Mumbai, Feb. 1 -- 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...