, shares of Denta Water and Infra Solutions and EMS Limited were trading nearly 20 percent higher.
Meanwhile, shares of Shakti Pumps, Indian Hume Pipe Company, and Vishnu Prakash R Punglia jumped 10–20 percent, emerging among the top gainers on the Nifty Smallcap index.
Chaired by Prime Minister Narendra Modi, the Union Cabinet on Tuesday approved Ministry of Jal Shakti’s proposal to restructure and reorient the implementation of the Jal Jeevan Mission (JJM) from infrastructure creation to a service delivery, supported by drinking water governance and institutional ecosystem for sustainable rural piped potable water supply.
For restructuring JJM focussing on structural reforms, Cabinet has approved enhancement of total outlay to Rs. 8.69 lakh crore with total central assistance of Rs. 3.59 lakh crore enhancing from Rs. 2.08 lakh crore approved in 2019-20 i.e. additional central share of Rs. 1.51 lakh crore.
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