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Mining stocks advance after Govt announces push to rare earth sector in Union Budget As on : 01-Feb-26  11:39

The Union Budget 2026-27, which is currently being presented by the Union Finance Minister Nirmala Sitharaman, has announced a proposal to develop a major rare earth corridor in the country.

Shares of Permanent Magnets (up 9.02%), Maithan Alloys (up 3.86%), Gujarat Mineral Development Corporation (up 3.74%), Orissa Minerals Development Company (up 2.16%) Mishra Dhatu Nigam (up 1.44%) and Indian Metals & Ferro Alloys (up 1.17%) edged higher.

In her latest Budget speech, the FM said that a scheme for rare earth permanent magnets was launched in 2025 November. 'We now propose to support the mineral-rich states of Odisha, Kerala, Andhra Pradesh and Tamil Nadu to establish dedicated rare earth corridors,' the FM said.

The government is expanding its rare earth scheme to promote mining, processing, research and manufacturing.

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