Mining conglomerate Vedanta on Friday beat Gautam Adani's Group to make a winning bid for the acquisition of debt-ridden Jaiprakash Associates (JAL) for Rs 17,000 crore, according to sources. The bid value translates into Jaiprakash Associates' net present value of Rs 12,505 crore.
While activity in the highway segment has been slow, the bid pipeline saw recovery in January 2024, and awards are expected to improve in Q4FY24. The national highway (NH) bid pipeline has recovered from a low of Rs 15,900 crore in December 2023 to Rs 68,400 crore at present. The NHAI's pipeline stands at Rs 66,100 crore, with hybrid annuity model (HAM), build operate transfer (BOT) and engineering procurement and construction (EPC) projects accounting for 60 per cent, 29 per cent and 13 per cent share, respectively.
'By March-end, we should have closure of the PNC portfolio. After completion of PNC acquisition.'
'Retail investors, who had not seen such a massive correction in the SMID universe since COVID-19, are witnessing something like this for the first time. Panic profit booking may continue.'
Mergers and acquisitions (M&As) in India have moved into the slow lane, dropping 43 per cent in terms of deal value to touch $13.37 billion since January this year to date, compared to the same period in the last year. According to data sourced from Bloomberg, Indian companies reported deal value worth $23.5 billion between January and March 22, 2023. Data Infrastructure Trust's acquisition of American Tower Corporation's India telecom towers business for $2.5 billion was the top deal for the ongoing quarter so far, followed by the Highway Infrastructure Trust's acquisition of PNC Infratech's road projects for $1.08 billion.
Road awards were muted in Q1FY25. But the pace will accelerate with a bidding pipeline of Rs 1.1 trillion (September 2024), mostly dominated by HAM (Hybrid Annuity Model) projects, which contribute 47 per cent and engineering procurement and construction or EPC projects, which have about 36 per cent share. Hence, infrastructure companies mostly reported revenue decline on a year-on-year (Y-o-Y) basis in Q1FY25.
Uniparts India and PNC Infratech are the latest companies to file initial public offer papers.
A 25 per cent year-on-year (Y-o-Y) increase in budget allocation towards the roads sector for FY24 has led to renewed interest among investors. However, a combination of escalating costs for Bharatmala and unseasonal rains to some extent have impacted progress. Bharatmala's cost has nearly doubled from Rs 5.35 trillion to Rs 10.6 trillion and the finance ministry has asked MoRTH to go slow until Cabinet approval is received.
The financial bids will be opened on Wednesday along with the technical bids for Bareilly. Torrent had quoted highest rates at Rs 2.17 per unit, followed by JUSCO at Rs 2.16 per unit for Kanpur.
Adani said he expected the number of flyers in the country to grow five-fold, which means India would require 200 additional airports to handle over 1 billion domestic and international passengers across the tier-1, -2 and -3 cities.
Adani Airports is planning to centre its airport business around Mumbai and Ahmedabad by developing them as gateway airports, feeding them with traffic from other airports in the company's portfolio. The Ahmedabad-based conglomerate - with investments in logistics, transportation, utilities and energy - intends to spend Rs 35,000 crore in the airport business in the next five years. This forms the bulk of the conglomerate's total capex of Rs 50,000 crore. According to a presentation given by the company in an investor call with Bank of America, gateway airports of Mumbai and Ahmedabad will be connected with the feeder airports of Lucknow, Guwahati, Trivandrum, Jaipur and Mangalore.
Ajit Mishra, vice president, Research, Religare Broking, answers your queries.
The Adanis were the highest bidder for the Ahmedabad, Thiruvananthapuram, Lucknow, Mangaluru and Jaipur airports.
This was the biggest IPO in the Indian market since Infratel's.
On the BSE, 1,650 shares declined and 1,188 shares rose
Unless companies press the pedal on implementation, further stock price gains might be limited, says Hamsini Karthik.
Ajit Mishra, vice president, Research, Religare Broking, answers your queries.
The S&P BSE Sensex ended the session at 25,342, up 3 points while the Nifty50 closed at 7,738 points.
Markets will be closed on Thursday and Friday on account of Holi and Good Friday, respectively.
If companies manage to raise Rs 10,000 crore, this will be the best year for IPOs since FY11.
A much-vacant mall in a sleepy industrial park is all that's left of the amount allegedly owed by Mangla Shree Properties against 0.2-mt sugar deliveries
© 2026 Rediff.com - Investor Information - Advertise with us - Disclaimer - Privacy Policy - Sitemap - Feedback - About us - Terms of use - Grievances