Construction Firms

Compensate construction workers affected by Grap even if no court order: SC

The Supreme Court directed Haryana, Uttar Pradesh and Rajasthan to pay compensation to construction workers whenever they are affected by the closure of activities due to GRAP measures in Delhi-NCR even if there is no specific court order on it. A bench of Justices Abhay S Oka and Ujjal Bhuyan said compensation should be paid to affected workers using funds collected as labour cess. Anti-pollution measures under Graded Response Action Plan (GRAP) are implemented based on average air quality in Delhi-NCR. The bench said, "As far as 2024 and 2025 are concerned we have issued directions to the state to pay compensation. We make it clear that hereafter whenever the construction activities are required to be closed due to implementation of GRAP measures, compensation shall be paid to the affected workers in terms of directions issued by this court dated 24th November 2021." "Even if there is no specific direction of the court to pay compensation, the NCR States shall pay compensation,"

No new construction, renovation works in Mehrauli Archaeological Park: SC

The Supreme Court on Friday stayed any new construction or renovation at the centuries-old religious structures inside the Mehrauli Archaeological Park in the capital including the 13th Century Ashiq Allah Dargah and Chillagah of Baba Farid, the revered Sufi saint. A bench comprising Chief Justice Sanjiv Khanna and Justice Sanjay Kumar was hearing a plea filed by one Zameer Ahmed Jumlana seeking protection of the religious structures inside the archaeological park from demolition. Senior advocate Nidhesh Gupta referred to the Archeological Survey of India's (ASI) status report and said a historical monument found there was built around 700 years ago. The CJI said people keep encroaching and putting up shops to earn money while asking the ASI to prepare a site plan to ensure no further encroachment. Additional solicitor general K M Nataraj said, Let us find out which are built newly and which are old." A lawyer said these monuments were not declared protected ones and, therefore, t

Prism Johnson Dec qtr results: Net profit at Rs 48.12 cr, sales up 6%

The company reported a net profit of Rs 48.12 crore ($5.5 million), during the October-December period, compared with a loss of Rs 3.45 crore a year ago

Construction chemicals firm MBS eyes Rs 500 crore turnover by 2028

The construction chemicals industry in India is valued at approximately Rs 20,000 crore. About half of this turnover is generated from construction projects

Construction companies may witness slower revenue growth for FY25: ICRA

The credit ratings agency is expecting the execution pace of the Indian construction entities to pick in H2 FY2025

ITD Cementation bags Rs 1,648 cr contract for construction at Vadhvan Port

Renew Exim DMCC, Adani Group's Dubai-based entity in October had entered into an agreement to acquire a 46.64 per cent stake in ITD Cementation in October 2024

L&T eyes 20% growth in construction, mining machinery biz in FY26

Infrastructure major Larsen & Toubro (L&T) expects its construction and mining machinery business to grow at least 20 per cent in the next fiscal year with the company planning to double sales in the next five years. In an interview to PTI, Arvind K Garg, Senior Vice President and head of L&T's Construction and Mining Machinery business, said, "If you ask me what the plan for the coming fiscal year is, definitely our construction and mining machinery business will grow at least 20 per cent. And, "as we have to meet the target of growing or doubling our sales in the next five years, along with profitability, we will have to invest in our service capabilities. This financial year, we also launched a mini excavator, the Komatsu PC35, which will help fuel growth," Garg said. Larsen & Toubro and Komatsu Ltd entered into a joint venture in 1998 to manufacture construction equipment and hydraulic components in India. From 1998 to 2013, the joint venture company was ...

SC refuses to relax Grap-4 restrictions unless AQI shows 'downward trend'

The Supreme Court on Monday refused to relax emergency measures under Stage 4 of the Graded Response Action Plan (GRAP) dealing with air pollution in the national capital till it noticed a downward trend in the AQI level. A bench of Justices Abhay S Oka and Augustine George Masih further sought the presence of the chief secretaries of NCR states to appear through video-conferencing to inform it whether or not any compensation was paid to the construction workers who were without work owing to the restrictions. Notably, there has to be a downward trend before the Supreme Court relaxes GRAP 4 restrictions. The bench said the chief secretaries of NCR states including Delhi, Haryana, UP and Rajasthan will have to appear through video-conferencing at 3.30pm on December 5. "There is hardly any implementation of stage 4 of GRAP to deal with air pollution in the national capital, remarked the bench, questioning the Delhi government on the number of officers deployed by it to implement the

Ashoka Buildcon receives LOA for Nhai project worth Rs 1,391 crore

The company was declared as the lowest bidder (L-1) during the bidding procedures for the project

Adani acquires to expand its portfolio of engineering & construction cos

Acquisitions to help build new airports, roads, Dharavi projects

BEML aims for Rs 900 cr capex till FY25, re-enters building equipment space

BEML has outlined a capital expenditure of Rs 900 crore till FY'25 and re-entered the construction equipment market after a hiatus of nearly five years, aiming to capitalise on the Rs 45,000 crore market opportunity. The company, formerly Bharat Earth Movers Limited, recently underwent a significant business restructuring, establishing 11 strategic business units (SBUs) and two micro business units to drive sustainable long-term growth. As part of this restructuring, we have re-entered the construction equipment business, focusing on higher capacity products to tap into the massive Rs 45,000 crore market, Shantanu Roy, Chairman and Managing Director of BEML, told reporters on the sidelines of the 17th Global Mining Summit organised by the CII. BEML's earlier exit from the construction equipment space was due to intense competition from imported products. Roy, however, explained that the company is now targeting higher-capacity equipment, such as 20-30 tonne excavators and dumpers,

PFC, BEML ink pact to finance, infra projects in defence, railways

State-owned BEML and PFC have signed an agreement to finance and execute critical infrastructure projects, particularly in the areas of defence, rail transportation and infrastructure development. The Memorandum of Understanding (MoU) was signed between BEML CMD Shantanu Roy and Parminder Chopra, CMD of PFC in the national capital on Friday, BEML said in a statement. BEML and PFC entered into a strategic MoU which aims at intensifying cooperation in financing and executing critical infrastructure projects, particularly in the areas of defence, rail transportation and infrastructure development, it said. "The partnership is a significant step forward in supporting India's infrastructure and defence sectors. The synergy between our expertise in infrastructure development and defence production, combined with PFC's financial strength, will help deliver transformative projects that will have a lasting impact on India's economy and security landscape," Roy said. In addition to rail and

Top eight listed developers pare debt by 54% in Q1 FY25, says report

Net debt of the top eight listed developers collectively stands at approx. Rs 20,808 crore as of Q1 FY25-end

Garuda Construction and Engineering's Rs 264 crore IPO to open on Oct 8

Garuda Construction and Engineering Ltd on Thursday said it has fixed a price band of Rs 92-95 per share for its Rs 264-crore Initial Public Offering (IPO). The initial share sale will open for public subscription on October 8 and conclude on October 10, the Mumbai-based company announced. The IPO is a mix of fresh issue of 1.83 crore equity shares and an Offer For Sale (OFS) of 95 lakh equity shares by promoter PKH Ventures. The IPO size has been pegged at Rs 264 crore at the upper end of the price band. Proceeds from its fresh issuance to the extent of Rs 100 crore will be utilised for working capital requirements; and balance towards general corporate purposes including unidentified inorganic acquisitions. Half of the issue size has been reserved for qualified institutional buyers, 35 per cent for retail investors and the remaining 15 per cent for non-institutional investors. Investors can bid for a minimum of 157 equity shares and in multiples of 157 equity shares thereafter

Construction firm BCD Group appoints Ashwinder R Singh as VC, CEO

BCD Group, which is into construction and real estate development, has appointed Ashwinder R Singh as Vice Chairman and CEO of the company. Angad Singh Bedi, the current Managing Director, has been elevated to Chairman and Managing Director. Before joining BCD, Singh was CEO-Residential at Bharti Urban, a Bengaluru-based real estate developer. He has over 27 years of experience in the real estate sector.

Interarch Building Products' shares surge nearly 34% in market debut

Shares of construction solutions provider Interarch Building Products Ltd on Monday ended with a premium of nearly 34 per cent against the issue price of Rs 900. The stock made its debut at Rs 1,291.20, surging 43.46 per cent from the issue price on the BSE. During the day, it zoomed 46.22 per cent to Rs 1,316. Shares of the firm ended at Rs 1,196.45, up 32.93 per cent. At the NSE, it listed at Rs 1,299, a jump of 44.33 per cent. The stock ended at Rs 1,203.10, surging 33.67 per cent. The company's market valuation stood at Rs 1,990.94 crore. In traded volume terms, 6.47 lakh shares of the firm were traded at the BSE and 70.50 lakh shares at the NSE during the day. The initial public offering of Interarch Building Products got subscribed a whopping 93.46 times on the last day of subscription on Wednesday. The Rs 600-crore initial share sale had a price range for the offer at Rs 850-900 per share. Proceeds from the fresh issue will be used for capital expenditures, system upgrad

Interarch Building Products Ltd to open Rs 600-cr IPO on August 19

Construction solutions provider Interarch Building Products Ltd on Tuesday said it has fixed a price band of Rs 850-900 per share for its Rs 600-crore initial public offering (IPO). The initial share-sale will open for public subscription on August 19 and conclude on August 21, the company announced. The IPO is a combination of a fresh issue of shares worth up to Rs 200 crore and an offer-for-sale of up to 44.47 lakh shares valued at Rs 400 crore, at the upper end of the price band, by the promoters and investor-selling shareholders. This aggregates the total issue size to Rs 600 crore. Proceeds from the fresh issue will be used for capital expenditures, system upgrades, and general corporate purposes. Half of the issue size has been reserved for qualified institutional investors, 35 per cent for retail investors and the remaining 15 per cent for non-institutional investors. Further, investors can bid for a minimum of 16 equity shares and in multiples of 16 equity shares ...

India evolving as a major manufacturing base for Kobelco Construction: CEO

Kobelco Construction Equipment India Pvt Ltd, the subsidiary of Japan-based Kobelco Construction Machinery Co, launched its SK80 Excavator under the Centre's ambitious 'Make in India' campaign. The eight-tonne category mid-segment excavator, was unveiled by company Managing Director and CEO Takemichi Hirakawa and senior officials at an event here on Wednesday. Kobelco Construction Equipment India manufactures excavators and cranes at its factory in Sri City in neighbouring Andhra Pradesh, located about 110 km from here. "We have been delivering high-quality excavators to meet the growing demands of the Indian customers for the last 17 years. We have made considerable investments of about Rs 750 million (Rs 75 crore) in the recent past and our latest product SK80 Excavator is a first major step towards indigenisation," Hirakawa said. "With over 70 per cent indigenisation, the SK80 Excavator exhibits a strong commitment of Kobelco's 'Make in India' initiative. India is evolving as a

Keystone Realtors Q1 results: PAT down 45% at Rs 26 cr on higher expenses

Keystone Realtors on Monday reported 45 per cent decline in consolidated net profit at Rs 25.82 crore for June quarter FY25 on higher expenses. The company, which sells properties under Rustomjee brand, had posted a net profit of Rs 46.97 crore for the year-ago period. Total income increased to Rs 437.20 crore during April-June period of this fiscal from Rs 282.82 crore in the corresponding period of the previous year. Total expenses, including construction spend, surged to Rs 398.16 crore from Rs 216.54 crore during the period under review. After a robust performance in 2023-24, Rustomjee Group continued its impressive performance in April-June quarter of 2024-25, recording pre-sales of Rs 611 crore, reflecting a robust 22 per cent year-on-year growth," Chairman and Managing Director Boman Irani said. In June quarter, he said the company launched two new projects with an estimated GDV (gross development value) of Rs 2,017 crore, perfectly aligned with its guidance of launching tw

Action Construction Equipment Q1 results: PAT grows 24% to Rs 84.57 cr

Action Construction Equipment Ltd on Wednesday reported a 24 per cent rise in consolidated profit after tax (PAT) at Rs 84.57 crore in the April-June quarter of this financial year, mainly on account of higher income. It had reported a PAT of Rs 67.57 crore during the April-June period of the preceding 2023-24 fiscal, the construction equipment maker said in an exchange filing. The total income also increased to Rs 761.81 crore, up 14 per cent from Rs 667.85 crore a year ago. "The company has maintained its growth momentum in the first quarter of the current fiscal year. The company has been able to deliver its best ever quarterly performance in Q1 FY25," Action Construction Equipment Executive Director Sorab Agarwal said. The company garnered a revenue of Rs 690.67 crore from the cranes, construction equipment and material handling segment, while its agri-equipment division earned a revenue of Rs 42.96 crore. Action Construction Equipment Ltd is among India's leading material ...