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India-US TRUST (Transforming Relationship Utilizing Strategic Technology) will pave the way for economic and technological cooperation between the two countries, while focus on the IMEC framework will deepen collaboration in infrastructure and economic corridors, according to industry experts. Prime Minister Narendra Modi and US President Donald Trump have agreed on the TRUST initiative, to emphasise on creating strong supply chains of critical minerals, advanced materials, and pharmaceuticals. As per a joint statement issued after the Trump-Modi meeting in Washington, both countries have decided to launch a recovery and processing initiative for strategic minerals such as lithium and rare earth. The two sides will also work together on economic corridors and connectivity infrastructure under the IMEC (India-Middle East-Europe Economic Corridor) and I2U2 frameworks. "TRUST initiative on critical minerals and advanced materials marks a significant step toward economic and technologi
The growth in production of eight key infrastructure sectors slowed down to 2 per cent in September as against 9.5 per cent in the same month last year, according to official data released on Wednesday. However, the output growth is positive against a contraction of 1.6 per cent in August. Out of the eight key sectors, three -- crude oil, natural gas and electricity -- recorded negative growth in September. The growth of core sectors -- coal, crude oil, natural gas, refinery products, fertiliser, steel, cement and electricity -- was 4.2 per cent during April-September this fiscal. It was 8.2 per cent in the same period last fiscal. The eight core sectors contribute 40.27 per cent to the Index of Industrial Production (IIP) which measures overall industrial growth.
IRB Infrastructure Developers on Wednesday reported 4 per cent rise in consolidated net profit at Rs 99.86 crore for September quarter FY25. The company had clocked a net profit of Rs 95.74 crore in the year-ago period, it said in a regulatory filing. Total income during the second quarter of the current fiscal declined to Rs 1,751.16 crore from Rs 1,874.50 crore a year ago. The company said its toll collection in Q2FY25 rose 25 per cent (including projects under Private InvIT). "The Q2FY25 looks fine, specifically on the toll collection front, which has shown consistent robust year-on-year growth, despite impact of heavy monsoon resulting into traffic disruptions in some of the assets." "We expect improved performance in the remaining quarters in view of the exit of monsoon season, coupled with set-in festive season and the pace consolidation in the development of under construction projects post monsoon season," IRB Infrastructure Developers Chairman & Managing Director ...
A first-of-its-kind India-UK financing agreement to facilitate and unlock sustainable international investments into New Delhi's ambitious infrastructure projects was signed off in London on Wednesday, with a raft of national highways, rapid transport and renewable energy schemes set to benefit. The UK-India Infrastructure Financing Bridge (UKIIFB), agreed during the UK Economic and Financial Dialogue (EFD) in September last year, has now been operationalised for an initial two-year period between the City of London Corporation and the National Institution for Transforming India (NITI Aayog). A Steering Committee made up of representatives from the government's Treasury department, construction giants, engineering and legal firms operating across both countries has also been unveiled to drive forward the aims of getting mega infrastructure projects bid-ready. This is a game-changer that not only accelerates India's economic ascent but also strengthens its position on the global stage
The Union Cabinet on Friday approved five infrastructure projects to boost connectivity within cities through metro rail in Karnataka and assembly poll-bound Maharashtra and improving air connectivity to Bihar and north West Bengal. Information and Broadcasting Minister Ashwini Vaishnaw said the government has approved infrastructure projects worth nearly Rs 2 lakh crore since assuming office in June, making it clear that its priority was to generate jobs and boost connectivity to further economic growth. The Union Cabinet, at a meeting chaired by Prime Minister Narendra Modi on Friday, approved metro rail projects in Bengaluru in Karnataka, and Thane and Pune in Maharashtra, where assembly elections are due later this year. "It is our constant endeavour to ensure Maharashtra gets modern infrastructure," Modi said in a post on X, sharing details of the Cabinet decisions taken on Friday. The Phase-3 of the Bangalore Metro, comprising two corridors JP Nagar to Kempapura and Hoshahal
Ajmera Realty & Infra India on Thursday reported a 49 per cent increase in its consolidated net profit to Rs 31.43 crore for the quarter ending June. Its profit stood at Rs 21.07 crore in the year-ago period. Total income rose to Rs 196.15 crore in the April-June period of this fiscal from Rs 117.57 crore in the corresponding period of the previous year, according to a regulatory filing. Dhaval Ajmera, Director of Ajmera Realty & Infra India, said the company continued its robust growth momentum with a stellar performance across all financial metrics, driven by strong sales growth and excellent collection efficiencies across all projects. This growth trajectory is a testament to the company's coveted launch pipeline and paves the way further towards full-year guidance, he said.
The initial public offer of infrastructure company Ceigall India got fully subscribed on the second day of subscription on Friday. The Rs 1,252.66-crore initial share sale received bids for 2,74,18,073 shares against 2,23,13,663 shares on offer, as per the NSE data. The category for non-institutional investors received 1.75 times subscription, while the retail individual investors portion got subscribed 1.65 times subscription. The quota for qualified institutional buyers subscribed a mere 1 per cent. Ceigall India on Wednesday said it has mobilised Rs 375 crore from anchor investors. The initial public offering (IPO) has a price band of Rs 380-401 per share. The public issue will conclude on August 5. The Ludhiana-based company's IPO is a combination of a fresh issue of Rs 684.25 crore and an Offer-For-Sale (OFS) of up to 1.42 crore equity shares worth Rs 568.41 crore, at the upper end of the price band, by the promoters, and an individual shareholder. This takes the total issue
Production growth of eight key infrastructure sectors slowed down to 4 per cent in June this year due to a decline in the output of crude oil, and refinery products, according to official data released on Wednesday. The core sectors' production grew by 6.4 per cent in May 2024. The growth of core sectors -- coal, crude oil, natural gas, refinery products, fertiliser, steel, cement and electricity -- was 8.4 per cent in June 2023. During April-June this fiscal, the output of core sectors rose by 5.7 per cent against 6 per cent in the same period last fiscal. The eight core sectors contribute 40.27 per cent to the Index of Industrial Production (IIP) which measures overall industrial growth.
Accusing the Congress government in Karnataka of being in deep slumber and mired in competition for Chief Minister and Deputy Chief Minister posts and internal rifts, Union Minister Shobha Karandlaje on Sunday urged the CM Siddaramaiah and his administration to "wake up" and save the people. Highlighting health issues such as dengue cases, also deteriorating law and order situation, stalled infrastructure projects in the state and the city among others, the Member of Parliament from Bangalore North accused the Siddaramaiah government of having forgotten the people amid its internal rifts. "There are several issues in the city and the state, and there is no government here that responds to it. This government is in a deep slumber. There is no use of telling anything to this government, it will be like pouring water on a rock," Karandlaje said. While speaking to reporters here, she said the only thing that is happening in this government is, competition as to who should become the Chi
As many as 458 infrastructure projects, each entailing an investment of Rs 150 crore or above, were hit by a cost overrun of more than Rs 5.71 lakh crore in May this year, according to an official report. According to the Ministry of Statistics and Programme Implementation (MoSPI), which monitors infrastructure projects worth Rs 150 crore and above, out of 1,817 projects, 458 reported cost overruns and 831 projects were delayed. The total original cost of implementation of 1,817 projects was Rs 27,58,567.23 crore, and their anticipated completion cost is likely to be Rs 33,29,647.99 crore, which reflects an overall cost overrun of over Rs 5,71,080.76 (20.70 per cent of original cost), the ministry's latest report for May 2024 showed. According to the report, the expenditure incurred on these projects till May 2024 is Rs 1,707,190.15 crore, which is 51.3 per cent of the anticipated cost of the projects. However, the number of delayed projects decreased to 554, provided the delay is
India Ratings and Research (Ind-Ra) expects stable operating performance for most infrastructure projects in the current financial year. The rating agency on Thursday maintained its stable outlook on the infrastructure sector, including the transport segment which signifies low chances of rating changes for the sector in the near to medium term. The rating agency assigned a positive outlook on the airport segment which means there are high chances of rating upgrades in the near to medium term. Ind-Ra stated that the stable outlook on the infrastructure sector factors in the likelihood of a stable operating performance for most projects, long-term revenue visibility under concession agreements and power purchase pacts and expected improved cargo and traffic volumes. On the power sector, the rating agency said it expects total capacity installed to reach about 476 GW in FY25 against 440 GW as of March 2024. In a virtual press meet, Bharat Kumar Reddy, Associate Director at India ..