The Central Bureau of Investigation, probing January 2010 murder of RTI activist Satish Shetty, on Friday conducted searches at the offices of IRB Infrastructure Developers Limited, a company which was recently in news over its links with Bharatiya Janata Party chief Nitin Gadkari.
Reliance Industries, construction major L&T and IRB Infrastructure are some of the top companies that have used an infrastructure investment trust structure to reduce part of their debt and generate returns for their investors. Earlier this month, IRB Infrastructure InvIT was listed on the National Stock Exchange, giving its investors an option to exit by selling their units. The listing came within months of the Securities and Exchange Board of India's (Sebi's) guidelines for conversion of private unlisted InvITs into listed ones were issued.
The initiative deepens N/Core's multi-year partnership with tech giant Cisco, which has participated in the fund along with Ford Foundation and IRB Infrastructure.
Indian Railway Catering and Tourism Corporation (IRCTC) and Bharat Heavy Electricals (BHEL) are in talks for a partnership to run private trains. According to officials in the know, the two public sector undertakings (PSUs) are planning to form a special purpose vehicle (SPV) to run passenger trains on routes for which IRCTC has put in bids. "BHEL will be putting in the money required for private rail service, while IRCTC is going to focus on operational requirements," an official said. "IRCTC's business model has not been capital expenditure-focussed. It has built only operational enhancements," he added. Bids for public private partnerships (PPPs) in passenger train operations were opened last month.
On July 31, one of the five shortlisted companies, IRB Infrastructure, had said it would not bid for MTHL.
Experts, however, caution that though the moves are positive for the sector as a whole, they don't expect much gain in the near-term.
The economic slowdown has made it difficult for companies to record financial closure of a few awarded projects.
Unless companies press the pedal on implementation, further stock price gains might be limited, says Hamsini Karthik.
The combined net sales of 42 listed construction and capital goods companies that have declared their third-quarter results so far were down 2.3 per cent year-on-year in Q3FY21 while core operating profit was up just 4.9 per cent YoY during the quarter.
Gadkari said the NHAI was working on setting up an InvIT to monetise its projects for mobilising resources through capital markets.
The tunnel would provide all-weather connectivity between Srinagar and Leh-Ladakh
The month also saw Adani Power acquiring the 600-Mw Korba West thermal power plant from the Gautam Thapar-led Avantha group for Rs 4,200 crore (Rs 42 billion).
Combined debt-equity ratio of top companies declines but interest expenses outgrow profits.
As infrastructure, power hardly deal in cash, its paucity has failed to affect their receivables
From 5G to Tesla to Covid vaccine, 10 things will shape India's future.
Hike in planned public-sector capital expenditure will be credit-positive for infra cos
Firms are still barred from holding board positions in the special purpose vehicle that will develop the airport.
These firms owe Rs 13 trillion to lenders and account for 55% of all non-financial corporate debt.
Housing sector to benefit from Budget.
The engineering and construction (E&C) sector delivered an excellent performance in the last two financial years (FY2021-22 or FY22 and FY23's nine-months) and there's reason to believe that FY24 will also see outperformance. The sector has emerged from the pandemic with stronger balance sheets and more rational cost structures. It has a big order book and it should see new order flows accelerate in FY24.
To cover most of the gap, the road ministry plans to raise $7 billion.
The breadth, indicating the overall health of the market, turned negative from positive
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Markets ended lower on profit taking ahead of June F&O expiry.
Broad-based buying aided sentiment and the market registers record turnover at Rs 6.86 lakh crore
Experts say investors should be careful, as even a 50-100 bps cut in rates will not help such companies if their business is not doing well. Check what is the problem and consider
Markets ended lower following expiry of July F&O contracts and sales by foreign funds.
20 new industrial clusters will be developed in 2014-15.
The Sensex ended up 380 points at 27,888 and the Nifty advanced 111 points to end five points shy of 8,400.
Ajit Mishra, vice president, Research, Religare Broking, answers your queries.
Investors booked profits at higher levels despite the growth oriented Budget.
Around 75 per cent, or 372 stocks, that are part of the BSE500 are trading at least 10 per cent below their all-time high levels, despite the index hitting a record high 20,515 points on the BSE in intra-day trade on Wednesday, surpassing its previous high of 20,390 touched in March 12. The index, which accounts for 93 per cent of BSE listed companies' market capitalisation, has gained 8 per cent from its recent low of 18,983, touched on April 19. In comparison, the benchmark S&P BSE Sensex gained 6 per cent over the same period, but is still nearly 4.5 per cent away from its all-time high of 52,517 that it hit on February 16.
Indian Railway Catering and Tourism Corporation (IRCTC), the Indian Railways' wholly-owned listed subsidiary, is eyeing partnerships to offset recurring costs incurred in train operations, which is part of its two-year-old diversification from core catering and ticketing businesses. To this end, it is courting public sector undertakings such as Bharat Heavy Electricals (BHEL) and others to create a special purpose vehicle for the routes for which IRCTC has bid. The Railway ministry opened bids for public private partnerships in passenger train operations in July 2021 and received bids to operate 29 pairs of trains with around 40 modern rakes that would entail an investment of Rs 7,200 crore.
Markets surged on hopes that the exit polls would show that the BJP winning majority in the general elections.
Ajit Mishra, vice president, Research, Religare Broking, answers your queries.
Index heavyweights Reliance Industries, HDFC and Infosys were the top Sensex gainers.
Ajit Mishra, vice president, Research, Religare Broking, answers your queries.
Ajit Mishra, vice president, Research, Religare Broking, answers your queries.
Ajit Mishra, vice president, Research, Religare Broking, answers your stock market queries.
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