Projects approved in sectors such as health, education, irrigation, water supply, power, roads, bridges and railways; Bihar gets lion's share of funds at Rs 9,640 cr, MP gets Rs 7,850 crore
The highest amount of assistance totalling Rs 9,640 crore will be given to Bihar
Most large states have fallen behind their budgeted capex targets by a wide margin in FY23, which was pegged at Rs 7.4 lakh crore but could spend only Rs 5.71 lakh crore or 76.2 per cent only, according to an analysis. Only four states -- Karnataka, Sikkim, Arunachal and Bihar -- have over-achieved their targets, while Jharkhand and Madhya Pradesh's capex spending stood at 98 per cent each. Eleven states fared better with 80 per cent target achievements, as per the analysis by Bank of Baroda economists. As against this, in FY21, the underachievement level was a high 72 per cent, primarily due to the pandemic emergency spending, and had improved to 95 per cent in FY22. Surprisingly, none of the 25 states whose data are available has been able to achieve the target by even three-fourths as the peak success rate is only 72.4 per cent, according to the analysis. This is surprising as the Centre had disbursed the required amounts for the year. The poor show was led by Andhra, which cou
Industry giant Tata Steel is planning a consolidated capital expenditure (capex) of Rs 16,000 crore for its domestic and global operations during the current financial year, according to its top management. Of the planned amount, Tata Steel has earmarked Rs 10,000 crore towards standalone operations and Rs 2,000 crore for its subsidiaries in India, the company's CEO & MD T V Narendran and Executive Director & CFO Koushik Chatterjee said. "The projected capital expenditure (capex) for FY2023-24 is set at Rs 16,000 crore on a consolidated basis which is intended to be financed through internal accruals over the full year," the executives said in the company's annual report for 2022-23. Of this, Rs 10,000 crore has been earmarked towards Tata Steel Standalone operations of which the Kalinganagar project will account for approximately 70 per cent, they said. The company is in process of expanding capacity of its plant at Kalinganagar, in Odisha to 8 MT from 3 MT. "Our other Indian
Patanjali Foods Ltd plans to invest up to Rs 1,500 crore in the next five years on capital expenditure, mostly for scaling up its palm oil business, according to company CEO Sanjeev Asthana. The company (formerly Ruchi Soya Industries) has set a target of clocking a turnover between Rs 45,000-50,000 crore in the next five years as it expands its product offerings and distribution reach. "Our estimation is over five years, we'll invest about Rs 1,200 crore to Rs 1,500 crore of capital expenditure...Most of the expenditure will happen in year four and five, which is where we are pushing for and the rest in the initial years. We have enough capacity and capex already laid out," Asthana told PTI. He was responding to a query on the company's investment plans in order to meet its growth targets. When asked where the investments will be made, he said, "A large part of it will be on oil palm". On the palm oil plantation, Asthana said, "We have got about 64,000 hectares which are already
Chief Economic Advisor V Anantha Nageswaran expressed optimism about India's growth potential on Thursday during a special interactive session organized by FICCI
General Motors plans to invest more than USD 1 billion in two Flint, Michigan manufacturing plants for the production of the next-generation internal combustion engine heavy-duty trucks. Gerald Johnson, executive vice president, Global Manufacturing and Sustainability, said Monday that the company will build internal combustion vehicles throughout this decade, in addition to making electric vehicles. GM has a goal of building only electric passenger vehicles in the United States by 2035. The Detroit automaker reported a 38 per cent year-over-year increase in heavy-duty pickup sales last year, with nearly 288,000 trucks sold. GM will invest USD 788 million in the Flint assembly plant, with updates including a body shop building expansion, general assembly conveyor expansion, and new tooling and equipment. The company will invest USD 233 million in the Flint metal center for new stamping dies to support production of its next-generation ICE heavy-duty trucks, as well as press ...
Godrej & Boyce on Tuesday said it will be investing Rs 100 crore over the next three years to acquire material handling equipment. Demand for renting the equipment is high and the capital investments will be by Godrej Rentrust eyeing a share of the same, a statement said. Pegging the overall market at Rs 2,200 crore, the company said it is eyeing business in the auto, engineering, chemicals and pharma, food and beverages, fast-moving consumer goods, logistics, ecommerce and retail sectors. In the January-March period, it received 100 orders from companies for deploying equipment, the statement said. Renting equipment has become a preferred option for businesses seeking managed services and bypassing high upfront costs, the company said, adding that it has grown at over 20 per cent per annum over the last five years.
Target is to have 25% linkages in the next few yrs: Acharya
Mahindra & Mahindra on Friday said it has revised upward the capital expenditure (capex) outlay for the three years cycle of FY22-FY24 to Rs 15,900 crore from Rs 15,075 crore. An additional Rs 1,600 crore will go into the conventional ICE (Internal Combustion Engine) vehicles for the anticipated regulatory changes and capacity expansion, the company said. Of the Rs 15,900 crore revised capex for FY22-FY24 cycle, an additional Rs 1,600 crore will go into the ICE vehicles for the anticipated regulatory changes and capacity expansion while an additional Rs 1,125 crore for the electric vehicle segment to produce vehicles with changing requirements, the automaker said in a presentation. Another Rs 500 crore has been earmarked for auto and farm investments, said the Mumbai-based company which on Friday reported an 18 per cent jump in its consolidated profit at Rs 2,637 crore in the March 2023 quarter and highest-ever annual profit of Rs 10,282 crore in FY23. The company continued to ...
Helped by a property upcycle, analysts at Jefferies believe various government initiatives are likely to drive capex going ahead
The private equity firm manages about $71 billion of assets globally
The Centre has provided 50-year, interest-free loans to states to augment their capital expenditure requirements in the past three Budgets
OMCs, however, are concerned that equity infusion might impact their share price, market valuation and market perception
Post implementation of its resolution plan in December 2022, the company has been making debt repayments for the last two quarters ended March 2023
Continuing healthy demand from construction, real estate and automobile sectors will help the paint sector register a 10-12 per cent revenue growth this fiscal against an 18 per cent estimated rise in the just-concluded fiscal, according to a report. Volume expansion and the resultant cash generation will help paint companies maintain healthy balance sheets, which will also buffer credit profiles despite the rising capex, Crisil said in a report on Wednesday. The top five companies have announced Rs 12,000 crore capex in fiscal 2023 and 2024 on the back of Rs 7,000 crore they incurred in the previous four fiscals. New players are expected to add nearly one-third of the total existing capacity of 4.2 billion litres by fiscal 2025-end, the report added. Paint companies are likely to close FY23 with a robust 18 per cent revenue growth, primarily led by higher realisations on the back of a 6 per cent price hike during the year, along with the full impact of a 20 per cent price hike ...
Finolex Cables, a leading manufacturer of electrical and telecommunication cables, on Wednesday announced a Rs 200-crore capex to expand its manufacturing capacity this fiscal. The Pune-based company said the Rs 200-crore capex will be deployed over the next few months to enhance the manufacturing capabilities at its Urse plant near Pune. The plant serves the solar power, automotive and optical fibre sectors. The Urse plant deploys radiation technology equipment to produce solar cables, using controlled electron e-beam technology. This will enable the company to produce high-quality solar cables and add value to the solar power industry. Apart from electrical and telecom cables, the company also manufactures lighting products, electrical wiring accessories, switchgear, fans and water heaters. It has manufacturing facilities in Pimpri and Urse as well as in Goa and Uttarakhand.
Damodar Valley Corporation has raised its capital expenditure target for the 2023-24 fiscal to Rs 2,800 crore, a 36 per cent increase over the previous year, to support expansion plans, a top official said on Thursday. The entity owned jointly by the Centre, West Bengal and Jharkhand governments, achieved the highest power generation in its 75 years of existence, with a nearly 6.5 per cent year-on-year rise to 43.32 billion units in 2022-23. Its sales stood at Rs 24,522 crore in the year, the official said. "Capex (capital expenditure) in the 2022-23 fiscal was 102 per cent of the target of Rs 2,055 crore. In the current financial year, the capex target is Rs 2,800 crore. The funds will be utilised in placing new expansion orders, mining and renewable energy," DVC chairman Ram Naresh Singh said. DVC has ambitious expansion plans, intending to add a total of 9,654 MW of capacity to its existing 6,700 MW from all sources, with a goal of increasing its generation capacity to ...
As of now, the states are handicapped because there is no format they can borrow from the centre to guide them on tracking their capex except the financial support
Some firms yet to provide their data for March