HCC to receive 75% arbitral award amount of appx Rs 2,000 crore within 4 to 6 weeks
Infrastructure major, Hindustan Construction Company (HCC) has received communication from NHPC Ltd and NHAI Ltd regarding arbitral award payment. NITI Ayog has given the SOP (Standard Operating Procedures) for release of payment for timely implementation. HCC has been asked to reconcile the award amount within 7 days and thereafter open escrow account and submit bank guarantees (BGs) within 30 days for recovering the amount. This communication clears the way for HCC for receiving close to Rs 2000 crore within 4 to 6 weeks. The communication came in the backdrop of the Government setting into motion the process to release 75 percent of arbitration amounts against margin free guarantee in situations where awards have been given but have been contested by the concerned authorities. Read More
Punj Lloyd Q2 FY17 net loss at Rs 226 crore
Punj Lloyd Ltd has announced the following Unaudited Standalone results for the quarter ended September 30, 2016:
The company has posted a net loss of Rs 226 crore for the quarter ended September 30, 2016 as compared to net loss of Rs 226.4 crore for the quarter ended September 30, 2015. The total income of the company has decreased from Rs 1,086.7 crore for the quarter ended September 30, 2015 to Rs 1,024 crore for the quarter ended September 30, 2016. Read More
Timken India Q2 FY17 net profit up 41%
Timken India reported 41% increase in consolidated net profit at Rs 30 crore for the quarter ended September 30. The company saw its effective tax rate decline from 34% in Q2 FY16 to 29% in Q2 FY17 which helped bottom-line. The company's net profit in the corresponding quarter of the previous fiscal year was Rs 21 crore. The total income from operations of the company during the September quarter also jumped by 7% to Rs 297 crore, over Rs 277 crore in the year-ago period. EBITDA improved by 33.7% yoy to Rs 47.54 cr while EBITDA margins expanded 317 bps yoy to 16%. This was primarily due to ~26% decline in cost of material consumed and operational efficiencies. Read More
Borosil Glass Works Q2 FY17 net profit rises 68%
Borosil Glass Works Limited (BGWL) achieved standalone revenue of Rs 119.6 crore recording a growth of 27.3% during H1FY17 over the same period in the previous year. This performance was led by a very robust growth of 39.5% in the Consumer Products Division (CPD) and a strong growth of 16.3% in the Scientific & Industrial Products Division (SIP). Earnings Before Depreciation, Interest, Tax & Amortization (EBDITA) grew by 44.4% during the period compared to H1FY16.
The company recorded improved margins as it benefited from a higher scale of operations. Operational growth was accompanied by growth in investment income. Net Profit After Tax grew from Rs 10.6 crore in H1FY16 to Rs 20.6 crore in H1FY17, a growth of 94.5%. Read More
ARSS Infra bags order worth Rs 51.4 crore in favour of JV by North Central Railway
ARSS Infrastructure Projects Ltd has informed BSE that a work order amounting to Rs 51.4 crore namely "Construction of Major Bridges (07 Nos.) and Earthwork in approaches, including protection and other ancillary works in Bina-Lalitpur Section (62.66Km) in connection with Bina-Jhansi 3rd Line Project (Zone-A)" has been awarded in favour of one of the company's Joint Venture (JV) named "ARSS-SIPS (JV)" by North Central Railway, Office of the Dy. Chief Engineer (Const.), Jhansi on November 21, 2016 copy of which was received by the Company on November 25, 2016. Read More
Cabinet approves Mumbai Urban Transport Project - Phase III
The Union Cabinet, chaired by Prime Minister Narendra Modi has approved the Mumbai Urban Transport Project Phase-III. The estimated cost of project is Rs 8,679 crore with completion cost of Rs 10,947 crore. The project is expected to be completed in the next 5 years during 13th Plan period.
Western Railway is running suburban services on the existing busy double line between Virar-Dahanu Road which is a part of main line Mumbai - Ahmedabad / Delhi route. Main line is already over saturated and there is no scope for supplementing suburban services on this line. Construction of additional double line between Virar-Dahanu Road will address the demand of commuters in this region. This will provide extension of suburban services from Churchgate to Dahanu Road.
Panvel-Karjat double line suburban corridor will cater to the significant urbanization and population growth in recent years in this area. This will also provide alternate route from Karjat to CSTM via Panvel which will be shorter by 23 Km than the existing route via Kalyan and will reduce travel time between CSTM to Karjat by 35 to 40 minutes by slow trains. Read More
AXISCADES and QuEST win engineering services contract from Airbus
Airbus has signed a strategic agreement with QuEST Globaland AXISCADES to provide a range of critical engineering services for all Airbus aircraft programmes as tier-1 suppliers. QuEST will provide services for the Wing and AXISCADES for the Fuselage. This is the second time that AXISCADES and QuEST have won an order for these engineering services through a competitive bidding process after the previous contract successfully completed its term. Both companies operate dedicated development centres in Bengaluru and over 500 engineers will be working across these centres to deliver the services. QuEST and AXISCADES emerged as top choices from among seven contenders because of the unique value cost and competency combination they were able to demonstrate for Airbus. Read More
Govt, Private Corporations and Public need to align for transformation of infrastructure in India: Ashok Agrawal of Essel Infra
InfraConclave 2017, an active forum for inclusive dialogue and engagement for all infrastructure stakeholders was announced today. The conclave seeks to deliver actionable intelligence for transformative progress and development of India’s key infrastructure. Speaking at the announcement, Rajaneesh Dasgupta, Secretary General, InfraConclave said, ‘InfraConclave is a platform to create an inclusive, purposeful dialogue with all stakeholders that results in actionable intelligence. It is not unknown that there is a huge dependency of our nation’s growth on its infrastructure. The Government of India has been laying a huge emphasis on participation of all stakeholders in nation building. With InfraConclave, our attempt is to bring diverse, but important voices from various segments of society to create actionable intelligence and support the Government in the endeavor. We are delighted that several industry leaders have shown their commitment to the effort.”
The first edition of InfraConclave 2017 will be held in March 2017 and will focus on key aspects of infrastructure, including Urban, Core, Rural and Empowering efficiencies. Few of the industry leaders who have committed to InfraConclave 2017 include Ashok Agrawal, Director & CEO, Essel Infra, Dr. Sumit D Chowdhury, Founder and CEO of GAIA, Smart Cities, Guy Perry, President, Cities and Strategies and Dev Ramchandani from Hitachi Consulting. Read More
Sadbhav Engineering Q2 FY17 net profit dips 33% YoY
Sadbhav Engineering Ltd has announced the following Unaudited Standalone results for the quarter ended September 30, 2016: The company has posted a net profit after tax of Rs 18.5 crore for the quarter ended September 30, 2016 as compared to Rs 27.8 crore for the quarter ended September 30, 2015. The total income of the company has decreased from Rs 749.7 crore for the quarter ended September 30, 2015 to Rs 616.4 crore for the quarter ended September 30, 2016. Read More