Western Carriers India Ltd (WCIL), a Kolkata-based logistics firm, has secured a material handling order worth Rs 139 crore from Vedanta Ltd, the company said on Wednesday. The order entails an import, finished goods domestic and export material handling contract at Vedanta's Jharsuguda plant for a duration of four years, WCIL said in a statement. "The order strengthens our relationship with Vedanta. This order opens avenues for future projects within the mining and mineral sector," CEO of WCIL Kanishka Sethia said. As of March 31, 2024, WCIL reported sales of Rs 1,685 crore, a nearly 3 per cent increase from the previous year. The company's net profit stood at Rs 80.35 crore, translating to a 12-per cent on-year growth. In September, the company, founded in 1972, raised Rs 492 crore via its maiden IPO at a price of Rs 172 per share. At 3.16 pm, the stock was trading at Rs 122 per share on the NSE.
Commerce Minister Piyush Goyal announces purchase of second-hand vessels
Hong Kong-based Cathay Cargo is looking to expand in India and wants its freighter planes to be allowed to "co-terminate" while flying between multiple destinations within the country under the open sky framework, a senior company official said. Under the open sky policy, the Indian government allows several foreign cargo carriers to operate from all international airports so as to fast-track movement of goods, especially to push exports of perishable items. "Open sky policy is positive for India," said Tom Owen, Director, Cargo, Cathay Cargo. "...What we (would) also like to see in addition to that is the ability to co-terminate our flights. We like to fly into Delhi and then fly to Kolkata and then fly back to Hong Kong. So we can pick up on two places," Owen told PTI in an interview. He said the company is upbeat on India's economic growth and "we are very keen to grow more in India". Cathay Cargo can "redeploy the capacity to help the country respond to the needs of the market
Both of Canada's major freight railroads have come to a full stop because of a contract dispute with their workers, and businesses fear widespread harm if the trains don't resume running quickly. Canadian National and CPKC railroads both locked out their employees after the deadline of 12:01 a.m. Eastern Thursday passed without new agreements with the Teamsters Canada Rail Conference that represents some 10,000 engineers, conductors and dispatchers. More than 30,000 commuters in Vancouver, Toronto and Montreal will be scrambling to find a new way into work because their trains won't be able to operate over CPKC's tracks while the railroad is shut down. Business groups had urged the government to intervene, but Prime Minister Justin Trudeau has declined to force both sides into arbitration yet. CN said it made one final offer that it was waiting on a response for. CPKC spokesperson Patrick Waldron said the union rejected its last offer that CEO Keith Creel made at the table in perso
Canadian National Railway Co and Canadian Pacific Kansas City have said their rail networks south of border will continue to operate, but industry groups fear work stop would have far-reaching effects
Senior officials from different ministries and exporters are expected to hold discussions on March 8 here on issues being faced by exporters due to the Red Sea crisis, an official said. The official said this would be the third meeting on the issue. Since November, Yemen-based Houthi rebels have targeted ships in the Red Sea and surrounding waters over the Israel-Hamas war. In December, the situation around the Bab-el-Mandeb Strait, a crucial shipping route for traders connecting the Red Sea and the Mediterranean Sea to the Indian Ocean, escalated due to these attacks. Because of this, the shipping costs have jumped and consignments are taking more time to reach Europe and the US as the ships are taking the Cape of Good Hope route, encircling Africa. Longer routes are resulting in delays of about 14-20 days and also higher freight and insurance costs. Representatives from ministries including finance, shipping and external affairs are expected to attend the meeting on March 8. An
Ocean freight 10% costlier, shippers brace for further setback
Indian Railways on Wednesday said it hauled 887.25 metric tonnes of freight between April and October this year, an increase of 31.61 MT over the same period last year. According to an official statement, the national transporter earned Rs 95,929.30 crore freight revenue during the period as against Rs 92,345.27 crore in the same period last year, an improvement of approximately Rs 3,584.03 crore. During the month of October, an originating freight loading of 129.03 MT has been achieved as against 118.95 MT in October last year, an improvement of approximately 8.47 per cent. Freight revenue of Rs 14,231.05 crore was earned in October this year as against Rs 13,353.81 crore last year, an improvement of about 6.57 per cent, it stated.
Prime Minister Narendra Modi on Monday dedicated to the nation the 77-km New Bhandu-New Sanand section of the Western Dedicated Freight Corridor that will help speed up the transport of goods from ports and manufacturing hubs in the region. Sixty goods trains that earlier used the passenger rail routes on this section have been shifted to the freight corridor, leading to faster movement of passenger trains. "The travel time of Ahmedabad-Delhi Rajdhani Express has been reduced by nearly one hour," a senior Dedicated Freight Corridor Corporation of India Ltd (DFCCIL) said. The new section of DFC has enhanced connectivity with major ports in Gujarat like Pipavav, Porbandar, Jamnagar with Eastern and Northern India for faster movement of Exim traffic and reduced transit time. It has also boosted connectivity to freight terminals of Viramgam, Jakhwada, Detroj, Linch and freight loading centers in the Jamnagar area, a senior official said. There are 19 major bridges, 105 minor bridges,
The Panama Canal Authority has warned that water restrictions may continue into 2024, making it important for shipowners to create a contingency plan that does not further disrupt global supply chain
Indian Railways has undertaken a mega-infrastructure project namely the Dedicated Freight Corridor (DFC), comprising Western Dedicated Freight Corridor (WDFC- from Dadri to Jawaharlal Nehru Port Trust 1506 Km) and Eastern Dedicated Freight Corridor(EDFC- from Ludhiana to Sonnagar-1337 Km) covering 2843 route Km in totality.This information was given by the Minister of Railways, Communications and Electronic & Information Technology, Shri Ashwini Vaishnaw in a written reply to a question in Lok Sabha.A total route length of 1610 Km (799 Km of EDFC and 811 Km of WDFC) has been completed out of total 2843 Km till October, 2022.In this regard, a pilot project for 'JPP' has been launched on 31.03.2022, by attaching a Parcel Van in Tapti Ganga Express (19045/46) between Surat and Varanasi.Joint Parcel Product (JPP) has been launched by Indian Railways in collaboration with India Post which aims to target business-to-customer (B2C) and business-to-business (B2B) markets focusing on ...
The Centre, in this fiscal year's Union budget, had laid out a target to roll out 400 Vande Bharat trains by the end of 2024-25
Previous government had banned earthwork for project, following an order by Pune Bench of NGT
For the April-June quarter (Q1FY23), GE Shipping reported a jump of 142 per cent in consolidated net profit at Rs 457 crore as against Rs 189 crore in Q4FY22.
Analysts, which expect improvement in the second half, are currently bearish on the stock
The transporter has recorded 11 per cent increase in cumulative freight loading this financial year
NFR loaded 0.910 MT during the month of June, 2022. This is an increase of 7.9 per cent as compared to the corresponding period of last year, a spokesperson said on Monday
Indian importer is liable to pay IGST on the 'composite supply' in a CIF contract, a separate levy for the supply of services' by the shipping line would be in violation of ... the CGST Act: SC
Other indicators show strengthening revival
The power generation recovered sharply week on week basis as a lull in monsoon rains raised temperatures across the country