Shares of Housing & Urban Development Corporation Ltd (HUDCO) and NBCC India continued their rally. They jumped to fresh 52-week highs on February 2, a day after Finance Minister Nirmala Sitharaman announced building 2 crore more houses over the next five years under the PM Awas Yojana (PMAY) Grameen in the Interim Budget 2024.

Shares of HUDCO surged nearly 10% higher in the early trading session to a 52-week high of Rs 226.45. The stock, however, lost most gains and closed 0.92% higher at Rs 207.80. On the other hand, NBCC shares closed at a 20% upper circuit at Rs 169.95.

HUDCO is a state-run, non-banking financial company that provides financial assistance for housing and urban infrastructure development projects. At the same time, NBCC is a civil construction company that offers construction and engineering services for residential, commercial and institutional buildings. Both companies are under the administrative control of the Ministry of Housing and Urban Affairs (MOHUA). 

In her budget speech, FM Sitharaman said that despite the challenges due to COVID-19, the government is close to achieving the target of three crore houses under the PMAY (Grameen). She added that 2 crore more houses will be taken up in the next five years to meet the requirement arising from the increase in the number of families.

Additionally, the Union Finance Minister said in her Interim Budget 2024 speech that the Centre will also launch a scheme to help deserving sections of the middle class living in rented houses, slums or chawls and unauthorised colonies to buy or build their own houses.