Page 3 - Construction Sector

Construction ban: Credai asks members to take anti-pollution measures

Amid a ban on non-essential construction in Delhi-NCR due to pollution, real estate developers' body Naredco on Friday extended support to the government but flagged concerns over delay in completing projects while builders' association Credai asked members to take anti-pollution measures at sites. Naredco National President G Hari Babu said pollution concerns everyone and conscious corporate, real estate developers are actively taking measures to curb the menace. The fraternity is with the government in fighting this menace, he said. "But we should understand that stopping construction for one month delays the project by at least three months. Besides, it also impacts livelihood. Since the sector is one of the largest employers of unskilled labour in the country, the ramifications are huge," Babu said in a statement. "Further, the developers also have obligations to financial institutions and to its customers for timely delivery, which, in case of delay leads to extra monetary bur

Escorts Kubota Q2 results: Net profit rises two-fold to Rs 223 crore

Farm and construction equipment manufacturer Escorts Kubota on Friday said its consolidated net profit rose over two-fold to Rs 223 crore for the second quarter ended September, driven by brisk sales in the construction and railway equipment segments. The company had reported a net profit of Rs 99 crore in the July-September period of the last fiscal. The total income increased to Rs 2,154 crore in the second quarter of the current fiscal from Rs 1,969 crore in the year-ago period, Escorts Kubota said in a regulatory filing. The company said tractor sales declined to 22,024 units in the second quarter as against 23,703 units in the corresponding period last year. On the other hand, construction equipment volume went up 72 per cent to 1,577 units in the September quarter as compared to 917 units in the corresponding period last year. The company's revenue from railway equipment rose 29 per cent to Rs 234 crore as against Rs 182 crore in the corresponding period last year. Shares o

Construction equipment sector revenue likely to grow 14-15% in FY24: CRISIL

The revenue for the domestic construction equipment sector is expected to grow by 1415 per cent in FY24 on the back of the government's focus on infrastructure, Crisil Ratings said on Friday. Construction activity across the real estate and mining sectors will also play a supportive role, it said. "Revenue for the domestic construction equipment sector is likely to grow 1415 per cent this fiscal on a high base of 29 per cent in the previous fiscal. This will be driven by continued government focus on infrastructure build-out, especially roads, metros, and railways, including projects under the National Infrastructure Pipeline (NIP)," the agency said in a statement. The increased pace of road construction, which accounts for 40 per cent of the demand for construction equipment, augurs well for the sector's growth. Manufacturers are also witnessing robust demand from the real estate and mining sectors, as well as from contractors of bridge, airport, and metro corridor, said Poonam ..

ITC Hotels signs management agreement for Welcomhotel Kalimpong in WB

ITC Hotels on Thursday announced that it has signed a management agreement with a construction company for Welcomhotel Kalimpong resort in West Bengal. The 70-key greenfield project will spread over four acres of land and will offer plush rooms with views of the Himalayas and the valley, a company statement said. The company announced the signing of Welcomhotel Kalimpong resort under a management agreement with Pravez Constructions Private Ltd. "With the upcoming property of Welcomhotel Kalimpong, the group will have a strong presence across West Bengal with eight hotels across various segments," ITC Hotels Divisional Chief Executive Anil Chadha said. He also said the 'Welcomhotel' brand trajectory is "growing fast across both business and leisure locations". The upcoming facility in north Bengal will have an all-day dining restaurant, a lounge and a bar among other facilities. The group portfolio currently showcases 25 Welcomhotels across India with more in the pipeline, the com

Stalled project: Buyer can pause payments

The National Commission said instalments are linked to the progress of construction. The question of raising any demand didn't arise when there was no progress in construction

NHAI seeks industry views amid slow surety bond insurance products growth

Insurers also lack the diverse recovery avenues that banks have, contributing to their hesitation in adopting these insurance products

India's booming construction sector could add 30 mn jobs by 2030: Report

Improving business sentiment and conducive policy measures have boosted domestic and global investor interest in construction, India's second largest employer after farming

India's construction sector likely to see 100 mn jobs by 2030: Knight Frank

According to a new report, the real estate output is likely to touch $1 trillion by 2030

90% in construction sector favour decarbonisation practices: KPMG report

84% of the respondents said they were optimistic about the direction of the construction market in India

L&T extends gains, up 3% in three days on securing orders worth Rs 9,500 cr

The hydrocarbon business of L&T on Tuesday has secured major (ranging from Rs 5,000 crore to Rs 7,000 crore) contracts for multiple offshore packages from a prestigious overseas client.

Construction & infra firms among biggest wealth destroyers in past 20 years

They first reported a surge in stock prices and then all went downhill

E&C sector on solid ground; FY24 likely to see outperformance

Despite outperformance, sector stocks have a potential upside of 15-25% in the next 12 months

Five builders booked in Thane due to MahaRERA norm irregularities

Five builders were booked for alleged irregularities to obtain MahaRERA registration for their projects in Kalyan Dombivali in Maharashtra's Thane district, a police official said on Thursday. They are accused of forging documents and submitting bogus ones to obtain permission from MahaRERA and local bodies, the Khadakpada police station official said. "The five were booked on Wednesday for forgery and other offences. This takes the total number of developers booked to 70. Earlier, 65 developers were booked for similar offences by Manpada and Ram Nagar police," he said.

Lodged 6,900 consumer complaints, disposed of 9,300 in 2022: UP RERA

The Uttar Pradesh Real Estate Regulatory Authority (RERA) on Thursday said it disposed of roughly 9,300 consumer complaints in 2022, on an average 25 cases daily. The UP RERA was established in 2017 to regulate the fast-growing real estate sector, bring transparency, protect the interest of homebuyers and ensure speedy resolutions of disputes of consumers and builders. In a statement, the UP RERA said it lodged approximately 6,900 complaints in 2022 and disposed of almost 9,300 complaints of aggrieved allottees. "Maximum complaints had been registered in the month of March 2022 - 695. In the month of December 2022 only 320 complaints have been registered, the lowest in 2022," it added. The authority said it has received approximately 47,000 consumer complaints, which is about 38 per cent of the total complaints filed across the country. Functioning with three members, one secretary and one chairman, the UP RERA said it has disposed of more than 42,000 complaints, which is about 41

Vizhinjam protest against Adani port called off after 138 days

Govt has already told agitators that construction work won't be stopped, but is said to have accepted all their demands

Listed real estate majors home in on market-share gains, price hikes

The sector has been able to offset interest rates, input cost pressures

Sonear Industries to set up 2 units in Haryana, UP for about Rs 150 cr

Company that provides interior design solutions entering laminated boards business

Construction tech key for India to achieve zero emissions by 2070: H S Puri

The minister notes that the built environment generates significant carbon emissions accounting for almost 39% of gross carbon emissions worldwide

Price hikes may not stall cement companies' profit dip: CareEdge

Operating profit margins likely to contract by 320-380 basis points to 16.3-16.8 per cent in FY23, says CareEdge Ratings, as input cost pressures remain

Keystone Realtors shares climb over 3% in stock market debut trade

Shares of Keystone Realtors, which sells properties under brand 'Rustomjee', ended over 3 per cent higher in its debut trade on Thursday against the issue price of Rs 541. The stock listed at Rs 555, reflecting a gain of 2.58 per cent from the issue price on the BSE. It further rallied 5 per cent to Rs 568.25. Shares of the firm ended at Rs 557.80 apiece, higher by 3.10 per cent. At the NSE also, it made its debut at Rs 555. It later ended at Rs 556.80, a gain of 2.92 per cent. The company commanded a market valuation of Rs 6,352.08 crore on the BSE. In volume terms, 4.16 lakh shares of the firm were traded at the BSE and over 58.63 lakh shares on the NSE during the day. The initial public offering of Keystone Realtors received 2 times subscription on the last day of the offer on November 16. The IPO had a fresh issue of up to Rs 560 crore and an offer-for-sale of up to Rs 75 crore. Price range for the IPO was at Rs 514-541 a share. Founded in 1995, Keystone Realtors has 32 com