PCMC raises ₹ 200 crore through green bond
The Pimpri Chinchwad Municipal Corporation (PCMC) has raised ₹ 200 crore through a green municipal bond. This is the first Green Municipal Bond floated by a civic body, which received an overwhelming response from investors, the officials said on Wednesday.
According to the officials, the issue floated on the BSE's Electronic Bidding Platform via private placement attracted bids worth ₹ 513 crore, oversubscribing the offer by 5.13 times. The base issue of ₹100 crore was fully subscribed within one minute of the issue opening, reflecting robust investor confidence, said the officials in a statement issued on Tuesday.
Offered at a competitive coupon rate of 7.85%, the bonds are rated 'AA+' by CRISIL Ratings and CARE Ratings, with a tenure of five years. The structured repayment mechanism is secured through an escrow of Property Tax collections, ensuring timely servicing of interest and principal payments, they said.
As per officials, this is also India's first Municipal Green Bond issued exclusively for a sustainable mobility project. These funds will accelerate the green infrastructure journey, supporting key projects like the Harit Setu in Nigdi Pradhikaran and the redevelopment of Telco Road from Gawali Matha to Indrayani Nagar Chowk — both contributing to PCMC's commitment to sustainable and climate-resilient urban development.
Shekhar Singh, municipal commissioner, PCMC, said, 'The overwhelming response to our Green Bond is a testament to the trust that investors place in Pimpri Chinchwad's vision for a sustainable future. This funding will help us accelerate critical green infrastructure projects and strengthen our resilience against climate change.'
As per officials, this is PCMC's second municipal bond in two years, following the successful ₹ 200 crore issue in July 2023.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Mint
28 minutes ago
- Mint
Nifty 50, Sensex end 1% higher on RBI's double bonanza, investors earn ₹3.6 lakh crore- 10 key highlights
Stock market today: Indian stocks ended with stellar gains during Friday's trading session as the RBI's double bonanza—a 50 basis point cut in the repo rate and a 100-basis point cut in the CRR—boosted expectations of improved credit demand and a recovery in domestic growth. The surprise move came just as Indian equities had lost momentum, with the Nifty retreating over the previous two weeks amid concerns over rich valuations and global trade uncertainty. Rate-sensitive stocks, led by real estate, financials, and auto, emerged as top performers, while expectations of an above-normal monsoon lifted the FMCG pack. An across-the-board buying lifted the market capitalisation of all BSE-listed firms to ₹ 451.1 lakh crore from ₹ 447.5 lakh crore in the previous session, making investors richer by about ₹ 3.6 lakh crore in a single session. Stock Market Today: 10 Key Highlights Here are 10 key highlights of the Indian stock market today: A deeper-than-expected repo rate cut and additional liquidity infusion through a CRR cut pushed both the Nifty 50 and Sensex higher, with each ending the session up over 1%. The Nifty 50 closed with a gain of 252 points, or 1.02%, at 25,003, while the Sensex jumped 443 points, or 1%, to close at 82,188. Today's RBI-led boost also turned the Nifty 50's weekly return to positive at 1.02% and the Sensex's to 0.91%. A healthy 1.5% gain in HDFC Bank shares contributed 48 points to the Nifty 50's rally of 252 points. Bajaj Finance (BAJFINANCE) added 25.44 points, Axis Bank contributed 23 points, while M&M and Shriram Finance added 13 and 11 points, respectively. Among the 13 sectoral indices, the Nifty Realty index emerged as the top performer, gaining over 4.68% as investor optimism grew that the 100 basis point CRR cut could encourage urban homebuyers. In fact, real estate stocks had gained traction on Dalal Street ahead of the RBI's MPC meeting, fueled by growing expectations of a rate cut. A strong surge in banking stocks—including IDFC First Bank, AU Small Finance Bank, Axis Bank, and IndusInd Bank—helped the Nifty Bank index touch a fresh 52-week high of 56,584 and ended the day with a gain of 1.47%. Other sectoral indices, including Nifty Auto, Nifty FMCG, Nifty Consumer Durables, and Nifty Oil and Gas, have also gained over 0.60%. While the frontline indices ended with solid gains, mid-cap stocks outperformed large-cap stocks, with the Nifty Midcap 100 index rising 1.21%—its biggest gain since May 12, when it jumped 4.12%. Today's rally also pushed the index's weekly return to 2.4%. In addition to mid-cap counters, small-cap stocks also performed well, as the Nifty Smallcap 100 index rallied by 0.80%. The broad-based rally led 45 Nifty 50 constituents to close in the green, with financial stocks including Shriram Finance and Bajaj Finance emerging as top gainers, rallying 5.7% and 5%, respectively. Private banking counters such as Axis Bank, IndusInd Bank, and Kotak Mahindra Bank zoomed over 1.6%, while auto stocks like Eicher Motors, Hero MotoCorp, Maruti Suzuki India, and Mahindra & Mahindra jumped between 1.6% and 3%. According to exchange data, 119 stocks, including Abbott India Ltd, APL Apollo Tubes Ltd, AU Small Finance Bank Ltd, Bajaj Holdings & Investment Ltd, Bharat Electronics Ltd, HDFC Asset Management Company Ltd, HDFC Bank Ltd, Muthoot Finance Ltd, SBI Cards and Payment Services Ltd, Solar Industries India Ltd, and SRF Ltd, have recorded new 52-week highs in today's session In contrast, 36 stocks touched 52-week lows, with notable mentions like Protean eGov Technologies Ltd, Axita Cotton Ltd, Naksh Precious Metals Ltd, and Uma Exports Ltd. Rama Steel Tubes emerged as the top volume gainer today, with 237 million shares traded across both BSE and NSE. The stock ended the session up 4.5% at ₹ 13.79 apiece. The second-highest volume gainer was IDFC First Bank, with 133 million shares changing hands. Other stocks, including Jaiprakash Power, Ujjivan Small Finance, and KBC Global, also recorded over 75 million shares in trading volume today. According to NSE data, 95 stocks hit their respective upper circuit limits, ranging from 2% to 20%. Among them, 8 stocks hit the 20% price band limit, while 13 stocks reached the 10% circuit limit. Some of the stocks include TVS Electronics, which hit the 20% limit band, while Dhunseri Tea & Industries and Wealth First Portfolio Managers also fell under the same bracket.
India.com
42 minutes ago
- India.com
This stock surges 7 per cent post 'buy' rating by SBI Securities: Details here
इंवेस्टमेंट से पहले रिस्क को जांच लें Shares of BSE smallcap demonstrated resilience in the face of market fluctuations, gaining over 8 per cent on Friday as the market rebounded following Reserve Bank of India's decision to cut repo rate by 50 basis points (bps) to 5.50 per cent. The stock, which started the session at Rs 97.83, saw a further gain to touch the high of Rs 103.94 – a jump of 8.02 per cent from the closing price of the last trading session. This resilience is a testament to the company's strong position in the market. On the NSE, the stock started the session at Rs 97 and touched a high of 103.90. The 52-week high of the stock is Rs 210.85, hit on September 23, 2024. The 52-week low of the counter is Rs 84.80. The market cap of the company is Rs 2,055 crore. Meanwhile, SBI Securities has reiterated its 'Buy' rating on Hi-Tech Pipes, assigning a revised target price of Rs 138 -an upside potential of 43.4 percent from the current market price of Rs 96.2. Quarterly Results It had recorded a net profit of Rs 11.12 crore in the January-March quarter of 2023-24, the company said in an exchange filing. This was a significant increase from the previous quarter, indicating a positive trend in the company's financial performance. The company's total income increased to Rs 733.75 crore from Rs 680.75 crore a year ago. Sales volume increased 8 per cent to 1,16,032 MT from 1,07,721 MT in Q4 FY24, reflecting higher demand. For the entire FY25, the company's net profit surged impressively, rising 66 per cent to Rs 72.95 crore against Rs 43.93 crore in FY24. Revenues during the year also saw a healthy growth, increasing by 14 per cent to Rs 3,068 crore from Rs 2,699 crore, supported by record sales volumes. This robust financial performance is a testament to the company's strength and potential. Hi-Tech Pipes owns and operates six integrated manufacturing facilities in Uttar Pradesh, Gujarat, Andhra Pradesh and Maharashtra, having a combined installed capacity of 7,50,000 metric tonnes (MT) per annum. Despite recent corrections, the counter has delivered a remarkable return of 107 per cent to its investors over the past three years. This long-term growth trajectory, coupled with the company's strong financials, instills optimism about its future performance among investors. With PTI inputs
&w=3840&q=100)
Business Standard
an hour ago
- Business Standard
HDFC Bank, HDFC AMC hit record highs, SBI Cards rallies 5%; here's why?
Thus far in the calendar year 2025, SBI Cards (up 45%), HDFC AMC (up 22%), HDFC Bank (up 12%) have outperformed the BSE Sensex, which was up 4.6% during the same period. Listen to This Article Share price movement of HDFC Bank, HDFC AMC, SBI Card today Shares of private sector giant HDFC Bank (₹1,996.30), HDFC Asset Management Company (AMC) (₹5,140) hit their respective all-time highs, and rallied up to 5 per cent on the BSE in Friday's intra-day trade amid heavy volumes. HDFC Bank was up 2.3 per cent at ₹1,996.30, surpassing its previous high of ₹1,977.95 touched on April 23, 2025. Meanwhile, shares of SBI Cards and Payment Services (SBI Card) hit a multi-year high of ₹986.95, also surged 5 per cent on the BSE in intra-day trade. The stock price of the non-banking
