Category: Infrastructure

Coal Ministry issues allocation order for 6 mines, Rs 130-cr annual revenue expected

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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The Union Coal Ministry on Monday, December 12, said it has issued allocation orders for six coal mines for which the Coal Mine Development and Production Agreement (CMDPA) was signed on October 17, 2022. The six coal mines are Barra, Maiki North, Alaknanda, Basantpur, Bandha North, and Kasta East, the Coal Ministry said.

Of the six coal mines, one is under the Coal Mines (Special Provisions) Act, of 2015 and five are under the Mines and Minerals (Development and Regulation) Act of 1957. One coal mine is fully explored and the remaining mines are partially explored ones, it said.

Also Read: Government may again lower windfall taxes on December 15

The peak rate capacity (PRC) of a fully explored mine is 1.89 million tonnes per annum (MTPA). The total geological reserve of six coal mines is 2,302 million tonnes. These mines are expected to generate an annual revenue of Rs 130.08 crore calculated on the basis of PRC and will attract capital investment of Rs 283.50 crore. It will provide employment to 2,555 people both directly and indirectly.

With the allocation of these six coal mines, a total of 45 allocation orders have been issued to date with a cumulative PRC of 85 MTPA.

Also Read: Gaming companies are being investigated for evading GST by Rs 23,000 crore

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Reliance Infra-Delhi Metro case: SC gives Centre December 14 deadline for payment clarity of Rs 4,500 crore

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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The Supreme Court chastised the Centre on Monday for its failure to pay an arbitral award for Rs 4,500 crore following a lawsuit filed by Reliance Infra against Delhi Metro Rail Corporation  (DMRC). The top court forewarns that in the event of noncompliance, it will take a “very serious view.”

Earlier, the court had sent a notice to the DMRC regarding this, asking for a response by December 12.  Similarly, the Delhi High Court had also given the DMRC till December 12 to come up with a strategy to refund the unpaid sum of an arbitral award in Delhi Airport Metro Express Pvt Ltd’s (DAMEPL) favour. DAMEPL is an infrastructural division of Reliance.

Since the DMRC has already had enough time, the SC has declined to grant it four more weeks. Instead, the Centre has till December 14 to provide clarification on the Rs 4,500 crore payment.

Also read: DMRC to deposit Rs 1,000 crore in escrow account in arbitration case versus Reliance Infra

However, Reliance Infra has pushed for a payment timeline, claiming that in the absence of clarity, “someone has to go to jail.” Additionally, the company also asked for an undertaking from the DMRC’s managing director.

In March 2022, the Supreme Court maintained the DAMEPL’s 2017 arbitration award, which totaled almost Rs 4,500 crore and was enforceable against the DMRC.

Despite the SC affirming the arbitral judgement, Reliance Infra alleged that the DMRC had not made the required payments.

The SC reprimanded the Centre, saying that while on one hand it promotes India as a centre for arbitration with grandiose speeches, on the other side it refuses to uphold arbitral awards upheld by the SC.

Also read: Bharat Electronics signs MoU with DMRC to develop indigenous train control system

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Tamil Nadu, national infrastructure fund start work on 7 projects under PPP model

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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The National Investment and Infrastructure Fund Limited (NIIFL) has signed a memorandum of understanding (MoU) with the Tamil Nadu Infrastructure Development Board (TNIDB) to help attract commercial capital into infrastructure opportunities in the state, under the public private project (PPP) model. Work has been initiated on seven projects across departments that have the potential to attract private investment in the Rs 5,000 to Rs 6,000 crore range under the MoU.

The NIIFL in a statement said that the collaborative investment platform would support the infrastructure development board in identifying potential private sector investment opportunities, including for asset recycling and developing greenfield and brownfield infrastructure projects in sectors such as renewable energy, roads, waste management, water, tourism and other related sectors with the objective of catalysing capital into the state.

Also read: Ather Energy announces expansion in Tamil Nadu, plans to set up 150 power grids in state 

“Tamil Nadu has witnessed a manufacturing-led growth over the last few years. NIIFL has been collaborating with the Tamil Nadu government over the last year on a set of interesting project ideas. This MoU formalises our relationship with the state government and is in consonance with the broader mandate of NIIFL,” Prasad Gadkari, the executive director and chief strategy officer of NIIFL said.

Aside from healthcare, transportation, renewable energy, urban infrastructure, and new-age manufacturing, NIIFL also works with various central and state government ministries to evaluate and structure investment opportunities that can attract private capital and meet the economic priorities of the nation and states.

Also read: NIIFL to invest Rs 3,036 crore in J&K tunnel road Navayuga Quazigund Expressway

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

ISMT shares gain on plans to sell 40 MW captive power plant for Rs 65 crore

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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[wealthdesk shortname=”ISMT” isinid=”INE732F01019″ bseid=”532479″ nseid=”ISMTLTD” sector=”Steel – Rolling” exchange=”nse”]

Shares of ISMT Ltd. rose as much as 4.4 percent in morning trade on Monday after the company announced its plans to sell its 40 MW captive power plant to Omsairam Steels and Alloys for Rs 65.71 crore.

The company entered into a Business Transfer Agreement on December 9 for the sale of the 40 MW captive power plant on a slump sale basis.

The deal is expected to be completed by February 2023.

The sale of the captive power plant will strengthen the company’s financial position as the plant has been non-operational since April 2014. In addition, it will also help reduce the annual operating cost that is incurred by the company to keep the CPP in working condition.

ISMT is engaged in the manufacturing of steel, alloys, and metal tubes, while Omsairam Steels and Alloys is involved in the manufacturing of TMT Bars and Billets.

ISMT Ltd. registered a turnover of Rs 2,152.54 crore and its net worth stood at Rs 1,415.78 crore for the previous financial year. Omsairam Steels and Alloys clocked a turnover of Rs 1,318.26 crore in the previous financial year while its net worth was Rs 226.79 crore.

Shares of ISMT are trading at Rs 54.40, up 1.49 percent.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Rail Vikas Nigam shares locked in upper circuit after joint venture in Kyrgyz Republic

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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[wealthdesk shortname=”Rail Vikas” isinid=”INE415G01027″ bseid=”542649″ nseid=”RVNL” sector=”Miscellaneous” exchange=”nse”]

State-owned Rail Vikas Nigam Ltd. (RVNL) gained nearly 5 percent in morning trade on Monday after the company announced that it has formed a joint venture company with Kyrgyzindustry-OJSC (Open Joint Stock Company) for the development of infrastructure in Kyrgyzstan.

The infrastructure development arm of Indian Railways said that the joint venture has been named ‘Kyrgyzindustry-RVNL’ and is a closed joint stock company (CJSC).

A closed joint stock company is one in which shares are distributed only among the company’s founders or another predetermined circle of persons, while an open joint stock company has publicly-traded shares, which can be traded without the permission of other shareholders and is not subject to other limitations.

Also Read: RVNL doubles in a month, Syngene down for third day: What kept dealers busy on Monday?

RVNL said that the core purpose behind forming this joint venture is for the construction of rail, road, and other infrastructure in Kyrgyzstan, a land-locked country in Central Asia. It would have a 50 percent shareholding in the joint venture with Kyrgyzindustry-OJSC.

After the announcement, shares of RVNL rose as much as 5 percent on Monday to hit the day’s high of Rs 70.75 on the BSE. Notably, this rally comes after the stock has lost nearly 9 percent in the past seven trading sessions.

However, barring the previous week’s performance, RVNL has proven to be a multibagger stock for investors in the recent past. The stock price has surged over 93 percent in the last year, a massive 129 percent in the last six months, and over 28 percent in the last month alone.

Also Read: Six reasons behind the surge in railway stocks and can investors still profit from them?

The stock has seen such a sharp rally as investors anticipated solid capex growth in the upcoming Budget 2023 which may augur well for state-owned infrastructure firms like RVNL. A few recent reports also said that the Central government was considering selling up to a 10 percent stake in four companies, including RVNL.

RVNL is engaged in the business of implementing various types of rail infrastructure projects assigned by the Ministry of Railways. This includes doubling, gauge conversion, new lines, railway electrification, major bridges, etc.

Shares of RVNL are trading at Rs 70.70, up nearly 5 percent.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Emkay Global positive on cement stocks in medium term

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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[wealthdesk shortname=”Emkay Global” isinid=”INE296H01011″ bseid=”532737″ nseid=”EMKAY” sector=”Finance – General” exchange=”nse”]

Krishna Kumar Karwa, MD of Emkay Global on Friday said that cement companies saw a correction and looks good from a medium-term perspective, adding that the sector is seeing lower input costs and better realisations now.

“Cement companies have corrected sharply in the last 6 months. Last quarter was probably the worst for most of the cement companies as far as profitability was concerned. And now high input prices have started moderating and even realizations are improving. So, from a medium-term perspective, maybe cement companies should be invested in,” Karwa said.

Talking further about the sector, he said that the small cement companies have been in focus due to merger with larger players.

“There will also be some action in the smaller companies in terms of getting merged with the larger company and that is also an opportunity,” said Karwa.

Also Read: Paytm shares gain after board to consider share buyback at December 13 meeting

While talking about new age companies, Karwa said, “If any company is thinking of utilising its cash for buybacks, it’s a function of confidence in its business prospects.

“It’s also a question that they may not require to burn further cash and hence, they believe that buying back shares at current valuation could be more attractive,” he said.

Also Read: Cement demand bounces back in November as raw material prices cool

According to him, midcap IT valuations may see larger correction versus largecap companies. He further added that one can look at IT companies from a long-term perspective.

For more details, watch the accompanying video

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

JSW Steel crude steel output jumps 16% from last year in November

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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[wealthdesk shortname=”JSW Steel” isinid=”INE019A01038″ bseid=”500228″ nseid=”JSWSTEEL” sector=”Steel – Large” exchange=”nse”]

JSW Steel Ltd., the flagship business of the diversified JSW Group, recorded crude steel production of 16.90 lakh tonnes (LT) in November as against 14.60 LT in November 2021, a 16 percent rise in output year-on-year.

During the month, flat rolled products output was up 19 percent at 11.86 LT compared to 9.99 LT in the corresponding month a year ago. Production of long-rolled products went up 5 percent to 3.47 LT during the month from 3.32 LT in the same period last year.

As part of product sustainability initiatives, the roofing sheets portfolio comprising the color-coated range marketed under the brand JSW Colouron+ and JSW Radiance; the Galvalume range marketed under the brands JSW Silveron+, JSW Silveron, and JSW Vishwas+; and the Galvanised range marketed under brand JSW Vishwas are certified for GreenPro – Green Product certification by CII – IGBC.

These products are marketed through its subsidiary JSW Steel Coated Products Ltd. and manufactured at its facilities in Vasind, Kalmeshwar, and Tarapur in Maharashtra.

For the September quarter, JSW Steel reported a consolidated loss of Rs 915 crore compared to a consolidated net profit of Rs 7,179 crore in the year-ago period. The steelmaker made a profit of Rs 839 crore during the previous quarter.

A steep fall in domestic steel prices impacted the revenue of the company. Further, the meltdown in global commodity prices adversely impacted its bottom line. Higher power and fuel costs also dented the profitability for the second quarter.

Consolidated revenues rose 29 percent to Rs 41,778 crore from Rs 32,503 crore in the corresponding quarter a year ago. Sequentially, the revenue increased by 10 percent from Rs 38,086 crore in the previous quarter.

Shares of JSW Steel ended 0.89 percent higher at Rs 744.75 on Thursday.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Star Cement shares extend Tuesday’s gains to surge to a 52-week high

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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[wealthdesk shortname=”Star Cement” isinid=”INE460H01021″ bseid=”540575″ nseid=”STARCEMENT” sector=”Cement – Major” exchange=”nse”]

Shares of Star Cement Ltd., one of the country’s leading cement companies with operations focused in East India, climbed over 6 percent in intra-day trade on Wednesday to hit their highest level in 52 weeks.

The Star Cement stock hit a 52-week high of Rs 116.90 in morning trade amid heavy trading volumes. The number of shares changing hands on BSE jumped more than 6 times.

Notably, the Star Cement share has risen over 8 percent in the past month and 29 percent in the past six months.

The company, which is the largest cement manufacturer in the North-Eastern region of India, reported consolidated revenue of Rs 2,221 crore in the previous financial year, registering a robust growth of 29 percent year-on-year. This was primarily on account of the new capacity ramp-up of its Siliguri grinding unit, which was commercialised in the financial year 2021.

Star Cement posted an operating profit of Rs 345 crore, up 4 percent year-on-year. The growth in operating profit was affected adversely by elevated input costs during the year. Volumes, however, grew by 29 percent year-on-year to 3.40 million tonnes per annum, led by higher demand and new capacity ramp-up during the year.

Axis Direct, in a report dated November 28, 2022, issued a ‘BUY’ rating on the stock with a target price of Rs 115, a level already hit by the stock on Wednesday.

The brokerage house said that increasing overall cement demand in the company’s key operating regions, high consumption in the Eastern and North-Eastern regions, augmenting railway infrastructure, and supportive initiatives by the proactive government would benefit Star Cement shares.

Star Cement shares are trading at Rs 112 apiece, up 1.77 percent.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

IRCON International wins Rs 122 crore order from Sri Lankan Railways Ministry

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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[wealthdesk shortname=”Ircon Internati” isinid=”INE962Y01021″ bseid=”541956″ nseid=”IRCON” sector=”Engineering – Heavy” exchange=”nse”]

Public sector engineering and construction company Ircon International Ltd. (IRCON) has bagged an order worth Rs 122 crore ($14.89 million) railway project from Sri Lanka. The project involves designing, installing, testing, commissioning and certifying of signalling and telecommunication system from Maho Junction to Anuradhapura.

This order has been awarded to IRCON by Sri Lanka Railways under the Indian Line of Credit,  on a competitive bidding basis and the contract period will be 24 months.

IRCON, which has moved into new segments like high-speed rail and solar projects, bagged orders worth Rs 15,000 crore last year. The company has doubled its order book from Rs 22,000 crore to Rs 44,000 crore over a period of five years.

The New Delhi-based IRCON  is also bidding for consultancy contracts, which typically have a much higher margin of 15-20 percent.

IRCON recently emerged as the lowest bidder for the Bahuti Canal construction project in Madhya Pradesh worth Rs 390 crore.

Shares of IRCON are trading 0.39 percent lower at Rs 65.05.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Ahluwalia Contracts shares rise after Rs 175 crore order win in Assam

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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[wealthdesk shortname=”Ahluwalia” isinid=”INE758C01029″ bseid=”532811″ nseid=”AHLUCONT” sector=”Construction & Contracting – Civil” exchange=”nse”]

Shares of Ahluwalia Contracts (India) Ltd. surged as much as 6.7 percent in morning trade on Tuesday after the company announced it has bagged a new construction order worth Rs 175 crore from the Assam government.

The company said that it has secured an order for the construction of a 5,000-seating capacity auditorium at Guwahati worth Rs 174.88 crore.

With this, the company’s order inflow during the current financial year has reached Rs 3,962.24 crore to date.

Last month, Ahluwalia Contracts announced that it bagged an order worth Rs 120.23 crore from the Assam government for construction work. The company secured the order for the construction of the Lachit Moidam Memorial & Cultural Complex at Lahdoigarh in Jorhat.

In addition, it was awarded new construction orders worth Rs 500.05 crore.

The first project involved MMRDA (Mumbai Metropolitan Region Development Authority) work for the design, fabrication, supply, and erection of pre-engineering building structural steel works at Mandale Depot cum workshop at Mumbai Metro Rail project of MMRDA for Rs 68.05 crore.

The second order pertained to major upgradation for Chandigarh Railway Station on the modular concept of engineering, procurement, and construction (EPC) mode for Rs 462 crore.

The company reported a 9.3 percent increase in net profit to Rs 39.10 crore in the September quarter from Rs 35.77 crore in the year-ago period. However, revenue from operations dropped 10.8 percent to Rs 622.84 crore from Rs 698 crore in the year-ago quarter.

Shares of Ahluwalia Contracts are trading nearly 2 percent higher at Rs 448.35.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow