Mumbai: Shares of domestic shipbuilding and shipping companies rose after Mint reported on Thursday the government is considering a 10,000 crore shipbuilding fund in the Union budget.

“Finance minister Arun Jaitley is expected to announce a shipbuilding development fund of as much as 10,000 crore in Union Budget 2015, which will be used to disburse low-cost funds to shipbuilders and give a boost to the sector as part of the larger ‘Make in India’ initiative of Prime Minister Narendra Modi," Mint reported.

Such a fund is under the consideration of the government, shipping secretary Rajive Kumar said on Wednesday.

The move will help fleet owners buy locally built ships, the Mint report said.

Bharti Shipyard Ltd rose 0.77% to 26.25, ABG Shipyard Ltd rose 8.05% to 250.25, while Western India Shipyard Ltd jumped 18.67% to 2.67.

Shares of shipping companies also rose. Great Eastern Shipping Co. Ltd rose 1.83% to 362.15, while Shreyas Shipping and Logistics Ltd rose 1.79% to 466.