Tag: Infrastructure

Naidu asks NBCC to forge more partnerships with States

Naidu asks NBCC to forge more partnerships with States

06/10/2016 17:11

State-run National Buildings Construction Corporation (NBCC) on Thursday presented a dividend Cheque of Rs.108 cr for 2015-16 to minister of urban development M.Venkaiah Naidu.

Complimenting NBCC for sustained increase in turn over and profits over the last few years, Naidu asked the company management to further expand and diversify its business profile by forging partnerships with State Governments and other agencies.

The minister also directed the management to immediately initiate action on seven redevelopment projects in Delhi entailing an investment of about Rs 35,000 cr, recently approved by the Union Cabinet. Naidu discussed in detail the progress of ongoing projects and future initiatives of NBCC.

A.K.Mittal, Chairman and Managing Director of NBCC informed the minister that the company has acquired new project orders for Rs 17,516 cr during 2015-16 and with total work orders of over Rs 70,000 cr, NBCC is the second largest construction company in the country. The company has declared a total dividend of Rs 120 cr for 2015-16 of which the Government’s share was Rs 108 cr.

NBCC has recorded the highest revenue of Rs 5,838 cr during 2015-16, marking an increase of 32 per cent over the previous fiscal.

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Markets continue to hover in red; ONGC, Axis Bank weigh

Markets continue to hover in red; ONGC, Axis Bank weigh

05/10/2016 14:26

The key domestic benchmark indices continued to hover in red during the late noon trading session tracking weak cues from the European counters.

At 14:20 hours, the 30-share benchmark index was trading at 28258.32 down by 76.23 points or by 0.27 per cent, while the NSE Nifty was at 8759.4 down by 9.75 points or by 0.11 per cent.

Investor sentiment was dampened as Nikkei India Services Business Activity Index eased to 52 in September from 54.7 in August, pointing to a slower and moderate rate of expansion. Sentiments also remained subdued with a World Bank research predicting that the proportion of jobs threatened in India by automation is 69 per cent and in China it is 77 per cent.

In the choppy trade so-far, Sensex touched an intraday high of 28477.65 and an intraday low of 28209.19, while the NSE Nifty touched an intraday high of 8806.95 and an intraday low of 8731.4.

The top gainers of the BSE Sensex pack were Asian Paints Ltd. (Rs. 1207.00,+1.23%), State Bank of India (Rs. 262.40,+1.22%), Hindustan Unilever Ltd. (Rs. 869.75,+1.14%), Tata Motors Ltd. (Rs. 555.60,+1.14%), Maruti Suzuki India Ltd. (Rs. 5729.35,+0.87%), among others.

The top losers of the BSE Sensex pack were Oil And Natural Gas Corporation Ltd. (Rs. 267.20,-2.39%), Axis Bank Ltd. (Rs. 537.40,-1.72%), Mahindra & Mahindra Ltd. (Rs. 1398.00,-1.23%), Bajaj Auto Ltd. (Rs. 2859.95,-1.19%), Hero MotoCorp Ltd. (Rs. 3495.00,-1.03%), among others.

Among the sectors, IT index was at 10254.48 down by -57.59 points or by -0.56%. Mastek Ltd. (Rs. 131.70,-4.11%), Intrasoft Technologies Ltd. (Rs. 415.00,-1.91%), Moser Baer India Ltd. (Rs. 7.78,-1.89%), Majesco Ltd. (Rs. 475.20,-1.83%), 3i Infotech Ltd. (Rs. 5.88,-1.67%),.

The Market breadth, indicating the overall strength of the market, was weak. On BSE out of total shares traded 2981 , shares advanced were 1727 while 1122 shares declined and 132 were unchanged.

On the global front, Asian peers ended the day on a positive note, while European counters were hovering in red on reports that the European Central Bank’s governing council had reached an informal consensus on winding down its quantitative easing programme.

Gayatri Projects’ JV secures Rs 1,255 cr highway contract

23/09/2016 16:04

Infrastructure firm Gayatri Projects Ltd on Friday said it has bagged Rs 1,255 crore highway contract in Joint Venture (JV) with Russian construction company PTPS.

In a filing to the Bombay Stock Exchange, an infrastructure firm said, “The company has secured a Rs 1,255 crore highway contract in a joint venture with Russian construction company PTPS.”

It has secured this contract from National Highway Authority of India (NHAI) for rehabilitation and up-gradation to 4-laning of Angul-Sambalpur section of NH-42 (New NH No. 55) Km 112.00 to Km 265.00 in the state of Odisha under NHDP-IV on EPC Mode.

Further, the contract is to be executed on an EPC (Engineering, Procurement & Construction) basis, which is in line with the management’s decision to maintain an asset-light model, it added.

This contract win is also a strong signal of the management commitment to capitalize on the growing EPC opportunities, and comes on the heels of several new projects from a wide set of industries, ranging from National highways, to water distribution and underground mining.

Meanwhile, shares of the company closed at Rs 686.70 apiece, up 1.65 per cent, from previous close on BSE.

Infrastructure is key to growth of economy: FM

22/09/2016 16:24

The union finance minister Arun Jaitley said that infrastructure is key to growth of economy. He said that an institutionalized forum amongst BRICS countries could serve as a regional knowledge hub with exchange of information facilitated through cloud sharing, and other electronic methods.

Delivering the Inaugural Address after inaugurating the BRICS India 2016 seminar, Jaitley said that projects in transportation sector like Highways, Ports and Railways will be area of mega economic activities as far as infrastructure sector in India is concerned.

The finance minister further said that investment, both from public and private sector, will be required for infrasturucture financing, especially in areas of health, education, sanitation, renewable energy, highways, ports and railways among others.

Jaitley outlined the strategy the Government has adopted to boost the Indian Economy like Make in India, 100 smart cities, and liberalised FDI regime. He said that the Government gives high priority to Infrastructure and have taken a number of policy decisions like NIIF, Innovative new financial instruments such as REITS, INVITS, IDFs.

He stressed the need for BRICS member countries to share their experiences in financing and delivery of infra projects so that they can collectively move to higher quality and efficiency in the delivery of public services.

Core sector growth at 3.2% in July

Core sector growth at 3.2% in July

01/09/2016 13:00

India’s infrastructure sector grew at a weaker pace in July amid a dip in steel sector output, raising concerns over a slowdown in Asia’s third biggest economy which expanded at 7.1 per cent in the June quarter.

Output of the eight core industries which include coal, crude oil, natural gas, refinery products, fertilisers, steel, cement and electricity, expanded at 3.2 per cent in July 2016 from the same month a year ago, government data showed on Wednesday.

In June 2016, India’s infrastructure growth stood at 5.2 per cent, year-on-year.

The core sectors make up 38 per cent of the country’s overall industrial output and had grown by 1.3 per cent in July 2015, year -on-year.

Refinery production climbed 13.7 per cent in July 2016 from the year ago month while coal & natural gas output rose 5.1 per cent and 3.3 per cent, respectively.

However, the output in the steel sector shrank 0.5 per cent and electricity generation slowed in July compared to a year ago. Production in the cement industry rose by 1.4 per cent in July 2016 from the same month a year ago.

For the April-July 2016 period, cumulative core sector expansion stood at 4.9 per cent, the data showed.

Greenply Ind incorporates wholly owned subsidiary in Dubai

13/07/2016 13:50

Interior infrastructure company Greenply Industries Ltd on Wednesday said that it has incorporated a wholly owned subsidiary, Greenply Middle East Ltd, in Dubai, United Arab Emirates.

In a filing to the Bombay Stock Exchange, Greenply Industries said, “The company has incorporated a wholly owned subsidiary company named Greenply Middle East Limited in Dubai, United Arab Emirates on July 04, 2016.”

Earlier on May 24, the company’s board had approved the incorporation of a wholly owned subsidiary in Dubai.

Meanwhile, shares of the company were trading at Rs 251 apiece, up 2.81 per cent, from previous close on BSE at 13:54 hours.

Indian homebuilders with UK assets face Brexit risks

12/07/2016 12:47

Indian homebuilders with significant investments in the London property market will face near-term challenges from Britain’s vote to leave the EU on June 23, says Fitch Ratings, a global rating agency.

The rating firm said that demand for luxury residential properties and commercial properties – the segments some Indian homebuilders have invested in – may remain weak at least over the coming six to 12 months as buyers postpone purchases and banks trim loans amid increased economic uncertainty.

Asking prices of London’s luxury residential properties have fallen by 5 per cent-20 per cent over the last few weeks by some market estimates. This is in spite of the British pound trading at all-time lows against the US dollar – foreign investors make up a considerable part of the demand for London’s luxury residential properties. However over the longer term, these risks may be moderated by the tight supply of new residential developments, particularly in Central London, owing to challenges in securing regulatory approvals on new projects.

Commercial property demand has also weakened, and in some instances, prompted investors to exit commercial property-focused investment funds. This has led to some funds freezing withdrawals to enable a more orderly closure, while others have offered withdrawals at steep discounts to the net asset value to reflect the potential impact of having to sell assets quickly.

Furthermore many foreign and domestic banks have also cut credit exposure to London property investors by reducing loan-to-value ratios or freezing new loans altogether.

The agency said that risk to Indian homebuilders will depend on the extent leverage was used to fund their London projects, and whether project construction and marketing sales coincide with the ongoing market volatility. Homebuilders may choose to defer marketing launches until investor sentiment improves, cut prices to spur higher sales, or sell equity stakes in the projects to reduce leverage.

Centre sanctions 56 national highways for HP: Nadda

05/07/2016 09:09

The Union Ministry of Road Transport and Highways has sanctioned 56 national highways to Himachal Pradesh with a total length of 3,993 km, Union Health Minister J P Nadda said and requested the state government to expedite preparation of detailed project reports (DPRs), reported PTI.

Addressing a press conference here, Nadda said Union Minister for Road Transport and Highways Nitin Gadkari had visited all four Lok Sabha constituencies of Himachal Pradesh and discussed the requirement of roads with all concerned including chief minister, ministers, MLAs, MPs and other local representatives and approved 56 road projects.

The NDA government sanctioned four National Highways (NH) last year and with 56 new roads, the total number of highways would go up to 60 and Rs 13,000 crore would be spent on it, he said.

Nadda said the NDA government, led by Prime Minister Narendra Modi, has been very liberal towards Himachal Pradesh.

There has been phenomenal rise in devolution of funds to the state and share in central taxes had been increased from 32 to 42 per cent while the grants-in-aid have increased.

The funding of centrally sponsored schemes in the ratio of 90:10 between the Centre and the state against the ratio of 60:40 had been restored due to intervention of Modi.

Fifty-eight district hospitals, including three in Himachal Pradesh, have been upgraded into medical colleges and Rs 40 crore has been provide for establishing a medical college in Nahan, he said.

Power output growth up at 9.5% in 2016 so far: Piyush Goyal

Power output growth up at 9.5% in 2016 so far: Piyush Goyal

04/07/2016 17:21

Power generation growth has risen to 9.5 per cent this year so far, as against 5.65 per cent during the ten-year period from 2004 to 2014, Power Minister Piyush Goyal said on Monday.

The power generation growth was recorded at 5.65 per cent between 2004 to 2014, 5.02 per cent in 2012-14, 7.03 per cent in 2014-16 and 9.5 per cent in 2016-till date, Goyal tweeted.

Goyal also said there was 87 per cent reduction in energy shortage in just two years to 14 million units (mu), from 110 million units earlier.

According to Vidyut Pravah application to monitor power demand on the basis of data provided by states, the electricity deficit came down to 14 mu in July this year from 110 mu in the same month in 2014 and 62 mu in 2015.

Goyal also tweeted that power was available at rates below Rs 2 per unit yesterday at exchanges across the country with no network congestion. “This reflects country moving towards One nation, One grid, One price,” he said.

According to the application, power was available at Rs 1.8 per unit yesterday in most states, including Jammu & Kashmir, Punjab, Delhi, Rajasthan, Uttar Pradesh, Madhya Pradesh, Andhra Pradesh, Telangana and Odisha.

The document indicated that the power is available across the country at Rs 2.31 per unit in most states.

As of today morning, the surplus power of 3,961 mw was available for states to meet their demand today. The total demand of 123 GW was met today compared with 112 GW yesterday, as per the data provided by the states.

Asian Granito India launches new products

Asian Granito India launches new products

04/07/2016 14:43

Tiles maker Asian Granito India Ltd on Monday said that it has launched its new products- Premium Grestek – Glazed Vitrified tiles and New Grestek Marvel – Premium Color Body tiles for wall and floor.

In a filing to the Bombay Stock Exchange, the company said, “The Board of Directors of the company is proudly pleased to announce to launch Premium Grestek – Glazed Vitrified Tiles and New Grestek Marvel – Premium Color Body tiles for wall and floor.”

The company further said that these products are fresh in this segment with touch of Italian choices.

It consists of natural wood patterns, natural stone designs, metallic and special effect surfaces with color and decor options, it added.

Meanwhile, shares of the company were trading at Rs 192.65 apiece, up 1.02 per cent, from previous close on BSE at 14:43 hours.