Andrew Yule & Company receives affirmation in credit ratings
Andrew Yule & Company announced that AcuitRatings and Research has reaffirmed the long-term rating of 'ACUITB' (read as ACUITB) on the Rs. 114.64 crore bank facilities of Andrew Yule & Co. Ltd. (AYCL) and reaffirmed the short-term rating of 'ACUITA4' (read as ACUITA Four) on the Rs. 40.36 crore bank facilities of AYCL. The outlook is 'Stable'.
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Time of India
20 minutes ago
- Time of India
Ayodhya land prices soar as circle rates hiked by up to 200 per cent
AYODHYA : After eight years, the circle rates of Ayodhya have been revised upward, with an increase ranging from 30 per cent to 200 per cent, depending on location and land use, officials said here on Monday. The new rates, which came into effect on Monday, have particularly impacted areas within a 10-kilometre radius of the Ram Janmabhoomi Temple , where rates have jumped by over 150 per cent. Shanti Bhushan Chaubey, sub-registrar of Sadar (Faizabad) tehsil, said the revised rates were implemented following a proposal submitted in September 2024. "After addressing objections, the new circle rates were approved by District Magistrate Tikaram Funde and have now been enforced," he said. According to Chaubey, the areas witnessing the most active land transactions have seen the steepest hikes. "Localities like Rakaabganj, Devkali and Avadh Vihar residential schemes are now the most expensive in the district," he added. The circle rates around the temple, a prime location due to religious tourism and infrastructure development, have been revised to Rs 26,600-27,900 per square metre - a sharp rise from the earlier rates of Rs 6,650-6,975. Chaubey explained that the hike has been applied differentially across various categories of land - residential, commercial and agricultural - in accordance with location-specific demand and usage. Commenting on the development, Saurabh Vikram Singh, director of a builders' firm in Ayodhya, said, "An increase in the circle rate also means an increase in stamp duty. However, this benefits landowners by enhancing the official value of land, thereby aiding in better loan appraisals and property valuations." Vivek Agrawal, a real estate developer, said that the move could help curb unaccounted transactions. "The problem of 'number one and number two' - referring to white and black money in real estate deals - can be addressed with realistic circle rates. This promotes transparency," he said. Circle rate is the minimum value at which a property can be registered in a particular area. It serves as the baseline for calculating stamp duty and is also considered for determining compensation in land acquisition cases.
India Today
27 minutes ago
- India Today
India eyes Rs 50,000 crore defence export target by 2029 as global demand surges
India's defence sector has achieved a remarkable milestone as the country's defence exports surged to Rs 23,622 crore in the financial year 2024-25, marking a 12.04 per cent increase over the previous year's figure of Rs 21,083 crore. While indigenisation in India's defence forces has been underway for several decades, the last 11 years have seen a rapid acceleration, with the country now joining the ranks of elite global players in defence heavily dependent on imports to meet its defence needs, India is now exporting military hardware to more than 80 countries, including prominent global powers such as the United States and France. Armenia also figures among the top buyers in 2023-24, indicating the growing trust in India's defence capabilities. Public sector defence undertakings (DPSUs) and private players have both contributed significantly to the export momentum. In 2024-25, DPSUs exported equipment worth Rs 8,389 crore, a sharp 42.85 per cent jump from Rs 5,874 crore in the previous fiscal companies accounted for Rs 15,233 crore, a marginal increase from Rs 15,209 crore the year before. The Ministry of Defence has set an ambitious target of taking defence exports to Rs 50,000 crore by upward trajectory is also evident in the broader scale of defence production. The sector has witnessed a staggering 174 per cent growth over the past Rs 46,429 crore in 2014-15, India's total defence production has now reached Rs 1,27,265 crore in 2023-24. The government has outlined a long-term goal of scaling domestic defence manufacturing to Rs 3 lakh crore by of the key policy initiatives fuelling this growth is the Positive Indigenisation List, under which the Ministry of Defence has banned the import of several hundred categories of weapons, equipment, and spare has not only reduced dependency on foreign suppliers but also created space for domestic innovation and production, enabling India to meet its own defence requirements with locally made InTrending Reel
Indian Express
27 minutes ago
- Indian Express
Before China's rare earth curbs, India's permanent magnet imports nearly doubled in FY25
India's imports of permanent magnets—many containing rare earth elements (REEs)—nearly doubled to 53,700 tonnes in 2024-25 (FY25) from around 28,700 tonnes the year before, according to official trade data. The surge in imports, with 93 per cent coming from China, preceded Beijing's April 4 export restrictions on rare earth magnets, which have since disrupted production lines globally. In India, with just 2-3 weeks of REE magnet supply remaining, industry executives are expected to travel to China in a bid to ease the shortage, sources told The Indian Express. Consumption of permanent magnets has grown significantly in India over the last five financial years—from just 12,400 tonnes in FY21 to 28,700 tonnes in FY24, before imports surged 88 per cent to 53,700 tonnes in FY25. Despite the large jump in quantity imported in FY25, the value of imports grew by only 5 per cent to Rs 1,744 crore, which is suggestive of a decline in prices. China is the dominant supplier of permanent magnets in India, accounting for upwards of 90 per cent share. Imports from China increased by 95 per cent year-on-year to 50,000 tonnes in FY25. Permanent magnets, especially those made with REEs, are widely used in electric vehicle (EV) motors, wind turbines, aerospace, and defence. In contrast to FY25, imports in the ongoing financial year are expected to be tempered, after China imposed export restrictions on rare earth magnets and related materials from April 4, as a direct response to US imposing tariffs. In India, a supply crunch is in the making, especially for neodymium-iron-boron (NdFeB) magnets used in EV motors. Over the past month or so, Indian carmakers are learnt to have used up inventories and there is likely to be a shortage going forward. 'There is only 2-3 weeks of supply left. At present, complying with China's rules seems to be the only option. There may be a delegation of industry representatives going to China to resolve the issue,' sources said. Earlier, a senior executive from the Indian car industry told The Indian Express that importers are now required to give their Chinese suppliers an undertaking that the rare earth magnets procured from that country would only be used in vehicles and not for defence or military applications. Currently, IREL (India) Ltd, a PSU under the Department of Atomic Energy, refines rare earth oxides from heavy metal ores, containing REEs like cerium, lanthanum, neodymium, and praseodymium. However, production is limited. Moreover, the processing of refining oxides into alloys—and then into magnets—is highly technical and virtually non-existent in India. Sources said an oxide-to-magnet plant of a subsidiary under the Midwest Group, a top natural stones player in India, is expected to get operationalised in Hyderabad in the next six months. Initially with just 500 tonnes per annum (TPA), the plant's capacity is expected to increase to 5,000 TPA by 2030. Figuring out the supply chain for rare earth ores is a key challenge, with players looking at importing ores from Sri Lanka, Mongolia, and Myanmar, sources said. Another challenge for domestic players would be to remain viable as China significantly cuts prices of rare earth magnets. For instance, while the quantity of permanent magnet imports from China increased by 95 percent y-o-y in FY25, the total value of imports increased by only 12 per cent—from Rs 1,274 crore to Rs 1,425 crore. In other words, China massively cut prices of magnets it exported to India in FY25. According to the US Geological Survey's January 2025 data, India held the world's third-largest rare earth reserves in 2024—estimated at 6.9 million tonnes— behind China (44 million tonnes) and Brazil (21 million tonnes). However, on the production front, India ranked seventh at 2,900 tonnes, well behind China (255,000 tonnes), Myanmar (43,000), the US (41,600), Australia, Nigeria, and Thailand. In the January 2024 report, India ranked fifth in reserves. The latest revision reflects reduction in other countries' estimates—Vietnam's reserves were cut from 22 million tonnes to 3.5 million, and Russia's from 10 million to 3.8 million. Over the past year, the Ministry of Mines has auctioned three rare earth blocks—one each in Karnataka, Uttar Pradesh, and Chhattisgarh. But with further exploration still required, commercial production remains a few years away. Aggam Walia is a Correspondent at The Indian Express, reporting on power, renewables, and mining. His work unpacks intricate ties between corporations, government, and policy, often relying on documents sourced via the RTI Act. Off the beat, he enjoys running through Delhi's parks and forests, walking to places, and cooking pasta. ... Read More
