
Monorail set for overhaul with 5-year private operations contract
The nearly 20-km long Chembur to Sant Gadge Maharaj Chowk (Jacob Circle) corridor has faced persistent technical glitches and service disruptions since its commercial launch on February 2, 2014. The system's troubles continued after MMRDA terminated its contract with the original operator, a consortium of Scomi Engineering and Larsen & Toubro, in December 2018.
Since then, operations have been managed under annual contracts by different private players, leading to repeated coordination issues. 'Each time there's a breakdown or delay, the blame game begins between the operators and the maintenance team,' an MMMOCL official said, adding that a long-term single-operator model is aimed at fixing accountability.
Bleeding infrastructure, limping services
Despite the arrival of new rolling stock, the system continues to underperform. On July 28, only one train serviced the entire 19.54-km route, despite the availability of eight older trains and seven newly delivered rakes. An eighth new rake is expected later this month, while two more are due by November.
The new trains, supplied by Hyderabad-based Medha Servo Drives, are yet to receive the necessary safety clearances to begin full operations.
The ₹300 crore tender floated by MMMOCL includes both operations and maintenance of the entire system—including the Wadala depot and 17 stations. Notably, the new contract excludes any joint ventures, allowing only single bidders to qualify.
Revival plan in motion
Under its 2024 revival blueprint, MMMOCL plans to field 12 operational rakes daily—eight refurbished old trains and ten new rakes—while two will be kept on standby and four reserved for scheduled maintenance. Originally, Scomi Engineering was to supply 15 rakes, but only 10 were delivered before contractual disputes ended the collaboration.
According to current plans, 142 services are scheduled each weekday, with each train running approximately 350 km daily between 5.48 am and 11 pm. However, these targets are not met at times due to inadequate rolling stock and frequent breakdowns.

Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles


The Hindu
11 minutes ago
- The Hindu
Figma sheds $11 billion in market value days after blockbuster IPO
Shares of Figma slumped 23% on profit taking on Monday, as euphoria over the design software firm waned days after its blockbuster initial public offering. San Francisco, California-based Figma shares had scored a massive 250% gain during their market debut on Thursday when they were priced at $33 but finished at $115.50, giving the company a market capitalisation of about $56.3 billion. Figma's market value closed at $59.5 billion on Friday after its shares rose 5.6% to $122. The shares traded as low as $92.75 on Monday, down 23%, reducing its market value to about $45.2 billion. "The excitement for Figma's business is not over, but the euphoria that's gone into its heady stock pricing seems to be deflating as those that wanted an early piece of the action bought in during market hours while some IPO recipients are probably taking sweet profits," said Michael Ashley Schulman, chief investment officer at Running Point Capital in Los Angeles. Founded in 2012 and led by CEO Dylan Field, Figma provides cloud-based collaborative design tools, with a roster of marquee clients including Alphabet, Microsoft, Netflix and Uber. Field owns about 54.2 million Figma shares worth about $5 billion after selling 2.35 million shares in the IPO. As is common in many Silicon Valley startups, Field retains 74.1% voting power over Figma given his holdings of Class B shares. Adobe had abandoned a $20 billion deal to acquire Figma in 2023 following antitrust pushback from regulators in Europe and the UK. "With Figma at a $46 billion market capitalisation, Adobe's failed buyout offer must now seem like a distant memory," Schulman added.


Mint
11 minutes ago
- Mint
Highway Infrastructure IPO Day 1 Live Updates: Check GMP, review, key dates, more
Highway Infrastructure IPO Day 1 Live: Highway Infrastructure, the tollway operator, is set to launch for the public on August 5 and will conclude on August 7. The company has established a price range of ₹ 65-70 per share for its IPO. The Madhya Pradesh-based firm aims to raise ₹ 97.52 crore through a fresh issue and an additional ₹ 32.48 crore via the sale of 46.4 lakh shares. The promoters plan to sell shares as part of the offer-for-sale. This company, which focuses on infrastructure development and management, is engaged in toll collection, EPC infrastructure, and real estate, intending to allocate ₹ 65 crore of the proceeds from the fresh issue for working capital needs, while the remaining funds will be used for general corporate purposes. By the end of fiscal 2025, its consolidated order book totaled ₹ 666.3 crore, comprising ₹ 59.53 crore from the toll collection segment and ₹ 606.8 crore from the EPC infrastructure sector. The toll collection segment accounted for 77 percent of its revenue, whereas the EPC infrastructure segment made up 21 percent in fiscal 2025. Between fiscal years 2023 and 2025, the revenue from operations increased at a CAGR of 4.36 percent, reaching ₹ 495.7 crore, while profit grew at a CAGR of 27.4 percent during the same period to ₹ 22.4 crore in FY25. (Stay tuned for more updates) Follow updates here: 05 Aug 2025, 09:21 AM IST The company IPO has reserved not more than 30% of the shares in the public issue for qualified institutional buyers (QIB), not less than 30% for non-institutional Institutional Investors (NII), and not less than 40% of the offer is reserved for retail investors. 05 Aug 2025, 09:19 AM IST Highway Infrastructure has secured ₹ 23.4 crore from four institutional investors through an anchor book on August 4, just a day ahead of its initial public offering (IPO) launch. VPK Global Ventures Fund has put in ₹ 8.4 crore for approximately 12 lakh shares in Highway Infrastructure, while HDFC Bank, Abans Finance, and Sunrise Investment Opportunities Fund each acquired 7.14 lakh shares amounting to ₹ 5 crore. 05 Aug 2025, 09:17 AM IST Highway Infrastructure IPO GMP today is +40. This indicates Highway Infrastructure share price were trading at a premium of ₹ 40 in the grey market, according to Considering the upper end of the IPO price band and the current premium in the grey market, the estimated listing price of Highway Infrastructure share price was indicated at ₹ 110 apiece, which is 57.14% higher than the IPO price of ₹ 70. According to the grey market activities over the past 12 sessions, the IPO GMP is trending upward today and is anticipated to have a robust listing. The minimum GMP recorded is ₹ 0.00, while the maximum GMP is ₹ 40, as noted by experts from 'Grey market premium' indicates investors' readiness to pay more than the issue price. Disclaimer: The views and recommendations given in this article are those of individual analysts. These do not represent the views of Mint. We advise investors to check with certified experts before taking any investment decisions.


Economic Times
11 minutes ago
- Economic Times
Inox India shares in focus as Q1 PAT rises 19%, revenue up 17% YoY
Inox India also reported several operational and strategic milestones in Q1, including: Live Events (You can now subscribe to our (You can now subscribe to our ETMarkets WhatsApp channel Shares of Inox India are likely to attract investor attention on Tuesday, August 5, after the company reported a strong set of earnings for the first quarter of FY26, marked by double-digit year-on-year growth in both profit after tax (PAT) and to the company's Q1 FY26 earnings highlights, PAT rose 18.9% YoY to Rs 61 crore, while revenue grew 16.7% YoY to Rs 352 crore for the quarter ended June 2025. Operating performance remained strong, with EBITDA rising 19.4% YoY to Rs 89 continued to be a key growth driver, contributing Rs 198 crore, or 56% of total revenue, during the quarter.- Launching India's first ultra-high-purity (UHP) ammonia ISO tank container, reinforcing its position in the cryogenic engineering space.- Securing audit approvals from Heineken, the world's second-largest brewery, for its Savli-based stainless-steel keg manufacturing facility.- Winning a prestigious order from ITER (International Thermonuclear Experimental Reactor) for the refurbishment of the Cryostat Thermal Shield, a critical component of nuclear fusion infrastructure.'FY26 has begun on a strong note, with robust order inflows across all divisions. Our Industrial Gases business saw healthy growth, marked by breakthrough orders like India's first UHP Ammonia ISO containers and a pioneering CO₂ battery project. The LNG division continued its growth trajectory with the supply of a large number of LNG fuel tanks to OEMs in India. We are committed to becoming a key catalyst in the LNG mobility space and have therefore laid out plans for capacity expansion to meet rising demand for LNG fuel tanks,' said Deepak Acharya , Chief Executive Officer of Inox of Inox India closed 3% higher at Rs 1,173.80 on BSE.