TRANSPORTATION INFRASTRUCTURE PROJECTS
UAE names street after Indian-origin doctor for his 60-year contribution to healthcare
A street in Abu Dhabi has been named in honour of Dr George Matthew, a UAE citizen of Indian origin, in recognition of his remarkable contributions to the emirate's healthcare sector over nearly 60 years, as reported by Khaleej Times. Dr Matthew, now 84 years old, first arrived in the UAE in 1967 as a 26-year-old, long before the country's unification.
Is the entire stock market expensive? Dr Vikas Gupta shares 3 low-PE sectoral ideas
The Government's focus during the initial phase of Amrit Kaal is primarily on creating infrastructure to reduce logistics costs from 14% to 8%. This long-term goal, expected to span over a decade, hinges on developing Railway Infrastructure and integrating it with other transport modes through multimodal logistics hubs.
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.
Nitin Gadkari to hold meet on stalled highway projects
Road Transport and Highways Minister Nitin Gadkari is set to convene a comprehensive review meeting with top officials from various ministries and contractors this month to address the high number of stalled highway projects. The primary objective is to resolve inter-ministerial issues and expedite project implementation. These efforts aim to curb escalating costs and time overruns by establishing new milestones, revising cost estimates, and outlining updated commissioning schedules for affected projects.
Relief in sight for Bengaluru's traffic nightmare with greenfield corridor set for ahead of schedule December launch
Union Minister Nitin Gadkari announced the inauguration of the STRR and Greenfield Corridor in Bengaluru. The Rs 17,000 crore STRR, started in 2022, will ease traffic and connect areas. The Rs 17,930 crore Greenfield Corridor, to be inaugurated by PM Modi, will cut travel time. Karnataka has received Rs 3.5 lakh crore for road work in a decade. Gadkari, at the Karnataka BJP special state executive meeting, expressed concerns about environmental clearances and urged the state to expedite approvals for Rs 2 lakh crore road projects.
Highway contracts stuck for a right scheme
NHAI struggles to meet expressway construction targets amid investment constraints in India's road infrastructure development.
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Infra cos step up hiring betting on govt focus on sector
India's infrastructure sector is hiring millions in unskilled, semi-skilled, and skilled labor segments, with expectations that the new government will continue investing in infrastructure development, including highways, roads, and airports. An estimated 9.8 million jobs are expected to be created in FY25, driven by strategic investments and ambitious plans for transportation and logistics development.
MMRDA inks Rs 850-crore urban infra financing pact with German development bank KfW
The funds procured from KfW and MMRDA's resources will be primarily allocated towards various sustainable development projects within and around the Mumbai Metropolitan Region. These initiatives include the development of green corridors, solid waste management systems, recycling and reuse facilities, and the promotion of renewable energy solutions to address environmental concerns and enhancing the quality of life for residents in the bustling metropolitan area.
Megha Engineering emerges lowest bidder for Rs 12,800 cr nuclear power project
Megha Engineering & Infrastructures Ltd has been the lowest bidder for a Rs 12,800 crore engineering, procurement and construction (EPC) contract from the state-owned Nuclear Power Corporation of India. The company, which is the second-biggest buyer of electoral bonds and faces corruption allegations, submitted the lowest bid of Rs 12,799.92 crore.
Mumbai's first underground metro to launch in July; All you need know about it
Mumbai's first underground metro line, launching in July, will span 33.5 km and include 27 stations, primarily underground. The Delhi Metro Rail Corporation (DMRC) will manage operations. The metro will operate from 6:30 am to 11:00 pm, with trains every few minutes, reaching speeds of 90 km per hour. This project, covering a total of 56 km, aims to significantly reduce the city's traffic congestion. The second phase is anticipated to complete within eight months.
PM GatiShakti: 3 infra projects worth Rs 6,000 cr evaluated
The MoR project pertains to Gudur-Renigunta Third Rail Line in Andhra Pradesh for the construction of a third rail line between Gudur and Renigunta stations in Andhra Pradesh’s Tirupati district involves an 83.17 km line aimed at enhancing the capacity of the existing double line.
DPIIT reviews infrastructure projects of Railways, MoRTH and MoHUA to boost Gati Shakti plan
The 72nd meeting of the Network Planning Group in New Delhi evaluated major infrastructure projects under the PM Gati Shakti National Master Plan for multi-modal connectivity, involving ministries like MoRTH, MoR, and MoHUA.
Bengaluru Metro's Yellow line gets a boost: Titagarh rail systems to deliver first trainset in August
Titagarh Rail Systems Limited has started producing trainsets for the Bangalore Metro Rail Corporation Limited's Phase 2 Yellow Line project, a contract with China Railway Rolling Stock Corporation. The first trainset is scheduled for delivery in August 2024. The contract, initially signed in December 2019, faced delays and CRRC sought additional time for delivery.
Breakthrough achieved of longest tunnel on Panvel-Karjat suburban rail line: MRVC
The Mumbai Railway Vikas Corporation achieved a breakthrough in the construction of the Panvel-Karjat suburban railway line by successfully completing the longest tunnel, the 2,265-meter-long Wavarle tunnel. Excavation for this tunnel began last year and was completed using the New Austrian Tunnelling Method. The tunnel will feature advanced safety and ventilation systems, making it the first ballastless track in the Mumbai suburban network. Despite challenges like fractured rock masses and water seepage, the project maintained a high excavation rate. This achievement marks a significant milestone in improving connectivity and transportation efficiency in the Mumbai suburban region.
India to increase road toll charges from Monday
India will hike road toll charges across the country by 3-5% from Monday, officials said, after putting the annual increase on hold in April due to the country's general elections. Toll charges in India are revised annually in line with inflation, and highway operators have announced hikes of 3% to 5% at nearly 1,100 toll plazas starting Monday.
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.
Road Ministry against hike in project lending rates, bats for status quo
"RBI, as a regulator, will have to create that balance to ensure financial viability of road projects does not take a hit," an official said. The central bank earlier this month proposed tighter norms, requiring lenders to allocate 5% of the project loan amount as general provisions during the construction phase, up from 0.4% provisions now.
Ind-Ra expects stable operating performance for most infrastructural projects in FY25
India Ratings and Research (Ind-Ra) anticipates stable operating performance for infrastructure projects this financial year, maintaining a stable outlook for the sector, especially in transportation. It assigned a positive outlook for airports, indicating potential rating upgrades. Ind-Ra expects the power sector's installed capacity to reach 476 GW by FY25. Toll roads may see a growth moderation, and ports are projected to grow at 6-7%.
India eyes more Chabahar-like pacts: Ports Minister Sarbananda Sonowal
Sarbananda Sonowal, Union Minister of Ports, Shipping, and Waterways, stated that India aims to replicate the Chabahar port model in other strategic locations in the region to acquire additional assets. In an interview with ET, he emphasized that India is actively investigating opportunities to bolster its maritime presence and trade connectivity.
NHAI receives 164 insurance surety bonds as guarantee for road projects
In a workshop organized on Wednesday on the implementation of insurance surety bonds (ISB) for NHAI contracts, NHAI said out of the 164 ISBs received, 20 bonds are for performance security and 144 bonds are for bid security. It is estimated that around 700 insurance surety bonds valued at around Rs 3,000 crore have been issued by different insurance companies so far.
PM Gati Shakti to aid in expanding social security
To begin with, the ministry has geotagged 1.3 million establishments covered under the Employees' Provident Fund Organisation (EPFO), about 1.5 million under the Employees' State Insurance Corporation (ESIC) and 104 ESIC hospitals for assessing the current social security coverage and planning future expansion.
Tesla's EV charging team layoffs threaten to slow Biden's program to electrify highways
Elon Musk's Tesla charging team changes jeopardize fast-charging station deployment, influencing Biden's U.S. highway electrification. NEVI program, with $5 billion funding, encounters delays. Various key players like EVgo and ChargePoint brace for potential opportunities amidst Tesla's alterations.
What's the new RBI proposal giving cold sweats to lenders?
The Reserve Bank of India (RBI) has proposed stringent new rules for project finance, aiming to minimize risks associated with long-gestation infrastructure projects. These regulations include higher provisioning during construction phases and classification of delayed projects as non-performing assets. However, banks and NBFCs fear these rules may hinder project viability and impede India's capital expenditure momentum.
Water crisis a signal for Bengaluru to step up infra game, says ex-IIMB faculty Rajeev Gowda, contesting Bengaluru North for Congress
Gowda (60), son of former Assembly Speaker MV Venkatappa, will be facing off against BJP MP & Union MoS Shobha Karandlaje in a high-stakes battle in the 33 lakh-voters strong constituency on Friday. Entering the electoral fray for the first time, he is also the vice-chairman of the State Institute for Transformation of Karnataka (SITK), the state-own version of Niti Aayog, and has worked on metro-feeder buses in the city.
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.
Road ministry issues SOP for digitising sanction of projects across India
The ministry of road transport and highways has made it mandatory to sanction all road projects digitally by NHAI, BRO, NHIDCL and state governments with effect from April 1, 2024. This, it says, will help in a paperless, informative, transparent and accountable sanction process.
Shipping Ministry approves Rs 645 crores for 10 new waterways projects on Brahmaputra in Assam
From the construction of slipways at strategic locations such as Maya Ghat in Dhubri district and Majuli district to the establishment of passenger terminals at Ghagor in North Lakhimpur district and Bahari in Barpeta district, each proposal is meticulously designed to enhance connectivity and facilitate seamless transportation across the region.
Road ministry sanctions Rs 1,385.60 cr for 295 road development projects
As per another statement, the Ministry of Road Transport and Highways (MoRTH) has also sanctioned Rs 850 crore for the widening and strengthening of 31 state road projects, encompassing a total length of 435.29 Km in Telangana.
Network Planning Group evaluates key infrastructure projects including Multi Modal Logistics Park in Maharashtra
The 67th NPG meeting assessed projects from MoRTH and MoR, including a Multi Modal Logistics Park in Maharashtra and a Broad Gauge line connecting Assam and Arunachal Pradesh. The meeting aimed to promote comprehensive regional socio-economic advancement in alignment with PM GatiShakti principles.
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