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High-speed expendable aerial target 'ABHYAS' successfully completes development trials
ABHYAS, designed by DRDO, is designed for autonomous flying with the help of an auto pilot, a laptop-based Ground Control System for aircraft integration, pre-flight checks, and autonomous flight.
US automobile industry threatened by prospects of Chinese EVs entering the country through the Mexican border
The US automobile industry has been threatened by the prospects of low-cost Chinese Electric Vehicles (EVs) reaching the country through the Mexican border. The US-Mexico-Canada trade agreement provides for free movement of goods and services between the three countries. The average price of an EV manufactured in the US has been priced at $55,000 and the Chinese EVs are priced at half this rate.
Mumbai Metro 3 to be completed by end of December 2024
The first phase of Mumbai Metro 3, will run between SEEPZ (Santacruz Electronics Export Processing Zone) and Bandra Kurla Complex. The project will be completed by the end of December 2024 which was initially scheduled to be completed by September 2024.
Noida Airport faces six-month delay, likely to be completed by next year
The Noida International Airport (NIA) completion has been delayed until at least April 2025, primarily due to slow progress on the terminal building, which faces a shortage of special-grade steel. Initially set to open earlier, this delay impacts the project's timeline significantly. Over 20% of the project remains unfinished, with the terminal's façade and waterproofing still underway. Currently, 9,000 workers are on site, completing the ATC tower and finalizing the runway. The first phase costs Rs 10,056 crore.
Realty developer Supertech submits plan to UP government for completion of stuck projects
Supertech reported total dues to the bank and development authority amounting to about Rs 8,000 crore, while project receivables from launched and yet-to-be-launched projects exceed Rs 14,000 crore, indicating a positive net worth for these projects. The company is tasked with delivering approximately 15,000 homes.
As many as 458 infra projects hit by cost overrun of Rs 5.71 lakh cr in May
In May this year, 458 infrastructure projects in India, each with an investment of Rs 150 crore or more, experienced a cost overrun totaling more than Rs 5.71 lakh crore, according to an official report. The Ministry of Statistics and Programme Implementation (MoSPI), which oversees infrastructure projects worth Rs 150 crore and above, highlighted that out of 1,817 monitored projects, 458 faced cost overruns and 831 projects were delayed.
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Gauhati Medical College Hospital successfully completes its first cadaver kidney transplant
Guwahati Medical College Hospital (GMCH) has successfully completed its first cadaver kidney transplant and is also planning liver transplants. Assam’s Chief Minister Himanta Biswa Sarma announced the milestone achievement at GMCH, highlighting the importance of organ donation and the success in the IVF center.
Atal Setu cracks: MMRDA expects repair work to be completed by evening
The repair work by the Mumbai Metropolitan Region Development Authority (MMRDA) is underway on the approach road connecting Atal Setu in Maharashtra's Mumbai.. Project Head Kailash Gantra said that the repair work will be completed by this evening.
Amaravati development works will be completed in 30 months: Minister P Narayana
Andhra Pradesh Municipal Administration Minister P Narayana outlined plans to complete Amaravati's capital city development within two-and-a-half years, aiming to rank it among the world's top five capitals. Emphasizing international design collaborations, he highlighted Rs 48,000 crore in tenders issued and significant progress in infrastructure, including residential quarters
Penna buy to cut logistics costs for Adani Cements: CFO Vinod Bahety
Adani Cements uses the sea route for some transportation at Sanghi Industries and Ambuja Cements. "The plan for sea logistics will mature now, after this acquisition. You will see a much more impactful progression on sea logistics in 6-12 months time," said Vinod Bahety.
Real estate sector pushes for tax rationalisation and reduced approval cost as Modi 3.0 set to take oath
With Narendra Modi set to take oath as Prime Minister for the third time, the real estate industry has high expectations from Modi 3.0. The interim budget announced a boost for affordable housing by adding 2 crore more houses to the PMAY-U scheme. Experts emphasize the need for policy reorientation, cost reductions, and tax rationalization to accelerate growth. Industry leaders stress the need for government intervention to drive further growth, including reforms in GST and revisiting affordable housing definitions.
448 infrastructure projects hit by cost overrun of Rs 5.55 lakh crore in April
The total original cost of implementation of the 1,838 projects was Rs 27,64,246.50 crore, and their anticipated completion cost is likely to be Rs 33,19,601.84 crore, which reflects an overall cost overrun of over Rs 5,55,355.34 (20.09 per cent of original cost), the ministry's latest report for April 2024 showed.
Personalising palates on cloud nine
Cloud kitchens, or virtual kitchens, are transforming the dining industry by operating exclusively for delivery or takeout, leveraging technology to optimize efficiency and cater to modern diners' needs for convenience, variety, and personalization. India's online food delivery market, valued at ₹410.97 billion in 2021, is projected to reach ₹1,845.76 billion by 2027, growing at a CAGR of 30%. Cloud kitchens excel by using data analytics to understand customer preferences, enabling chefs to experiment with new dishes and operate cost-effectively, enhancing the overall dining experience.
India to drag Australia to WTO arbitration on services trade commitments
India has taken Australia to arbitration at the WTO over changes to services commitments, impacting trade. The new regulations aim to lower global trade costs by $125 billion.
Milk prices in India on the boil: What’s causing the hikes time and again?
Following India's completion of the monumental 18th Lok Sabha elections, a surge in prices emerged notably in milk and tolls. The nation's top two milk cooperatives, Amul and Mother Dairy, have announced a Rs 2 increase in their milk prices, effective June 3. Consequently, the full cream variants of Mother Dairy and Amul, previously priced at Rs 66 per litre in 2023, will now be priced at Rs 68 per litre.
Financials, capital goods likely to lead; expect rotation in defence, railway names: Gurmeet Chadha
There is indeed a shortage, and discounts have virtually disappeared, not just for air conditioners but also for refrigerators and air coolers. Companies like Voltas performed well initially, but their recent results, especially in the EMPS space, were disappointing.
Infrastructure cost overruns hit a 12-month high
Cost overruns and delays continued to afflict central government projects in April with experts citing the general election as a key reason for the current slowdown in infrastructure activity. The ratio of cost overruns in central government projects hit a 12-month high of 20.09% in April, rising from 18.65% in the previous month, government data showed on Tuesday.
Cost overruns in central government projects rise to a 12-month high in April
The Indian government's cost overruns in central government projects reached a 12-month high of 20.09% in April, with 1,838 projects with a value of Rs 150 crore and above costing Rs 33.2 lakh crore. The average time for project completion dipped to 35.4 months from 36.04 in March, with 48% of projects delayed for over two years. The government's focus on infrastructure is expected to continue as a growth driver in the coming year.
Credit costs expected to increase if RBI’s proposed norms for projects under construction implemented
There is a possibility that the implementation of this framework will overlap with the expected credit loss (ECL) framework that is required by RBI. The ECL framework requires banks to recognise losses on loans as soon as they are expected to occur, even if the borrower hasn’t actually defaulted.
Want to buy split AC; which one should you go for inverter, or old style? Here's how they differ in overall cost and experience
Split AC: This summer which type of AC to buy? Inverter or old style split AC. Know how much money you need to spend on running it, repairing it, and others. However you will not be able to find any 5 star old style split AC anymore as the market is now dominated by inverter ACs.
Be selective in FMCG stocks, in infrastructure, wait for dips: Gurmeet Chadha
Gurmeet Chadha says one of the main issues with most EPC construction names is the working capital cycle and margins because the projects are long gestation, you do not know what commodity prices would behave and people have some memories of 2003 to 2008 when there was euphoria and followed by a 10-year hiatus.
Valuations of large private banks oblivious to improved earnings outlook: Santanu Chakrabarti, BNP Paribas
Analyst Santanu Chakrabarti from BNP Paribas highlights undervaluation in large private banks despite positive surprises. Despite a strong FY24, largecap private bank stock price performances were mostly muted. The FY26 look-through on earnings growth is expected to be rosier. HDFC Bank is recommended with a target price of Rs 2,470.
IPL insurance claims hit Rs 150 crore
This year, the tournament took Rs 10,000 crore insurance cover from New India Insurance, National Insurance, and United Insurance, insuring against revenue losses from events like rain cancellations. Matches between Gujarat Titans and Kolkata Knight Riders, Rajasthan Royals and KKR, and Sunrisers Hyderabad and Gujarat Titans, were affected due to rains.
Indian Oil completes Mercator acquisition
Indian Oil Corp Ltd (IOCL), India's largest oil marketing company, has successfully completed a Rs 148 crore acquisition of oil and gas company Mercator Petroleum through the insolvency and bankruptcy code (IBC). The deal, finalized on Tuesday, involved transferring the amount to lead lender Bank of Baroda (BoB). The Rs 148 crore transaction represents approximately a 31% recovery for the total admitted dues of Rs 482 crore.
MoSPI says 449 infra projects hit by cost overrun of Rs 5.01 lakh cr in March
The total original cost of these projects was Rs 26,87,535.69 crore, but their anticipated completion cost is expected to be Rs 31,88,859.02 crore, representing an 18.65% increase. The report noted that out of 1,873 projects, 779 were delayed, with reasons including land acquisition delays, environmental clearances, and infrastructure support issues
Govt completed 281 central infra projects in FY24: MoSPI data
The ratio of cost overruns also rose to a three-month high of 18.65% compared with 18.19% in the previous month, as the anticipated cost of 1,873 projects at Rs 31.9 lakh crore was Rs 5 lakh crore higher than the original cost.
No harm in taking some money off the table in power finance companies, PSU banks: Gurmeet Chadha
Gurmeet Chadha suggests investments in tier II banks, good NBFCs like Poonawalla UGRO. He discusses impacts on stocks like PFC, REC, IREDA due to RBI norms. Chadha also mentions the excitement around Aadhar IPO and counter cyclical investments in various sectors.
What is causing consolidation every time the market is moving higher? Gurmeet Chadha answers
Chadha notes caution pre-election due to US yields, advises good earnings as hedge. Impressed by Britannia, Tata Consumer, Axis, ICICI banks. Favors ICICI, Axis, HDFC, Kotak for growth potential and asset quality in banking sector.
Bullet Train: Completion date depends on award of all tenders, says Railways in RTI reply
The Indian Railways is unable to determine the completion date for the Mumbai-Ahmedabad High Speed Rail Project (MAHSRP) due to the lack of awarding of work tenders. The National High Speed Rail Corporation Limited (NHSRCL) has stated that the completion date can be assessed after all tenders have been awarded. The project, launched in 2017, was initially scheduled to be ready by December 2023 but was delayed due to land acquisition issues and Covid-19.
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