Reliance Industrial Infra Q4 net profit at Rs.2.8 crore
During the year ended March 31, 2016, Reliance Industrial Infrastructure Ltd. achieved Total Revenue of Rs.10,089 lakh, an increase of 0.95% as compared to Rs.9,994 lakh achieved in the previous year. The increase was primarily on account of increase in Income from Product Transportation through Pipeline and increase in Other Income. Net Profit during the year ended March 31, 2016 Rs.1,536 lakh as compared to Rs. 2,207 lakh on Y-o-Y basis.
Infrastructure: Order books swell, a rewarding quarter perhaps
The quarter brought in good news to infrastructure developers as the government reiterated the fact that infrastructure development remains on top of its agenda. The infrastructure sector as a whole will enjoy higher budget allocation of funds in FY17, pegged at Rs2.21 lakh cr as against Rs.1.8 lakh cr in FY16. The total outlay for roads and highways is Rs.97,000 cr while that for ports is Rs.800 cr.
The quarter was rewarding to most infrastructure developers as their order books swelled. Some notable awards during the quarter were: i) IL&FS Transportation Networks Ltd (ITNL), in a JV with its wholly owned subsidiary Elsamex SA, received the Letter of Award from Ethiopian Roads Authority, for construction and maintenance of two road projects with an contract value of ~Rs.1,525cr ii) PNC Infratech bagged an EPC project in UP for a contract price of ~Rs.1,156 cr iii) Sadbhav Infrastructure Projects Limited emerged as the lowest bidder for two projects awarded in the Hybrid Annuity Mode with an aggregate length of ~93km. NHAI’s contribution towards both projects would aggregate to ~Rs.1,187 cr.
Sanghvi Forging & Engineering bags order worth Rs.12 crore
Sanghvi Forging & Engineering Ltd has announced that the company has bagged an order worth Rs. 12 crore.Notably, fresh orders have come in from the oil and gas and power sectors.
Asset sale in infra space to gather momentum: GM Rao
The country’s infrastructure sector will see better days as the pace of asset sale increases, helping companies to slash debt, and investments into the sector pick up, according to GM Rao, Chairman of the GMR group.
Speaking at a meeting hosted by the Hyderabad Management Association in hyderabad, Rao said, “It will take about two years for the debt burdened infra companies to get back to their growth phase again.”Read more
RBI bars additional FII stake purchase in JKumar Infra Projects
The Reserve Bank of India has today notified that the foreign shareholding through Foreign Institutional Investors (FIIs)/Registered Foreign Portfolios Investors (RFPIs) in JKumar Infra Projects Ltd. has crossed the permissible limit. Therefore, no further purchase of shares of this company would be allowed through stock exchanges in India on behalf of FII/RFPIs.
GMR led Delhi International Airport enhances capacity of India’s 1st Solar Power Plant
Delhi International Airport (P) Limited (DIAL), a GMR led Consortium today announced that it has enhanced the solar power generating capacity at the Indira Gandhi International Airport (IGIA), New Delhi. DIAL in 2014 had set up India’s first solar power plant at the IGI Airport that becomes the 1st airport in the world to be registered under Clean Development Mechanism of UNFCCC.
Keeping in view the growing concerns about climate change, and rising need for green energy sources, DIAL has expanded the current capacity of solar power generation at the IGI Airport from 2.14 MW to 7.84 MW thus making the airport largely dependent on green energy.Read more
MEP Infra: Chennai Subsidiary enters into concession agreement with NHAI
MEP Infrastructure Developers Ltd has announced that one of the Company's Subsidiary viz MEP Chennai Bypass Toll Road Private Limited had entered into the concession agreement with National Highways Authority of India ("NHAI") on January 14, 2013 for Operation and Maintenance of Chennai Bypass section from Km 0.00 to Km 32.600 in the State of Tamil Nadu on OMT basis -OMT package No NHAI/OMT/ Pkg 15/2011. The Commercial Operation Date (COD) for the Project was achieved on May 14, 2013.
Gayatri Projects bags new order worth Rs. 340 Crore
Gayatri Projects Ltd has secured a Rs. 340 crore contract for the four laning of a highway from Dimapur to Kohitna in the North-east state of Nagaland from the National Highways and Infrastructure Development Corporation Ltd (NHIDCL) and the Ministry of Road Transport and Highways (MoRTH).
Ashoka Buildcon: I-T raids at Company's premises
With reference to the earlier announcement dated April 06, 2016, Ashoka Buildcon has announced that the Income Tax authorities have carried out Search and seizure proceedings at the premises of the Company and certain officials under Section 132 of the Income Tax Act, 1961 from April 05, 2016 to April 09, 2016. The Company has extended its full co-operation and provided all the requisite information to the Income Tax authorities.
India plans to boost infrastructure spending is good news for Europe's cement makers: Moody's
European cement manufacturers with a presence in India are likely to benefit if the Indian government's plans to ramp up infrastructure spending come to fruition in the next 12-18 months, says Moody's Investors Service today in a new report. India's 2016 Union Budget, announced on 29 February, contained plans to hike public infrastructure spending, especially on roads, which could revive stagnant cement demand in the country.
"Planned infrastructure spending will revive sluggish demand in the Indian cement market and could significantly benefit European players in the sector, though any benefits rely on the projects being effectively and timely executed," says Falk Frey, a Moody's Senior Vice President and author of the report.