logo
Highway linking central, eastern Andhra approved, Chandrababu Naidu thanks PM

Highway linking central, eastern Andhra approved, Chandrababu Naidu thanks PM

India Today4 days ago

Following the Union Cabinet's approval of the Badvel-Nellore Corridor project, Andhra Pradesh Chief Minister N Chandrababu Naidu extended his heartfelt gratitude to Prime Minister Narendra Modi and Union Road Transport Minister Nitin Gadkari.The Cabinet Committee on Economic Affairs, chaired by PM Modi, sanctioned the construction of the four-lane highway connecting Badvel in central Andhra Pradesh and Nellore, in the eastern part of the state.advertisementSpanning over 109 km, the project has an estimated cost of Rs 3,653 crore and will be executed on the Design-Build-Finance-Operate-Transfer model, as per a release from the Press Information Bureau.
'The approval of the 4-lane Badvel-Nellore Corridor by the Union Cabinet is a major step forward in our state's growth,' said Naidu in a post on social media platform X, expressing gratitude for the Centre's support in fast-tracking the project.
On Wednesday, Naidu remarked that the four-lane corridor would enhance regional connectivity and play a crucial role in advancing the state's economy, strengthening its infrastructure, and empowering the youth across various districts and rural regions.advertisementPM Modi, too, acknowledged the project's significance in a post on X. 'The 4-Lane Badvel-Nellore Corridor, whose construction has been approved by the Cabinet will benefit the development journey of Andhra Pradesh and generate several opportunities for the youth of the state,' he wrote in the post.A major highlight of the proposed corridor lies in its strategic logistical value. As per official data, the new alignment is expected to shorten the travel distance to Krishnapatnam Port located in the city of Thamminapatnam, Nellore district, Andhra Pradesh by 34 km, bringing it down from 142 km to 108 km, offering a faster alternative to the existing Badvel-Nellore route, which often suffers from heavy traffic congestion.Written by Rahen Philip
IN THIS STORY#Andhra Pradesh

Orange background

Try Our AI Features

Explore what Daily8 AI can do for you:

Comments

No comments yet...

Related Articles

Sensex crashes over 600 pts
Sensex crashes over 600 pts

United News of India

time21 minutes ago

  • United News of India

Sensex crashes over 600 pts

Mumbai, June 2 (UNI) The BSE Sensex on Monday dropped 610.30 pts at 80,840.71 in early trade on weak global cues. Even US tariff concern hit the market further. The Nifty fell 182 pts at 24,567.30. The BSE Sensex opened on a weak note at 81,214.42, falling 237 pts, it was immediately tanked more than 600 pts to 80,840.71 pts. As it registered intra-day high and low at 81,285.85 and 80,802.60 respectively. The Nifty registered days high at 24,717.55 and low at 24,559.45 pts. Selling was seen across the board, especially IT, Metal and Focused IT were down more than 1 percent. The Mid cap eased 0.28 pc and small cap by 0.45 pc. In 30 scrips, 7 advanced while 23 declined. The losers were L& T by 1.90 pc to Rs 3605.90, Tata Steel by 1.74 pc to Rs 158.20, Infosys by 1.38 pc to Rs 1401 and HCL Technology by 1.36 pc to Rs 1615.25. The gainers were Hind Unilever by 1.22 pc to Rs 2378, Nestle India Ltd by 0.52 pc to Rs 2409.10, Adani Ports by 0.43 pc to Rs 1438.55 and Eternal by 0.31 pc to Rs 239.50. All global markets, include US, European and Asian Markets were down. UNI NV GNK

Leela Hotels vs Aegis Vopak listing: Which IPO will make a stronger market debut?
Leela Hotels vs Aegis Vopak listing: Which IPO will make a stronger market debut?

India Today

time23 minutes ago

  • India Today

Leela Hotels vs Aegis Vopak listing: Which IPO will make a stronger market debut?

Two new companies will list on the stock market on Monday, June 2. Leela Hotels and Aegis Vopak Terminals will make their debut on the stock exchanges, and investors are waiting to see which one performs better on the first day of companies had their initial public offerings (IPOs) open for subscription from May 26 to May 28. While both IPOs were fully subscribed, they did not see very high demand during the bidding DETAILSLeela Hotels IPO was subscribed 4.72 times overall. Within this, the Qualified Institutional Buyers (QIB) portion was subscribed 7.82 times, the Non-Institutional Investors (NII) portion 1.08 times, and the retail investors' portion only 0.87 the other hand, Aegis Vopak Terminals IPO was subscribed 2.20 times overall. The QIB portion was subscribed 3.47 times, retail investors subscribed 0.81 times, and NII only 0.59 shows that institutional interest in Leela Hotels was higher compared to Aegis Vopak Terminals. However, both IPOs saw weak demand from retail and NII SIZE AND STRUCTURELeela Hotels aimed to raise Rs 3,500 crore through its IPO. This included a fresh issue of 5.75 crore shares worth Rs 2,500 crore and an offer for sale (OFS) of 2.30 crore shares worth Rs 1,000 comparison, Aegis Vopak Terminals planned to raise Rs 2,800 crore through a complete fresh issue of 11.91 crore shares. There was no offer for sale in its PRICE AND INVESTMENT DETAILSThe price band for Leela Hotels IPO was set at Rs 435 per share. The minimum lot size for retail investors was 34 shares, which meant an investment of Rs 14,042. Investors were advised to apply at the cut-off price, which raised the minimum amount to around Rs 14, small non-institutional investors (sNII), the minimum lot size was 14 lots (476 shares) worth Rs 2,07,060. For big non-institutional investors (bNII), it was 68 lots (2,312 shares), costing Rs 10,05, Vopak Terminals set its IPO price band at Rs 235 per share. The minimum lot size was 63 shares, and the minimum investment by retail investors came to Rs 14,049. To avoid issues during oversubscription, investors were advised to apply at the cut-off price, which took the investment amount to Rs 14, sNII, the minimum investment was 14 lots (882 shares) worth Rs 2,07,270, and for bNII, it was 68 lots (4,284 shares) costing Rs 10,06, AND LISTING PRICE ESTIMATEAs of June 2 at 7:36 AM, the grey market premium (GMP) for both IPOs has Hotels IPO had a last GMP of Rs 2. This means the expected listing price is Rs 437 (Rs 435 cap price + Rs 2 GMP). The expected gain per share is just 0.46%. This suggests that the IPO might list with very little profit for those who got the shares during the contrast, the GMP for Aegis Vopak Terminals IPO shows a discount. The IPO was priced at Rs 235, but the estimated listing price is now Rs 234, indicating a possible loss of Re 1 per share. This means Aegis Vopak Terminals might list below its issue price. advertisement

Sell Metro Brands, target price Rs 925: HDFC Securities
Sell Metro Brands, target price Rs 925: HDFC Securities

Economic Times

time24 minutes ago

  • Economic Times

Sell Metro Brands, target price Rs 925: HDFC Securities

TIL Creatives Metro Brands' key products/revenue segments include Footwear and Other Operating Revenue for the year ending 31-Mar-2024. Financials For the quarter ended 31-03-2025, the company has reported a Consolidated Total Income of Rs 665.83 crore, down -8.32 % from last quarter Total Income of Rs 726.29 crore and up 9.63 % from last year same quarter Total Income of Rs 607.33 crore. The company has reported net profit after tax of Rs 94.91 crore in latest quarter. The company's top management includes A Malik, Velamakanni, Vijaykumar Khemani, Kumar Singhal, Bhagwan Advani, Kumar Maheshwari, Hemendra Sheth, Iqbal Hasanally Dossani, Malik Bhanji, Padam Sacheti, A Malik, Velamakanni, Vijaykumar Khemani, Kumar Singhal, Bhagwan Advani, Kumar Maheshwari, Hemendra Sheth, Iqbal Hasanally Dossani, Malik Bhanji, A Malik, Padam Sacheti, Velamakanni, Vijaykumar Khemani, Kumar Singhal, Bhagwan Advani, Kumar Maheshwari, Hemendra Sheth, Iqbal Hasanally Dossani, Malik Bhanji, Padam Sacheti, A Malik, Velamakanni, Vijaykumar Khemani, Kumar Singhal, Bhagwan Advani, Kumar Maheshwari, Hemendra Sheth, Iqbal Hasanally Dossani, Malik Bhanji, Padam Sacheti. Company has Deloitte Haskins & Sells as its auditors. As on 31-03-2025, the company has a total of 27 crore shares outstanding. Live Events Investment Rationale After a challenging H1FY25, signs of demand recovery are visible. MBL's topline grew 10.3% YoY to Rs 6.43 billion (in-line). However, sales density continued to normalize downward in Q4 (at ~Rs 19.4k vs ~ Rs 20.8k/sq. ft. in Q4FY24). The e-commerce business saw robust growth (up 45% YoY; contributing 11% to revenue). GM expanded 107bps YoY to 57.5% (HSIE: 56.2%). EBITDAM expanded 347bps YoY to 30.7% (HDFC Securities Estimate: 27.8%), driven by better cost optimization, reduction in FILA losses, and restructuring of FILA's royalty agreement with FILA Global. FILA's expansion is planned from H2FY26. HDFC Securities has cut the FY26/27 estimates by 6/4%, respectively, to account for lower other income. Their SELL rating stands with a DCF-based target price of Rs 925/share, implying 46x FY27E P/E. Promoter/FII Holdings Promoters held 71.88 per cent stake in the company as of 31-Mar-2025, while FIIs owned 3.46 per cent, DIIs 7.36 per cent. (You can now subscribe to our (You can now subscribe to our ETMarkets WhatsApp channel HDFC Securities has a Sell call on Metro Brands Ltd. with a target price of Rs 925. The current market price of Metro Brands Ltd. is Rs 1211.5. Metro Brands, incorporated in 1977, is a Large Cap company with a market cap of Rs 32931.32 crore, operating in the Leather Brands' key products/revenue segments include Footwear and Other Operating Revenue for the year ending the quarter ended 31-03-2025, the company has reported a Consolidated Total Income of Rs 665.83 crore, down -8.32 % from last quarter Total Income of Rs 726.29 crore and up 9.63 % from last year same quarter Total Income of Rs 607.33 crore. The company has reported net profit after tax of Rs 94.91 crore in latest company's top management includes A Malik, Velamakanni, Vijaykumar Khemani, Kumar Singhal, Bhagwan Advani, Kumar Maheshwari, Hemendra Sheth, Iqbal Hasanally Dossani, Malik Bhanji, Padam Sacheti, A Malik, Velamakanni, Vijaykumar Khemani, Kumar Singhal, Bhagwan Advani, Kumar Maheshwari, Hemendra Sheth, Iqbal Hasanally Dossani, Malik Bhanji, A Malik, Padam Sacheti, Velamakanni, Vijaykumar Khemani, Kumar Singhal, Bhagwan Advani, Kumar Maheshwari, Hemendra Sheth, Iqbal Hasanally Dossani, Malik Bhanji, Padam Sacheti, A Malik, Velamakanni, Vijaykumar Khemani, Kumar Singhal, Bhagwan Advani, Kumar Maheshwari, Hemendra Sheth, Iqbal Hasanally Dossani, Malik Bhanji, Padam Sacheti. Company has Deloitte Haskins & Sells as its auditors. As on 31-03-2025, the company has a total of 27 crore shares a challenging H1FY25, signs of demand recovery are visible. MBL's topline grew 10.3% YoY to Rs 6.43 billion (in-line). However, sales density continued to normalize downward in Q4 (at ~Rs 19.4k vs ~ Rs 20.8k/sq. ft. in Q4FY24). The e-commerce business saw robust growth (up 45% YoY; contributing 11% to revenue). GM expanded 107bps YoY to 57.5% (HSIE: 56.2%). EBITDAM expanded 347bps YoY to 30.7% (HDFC Securities Estimate: 27.8%), driven by better cost optimization, reduction in FILA losses, and restructuring of FILA's royalty agreement with FILA Global. FILA's expansion is planned from H2FY26. HDFC Securities has cut the FY26/27 estimates by 6/4%, respectively, to account for lower other income. Their SELL rating stands with a DCF-based target price of Rs 925/share, implying 46x FY27E P/ held 71.88 per cent stake in the company as of 31-Mar-2025, while FIIs owned 3.46 per cent, DIIs 7.36 per cent. (Disclaimer: Recommendations given in this section or any reports attached herein are authored by an external party. Views expressed are that of the respective authors/entities. These do not represent the views of Economic Times (ET). ET does not guarantee, vouch for, endorse any of its contents and hereby disclaims all warranties, express or implied, relating to the same. Please consult your financial adviser and seek independent advice.

DOWNLOAD THE APP

Get Started Now: Download the App

Ready to dive into the world of global news and events? Download our app today from your preferred app store and start exploring.
app-storeplay-store