India’s cement companies are expected to benefit from a boost in road infrastructure spending. In her Budget 2024 speech, Nirmala Sitharaman, India’s Union Finance Minister announced an investment of INR260,000m (US$3106m) in highway development in Bihar.
According to Mint, key projects includes the construction of a two-lane bridge over the Ganga and new highways such as the Patna-Purnea Expressway and Buxom-Bhagalpur Expressway.
The news is expected to bring renewed cement demand, benefiting companies such as UltraTech, Adani Cement, India Cement and JK Cement, according to Divyam Mour, research analyst, SAMCO Securities.
