HIGHWAYS INFRASTRUCTURE TRUST
These midcap stocks with ‘strong buy’ & ‘buy’ recos can rally over 24%, according to analysts
For every one bull there is a half bear and that is probably enough to spoil the mood on the street. The “risk on trade” which was once again getting started probably will get hit for some time at least because of the fact that the circular by NSE on what stocks and mutual funds will be accepted as collateral or not will have short term impact on the liquidity matrix of the system. Keep an eye on liquidity and the market breadth in the next few weeks as that will determine what happens to mid-cap stocks in the medium term. ET screener powered by Refinitiv’s Stock Report Plus lists down quality stocks with high upside potential over the next 12 months, having an average recommendation rating of “buy” or "strong buy". This predefined screener is only available to ET Prime users.
NHAI InviT head Suresh Goyal to quit
Prior to joining NHAI InvIT, Goyal was the Head of Macquarie Infrastructure and Real Assets for South East Asia & India region. Under Goyal, Macquarie Group had won the rights to manage 648km of national highways by bidding Rs 9,682 crore in an auction National Highway Authority of India (NHAI) in 2018.
Roads, renewables and real estate investments to go up by 38% in FY’25 and FY’26 to Rs 15 lakh crore: CRISIL Ratings
In its annual Infrastructure Summit 2024, CRISIL Ratings said the surge will ride on India’s need for creation of sustainable infrastructure by adding more green power to the energy mix, improving physical connectivity through a denser road network, as well as rising demand for residential and commercial real estate, cautioning of some risks across three scetors.
Defence stocks have done it, will the infrastructure sector follow suit? 6 stocks of the highway makers
There are four sectors, Railways, Defence, Infrastructure and PSU as a set of stocks where election results were important due to the fact that policy continuity was seen as major tailwinds. Because the results were not exactly the way the street had expected, there was a sharp reaction in all these stocks after the election results. But within ten days, the majority of the defence stocks are already higher than what they were quoting on the day of elections. The question is whether other sectors also will see a catch up or not. Now there cannot be any doubt that political noise levels are going to remain high and that might create uncertainty at times. It might take a while for some of the sectors to get the momentum back on the street but probability of getting back on track is high as and when the street gets an indication that it is work as usual in the sector.
NHAI to monetise assets with Rs 15000 to Rs 20000 crore in 2024-25 through InvIT
The National Highways Infra Trust (NHIT), its infrastructure investment trust formed in October 2020, has so far garnered Rs 26,125 crore in three rounds of monetisation with the per unit net asset value at Rs 124.75 as against the launched value of Rs 101 per unit in November 2021.
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Adani Enterprises, Edelweiss Fund among 20 companies in fray for IL&FS' road assets
A mix of corporate houses, infrastructure and road construction companies, non-banking financial companies (NBFCs), and funds have shown interest in acquiring these assets either individually, in combination, or both, said a person familiar with the matter.
Infrastructure stocks: With more clarity a stronger round of re-rating in Modi 3.0? 7 infra stock with upside potential of up to 33%
Couple of months back PM Modi had mentioned his priorities of Modi 3.0. The first word which was used was infrastructure and then subsequently others. There should not be any surprise given the fact that even in the last ten years, infrastructure has been a priority. What has changed is that in the first five years, it was the clean up of the books and debt which was taking place. In the next five it was both, lowering debt, higher order book and now with books much better placed, much less litigation, now when the order book gets bigger as the focus on infrastructure continues the increase is likely to be more visible in margins and that increases the probability of even a strong and sustained rating. We take a look at infrastructure makers, which is very different from infrastructure owners. Though in some cases, these companies also have some projects where they have stakes.
Sebi allows privately placed InvITs to issue subordinate units
Capital markets regulator Sebi on Tuesday notified a framework for issuance of subordinate units by privately placed infrastructure investment trusts (InvITs).
NHAI's road assets monetisation can fetch up to Rs 60,000 cr for govt this fiscal
ICRA predicts NHAI's road asset monetization plan could yield up to Rs 60,000 crore in FY2025, part of the National Monetisation Pipeline. NHAI plans to sell 33 assets through toll-operate-transfer (TOT) and InvIT modes, totaling 2,750 km with Rs 4,931 crore annual toll collection, likely attracting various investor types.
NHAI's infra trust got $217.13 mn in FY24 from Canada Pension Plan Investment Board
Canada Pension Plan Investment Board (CPP Investments) announced investments totaling USD 217.13 million in the National Highways Infra Trust and USD 394.78 million in Interise Trust for road concessions acquisition. Additionally, they committed USD 100 million to Kedaara Capital Fund IV and USD 300 million to an India-based asset manager focusing on credit opportunities. The organization manages funds for over 22 million contributors and beneficiaries of the Canada Pension Plan, investing globally in various asset classes.
Cube Highways announces Rs 3.94 per unit dividend for Q4
Cube Highways Trust declared an annual distribution per unit (DPU) of Rs 10.09 for FY24, with plans to acquire seven road assets, including six based on NHAI's Hybrid Annuity Model for revenue stability.
REITs, InvITs mobilise Rs 1.3 lakh crore in four years: RBI data
Experts and stakeholders are of the view that with India growing at a fast pace, REITs and InvITs are emerging as alternative investment instruments, especially for high net-worth individuals.
Macquarie, Canada Pension are among bidders on India road assets
The assets, with an enterprise value of $1 billion, are part of the National Investment & Infrastructure Fund’s roads platform known as Athaang Infrastructure, they added. Athaang’s portfolio consists of five stretches of highways, including toll roads, running a combined 230 kilometers (143 miles) across India, according to the firm’s website.
India has cracked the code on drawing foreign capital: Charles Emond, CEO CDPQ
Portfolio stands at $6.7 bn in India since 2016, Canada’s 2nd largest pension fund looks to deploy $4 bn in realty, infra in as many years. India according to the investment veteran must strive to become a lower-cost producer in higher skilled industries. CDPQ CEO Charles Emond is confident that the firm will be able to maintain the investment momentum over the next 5 years, which may put India as the largest investment destination in APAC, growing "pretty fast compared to other destinations."
NHAI spends record ₹2.07 lakh cr in 2023-24, builds 6,644 km of roads
The National Highways Authority of India (NHAI) spent a record ₹2,07,000 crore on national highway construction in 2023-24, marking a 20% increase from previous years. The construction of highways reached 6,644 km, a 53% increase from the previous year. NHAI's monetization receipts reached ₹40,314 crore in FY 2023-24, 70% higher than the previous year.
MoRTH raises Rs 40,314 cr through asset monetisation in FY24
MoRTH monetises its assets under three different modes -- toll-operate-transfer (TOT) model, Infrastructure Investment Trust (InvIT) and project-based financing, in order to provide all categories of investors an opportunity to invest in assets pertaining to highways and associated infrastructure.
IRB Infrastructure Trust SPVs make payment of Rs 6,111 crs to NHAI for TOT projects
IRB Infrastructure Trust, an affiliate of IRB Infrastructure Ltd, announced on Monday that its special purpose vehicles (SPVs) have made an upfront payment of Rs 6,111 crore to the National Highways Authority of India (NHAI) for toll operate transfer (TOT) projects. This payment includes Rs 4,428 crore for TOT12 and Rs 1,683 crore for TOT13.
Fundraising via QIP hits Rs 78,000 crore in FY24 on strong market sentiment
Fuelled by improved market sentiments and robust underlying demand, fundraising by issuing shares/units to institutional investors soared to Rs 78,000 crore in 2023-24, a more than seven-fold surge year-on-year.
Larsen & Toubro buys 1.20 cr units of National Highways Infra Trust for Rs 149 cr
Larsen & Toubro acquired 1.20 crore units of National Highways Infra Trust at Rs 124.71 per unit, securing 11.02% unitholding. The trust, sponsored by NHAI, had a deal value of Rs 149.65 crore.
What is Infrastructure Investment Trust: 5 key points to know about InvIT
InvIT invests in assets that generate cash flow, such as roadways, highways and other high-value infrastructural projects.
Cube Highways plans to sell 7 road projects
Singapore-based Cube Highways & Infrastructure, an investment arm of I Squared Capital, plans to sell seven highway projects spanning 516 kilometers to monetize its road assets. The assets include one BOT asset and six hybrid annuity model assets, with a total revenue of ₹860 crore in FY23.
KKR raises $6.4 billion for Asia Pacific infrastructure fund
KKR first established its global infrastructure team and strategy in 2008 and the Firm manages approximately $56 billion in assets under management across more than 80 infrastructure investments and has a team of more than 90 dedicated infrastructure investment professionals globally.
IRB Infra shares zoom 15% on winning Rs 1720 crore arbitration award for highway project
IRB Infrastructure Developers is the sponsor of IRB Infrastructure Trust. IRB was the EPC contractor for YATL and continues to be the project manager for YATL.
IRB Infrastructure Trust wins Rs 1,720 crore arbitration award
Yedeshi Aurangabad Tollway Ltd (YATL), a special purpose vehicle of IRB Infrastructure Trust, has won an arbitration award of Rs 1,720 crore for the Yedeshi Aurangabad NH211 BOT highway project. The Arbitration Tribunal directed the National Highways Authority of India (NHAI) to pay compensation of Rs 1,720 crore, including interest, and grant an extension of 689 days to the concession period.
KKR's road InvIT to acquire 12 assets from PNC infratech
"The transaction is one of the largest acquisitions in the highways sector. Annuity nature of cashflows from the Target Portfolio would provide further stability to our existing portfolio. This investment is in line with our thesis of acquiring assets with long balance concession life generating predictable distributions for our unitholders," said Gaurav Chandna, head - strategic finance at Highway Concessions One.
Highway Infrastructure Trust inks pacts to acquire 12 road projects for Rs 9,005 cr
"We look forward to integrating these assets into our portfolio and to continue our journey of high-quality asset management backed by world class ESG standards," said Neeraj Sanghi, Chief Executive Officer, Highway Concessions One (Investment Manager to HIT). Gaurav Chandna, Head - Strategic Finance, Highway Concessions One (Investment Manager to HIT) said the transaction is one of the largest acquisitions in the highways sector.
Cube, IRB top bidders for NHAI TOT 13 & 14 auction
Cube Highways and IRB Infrastructure have been the highest bidders for 300-km road assets under the National Highways Authority of India (NHAI) auction of the 13 & 14 bundles of Toll Operate Transfer (TOT). The auction saw 11 bids from Adani Roads, NIIF, Highway Concession Trust (KKR), Cube, IRB, Prakash Asphaltings and Toll Highways (PATH), and OSE.
India may aim to monetise $24 bn worth of highways by 2027
The Indian government aims to generate revenue of around $24.1 billion by monetising highways in the coming years, according to rating agency CareEdge. The plan involves building thousands of kilometers of new roads annually and using an Infrastructure Investment Trust (InvIT) or a toll-operate-transfer (TOT) model to generate revenue from these assets.
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