&w=3840&q=100)
Afcons Infrastructure shares jump 6% after ₹700 crore LoA from RIL
Shares of Afcons Infrastructure Ltd gained nearly 6 per cent in Monday's intraday session after the company bagged a ₹700 crore Letter of Award (LoA) from Indian conglomerate Reliance Industries.
The civil construction company's stocks rose as much as 5.8 per cent during the day to ₹460 per share, the biggest intraday gain since May 13 this year. The stock pared gains to trade 2 per cent higher at ₹445 apiece, compared to a 0.35 per cent advance in Nifty 50 as of 9:40 AM.
Shares of the company extended gains to their third day and have risen over 8 per cent from their recent lows of ₹420, which it earlier this month. The counter has fallen 18.5 per cent this year, compared to a 6.1 per cent advance in the benchmark Nifty 50. Afcons Infrastructure has a total market capitalisation of ₹16,292.86 crore. Track LIVE Stock Market Updates
Afcons Infra's ₹700 crore LoA from RIL
Afcons Infrastructure has received a LoA from the oil-to-telecom conglomerate Reliance Industries for construction works related to RIL's Vinyl Projects at Dahej, Gujarat.
The scope includes civil, mechanical, installation, testing, and commissioning works, according to an exchange filing. The estimated value of the contract is around ₹700 crore, excluding GST, with completion targeted by the end of June 2026.
Late last month, Investec, in a report, said that Larsen & Toubro (L&T) and Afcons Infrastructure are emerging as major players in West Asia's infrastructure boom, securing billion-dollar contracts as project awards in the Gulf Cooperation Council (GCC) region surge to $235 billion in 2024.
Afcons Infrastructure is set to make a strategic leap with its bid for the $22 billion Dubai Sewerage Project. The project includes the construction of 75 kilometres of deep tunnels, 220 kilometres of link sewers, and two main treatment plants.
About Afcons Infrastructure
Established in 1959 and headquartered in Mumbai, the company is a prominent player in the multinational construction and engineering industry. As a subsidiary of the Shapoorji Pallonji Group since 2000, Afcons specialises in infrastructure EPC (Engineering, Procurement, and Construction) projects, including bridges, flyovers, metros, railway lines, tunnels, highways, ports, marine works, and oil and gas structures.
The company has been instrumental in significant projects such as the Mumbai–Nagpur Expressway and the Chenab Rail Bridge.
Afcons is recognized for its innovative practices, being the first infrastructure company globally to win the Most Innovative Knowledge Enterprise (MIKE) Award at the Global, Asia Pacific, and India levels.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Time of India
24 minutes ago
- Time of India
How to save tax on your Bitcoin investments in India, legally!
A way through the harsh tax reality of Bitcoin trading in India: Live Events Bitcoin ETFs: The Smart, Tax-Optimized, Regulated Choice Why do we look at Bitcoin as a risky alternative? Bitcoin ETF: The smarter choice for you! (You can now subscribe to our (You can now subscribe to our ETMarkets WhatsApp channel Indian investors have enjoyed massive gains in Bitcoin , up by over 123% in the past year and currently trading at near ₹1 crore, yet they're burdened by a harsh tax regime. A 30% flat tax, 1% TDS on each trade, and a blanket disallowance of loss set-off have made direct crypto investing punitive and this, there is always a way through the tedious tax regime: there is a smarter, tax-efficient and legal way to invest in current Indian tax rules, profits from Bitcoin trading are taxed at a flat 30% rate, plus a surcharge and a 4% cess. Every trade is subject to 1% TDS, irrespective of profit or loss. Worse still, losses can't be set off against any income, not even other crypto gains, and cannot be carried forward to future tax is one even supposed to make a profit under this regime? This makes us feel like it's less of a tax law and more like a daylight robbery. This means even a prudent, long-term investor is treated like a high-frequency gambler. No tax efficiency, no loss planning, and no differentiation between long-term holding and speculative legal and strategic alternative? Bitcoin ETFs. These are listed exchange-traded funds that track Bitcoin's price but are treated differently under Indian tax direct investments in Bitcoin, which are classified as Virtual Digital Assets (VDAs), Bitcoin ETFs, structured as units of foreign mutual funds, enjoy a favourable classification. If held for over 24 months, gains are taxed as long-term capital gains at just 12.5%, far more investor-friendly than the 30% on VDAs. If sold earlier, short-term gains are taxed at your regular income huge advantage: no 1% TDS. Bitcoin ETF transactions don't suffer from liquidity erosion like direct crypto trades do. Plus, losses from ETF investments can be set off against other capital gains and can also be carried forward to future years, something completely disallowed in direct Bitcoin investing under the current VDA regime as of now. For HNIs and serious investors, this structure can mean up to 60% in tax savings while keeping investments regulated and some platforms offer INR-settled Bitcoin futures, these instruments often operate in regulatory grey zones. They fall outside India's VDA definition but remain unregulated by SEBI, with no investor protection or the collapse of exchanges like Vauld and the ongoing restructuring of WazirX, both Indian exchanges now in Singapore courts, highlight the dangers of trusting unregulated platforms. WazirX's alleged claim that ₹5,000 crore of investor funds are actually company-owned while shielding itself under Singapore law shows how Indian investors are left with no local these platforms pose full counterparty risk. Unlike NSE/BSE derivatives offerings, which have clearing corporations and capital adequacy rules, crypto futures platforms rely entirely on internal solvency, thereby remaining unchecked, unaudited, and the supposed tax advantage is unreliable. Frequent crypto futures trading can attract business income classification, leading to the applicability of a significant compliance short, Bitcoin futures may offer a loophole, but they come at the cost of investor safety, regulatory compliance, and long-term viability. Bitcoin ETFs are unquestionably the better option for traders to invest in, while Bitcoin still carries remaining Indian investors looking to grow their wealth in a compliant, tax-efficient, and secure manner, Bitcoin ETFs offer the ideal solution. They combine the upside of digital assets with the structure and investor protections of traditional finance. Compared to direct crypto trading, Bitcoin ETFs allow investors to save up to 60% in taxes, avoid the 1% TDS, and claim loss set-off and carry-forward, benefits denied under the current VDA tax are platforms through which, Indian investors can now access US-listed Bitcoin ETFs via regulated brokers and GIFT City-compliant structures. In an environment of tightening regulations and ongoing failures of unregulated platforms, ETFs are not just a safer route; they're the only logical path forward.(The article is written by Srinivas L., CEO of 9Point Capital.): Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of the Economic Times)
Economic Times
24 minutes ago
- Economic Times
Shein and Reliance aim to sell India-made clothes abroad within a year, sources say
Fashion retailer Shein and partner Reliance Retail plan to rapidly expand their Indian supplier base and start overseas sales of India-made Shein-branded clothes within six to 12 months, said two people with knowledge of the matter. ADVERTISEMENT The China-founded, Singapore-headquartered e-commerce firm has been discussing plans with the Indian retailer since before the U.S. imposed tariffs on Chinese imports that intensified the need to diversify sourcing, the people said. The aim is to raise Indian suppliers to 1,000 from 150 within a year, they said. In a statement to Reuters, Shein said it licensed its brand for use in India. Reliance did not respond to queries. Shein sells low-priced apparel such as $5 dresses and $10 jeans shipped directly from 7,000 suppliers in China to customers in around 150 countries. Its biggest market is the U.S. where it is adjusting to tariffs on low-value e-commerce packages from China which were previously imported duty free. The retailer launched in India in 2018 but its app was banned in 2020 as part of government action against China-linked firms amid border tension with its northeastern neighbour. It returned in February under a licensing deal with the Reliance Industries unit which launched selling Shein-branded clothes produced in local factories. In contrast, Shein's other websites mainly list goods from China. ADVERTISEMENT Reliance, controlled by Asia's richest person, Mukesh Ambani, has contracted 150 garment manufacturers and is in discussion with 400 more, said the two people, declining to be identified due to confidentiality concerns. The goal is 1,000 Indian factories making Shein-branded clothes within a year for both the Indian market and to service some of Shein's global websites, the people said. ADVERTISEMENT Shein initially wants to list India-made clothes on its U.S. and British websites, one of the people said. Discussions have been ongoing for months and the launch time of six to 12 months could change depending on supplier numbers, the person said. The scale of supplier expansion and export time frame is reported here for the first time. ADVERTISEMENT Shein has licensed its brand for domestic use to Reliance which "is responsible for manufacturing, supply chain, sales and operations in the Indian market," Shein said in a statement. In December, Minister of Commerce and Industry Piyush Goyal told parliament that the Shein-Reliance partnership aimed to create a network of Indian suppliers of Shein-branded clothes for sale "domestically and globally". ADVERTISEMENT Shein is a fast-fashion behemoth earning annual revenue of over $30 billion through low prices and aggressive marketing. Most of its products are from China with some made in countries such as Turkey and Brazil. Its expansion in India mirrors interest in the country from the likes of Walmart and others throughout the global fashion and retail industries, particularly those looking for suppliers outside China due to the Sino-U.S. trade war. The Shein India app has been downloaded 2.7 million times across Apple and Google Play stores, averaging 120% on-month growth, showed data from market intelligence firm Sensor Tower. Offerings during its first four months have reached 12,000 designs, a fraction of the 600,000 products on its U.S. site. In the women's dresses category, its cheapest item is priced 349 Indian rupees ($4) versus $3.39 on the U.S. site as of June 9. Shein's Indian partner Reliance, which operates the app, is working with suppliers to assess whether they can replicate Shein's global best-sellers at lower cost, the two people said. Reliance aims to emulate Shein's on-demand manufacturing model, asking suppliers to make as few as 100 pieces per design before increasing production of those that sell well, they said. Executives from Reliance recently visited China to understand Shein's "innovative" supply chain operations, "data driven" design processes and "disruptive" digital marketing, Manish Aziz, assistant vice president Shein India at Reliance Retail, said in a LinkedIn post in which he called Shein's scale and speed "truly incredible". The partnership is one of dozens Reliance has with fashion brands, such as Brooks Brothers and Marks and Spencer. The firm also runs e-commerce site Ajio and its retail network competes with Amazon and Walmart's Flipkart as well as value retailers such as Tata's Zudio. Reliance plans to work with new suppliers to source fabric - especially fabric made using synthetic fibres where India lacks expertise - and import required machinery, the people said. The firm will invest in suppliers and help them grow which in turn will help the Shein-Reliance partnership go global, they said. (You can now subscribe to our Economic Times WhatsApp channel)
Mint
31 minutes ago
- Mint
Cost of veg and non-veg thalis down? Crisil report finds 6% YoY decline in May due to drop in vegetable, chicken prices
Cooking vegetarian and non-vegetarian thalis at home got less expensive in May 2025, compared to the previous year, according to a report by Crisil, which noted that drops in vegetable and chicken prices impacted both meals. The cost of preparing a home-cooked vegetarian and non-vegetarian meal dropped by around 6 per cent each year-on-year (YoY), as prices of onions, tomato, potatoes and broiler chicken fell, the analysis title 'Roti Rice Rate' found. On-month basis, non-veg thali was cheaper while veg thali price was stable, it added. The analysis defined a veg thali as comprising 'roti, vegetables (onion, tomato and potato), rice, dal, curd and salad'; and a non-veg thali as having the 'same elements, except dal, which is replaced by chicken (broiler)'. According to the report, prices of key vegetables in Indian cooking, led to decline in thali costs. It noted that: Tomoto prices reduced by 29 per cent to ₹ 23 per kg in May 2025, compared to ₹ 33/kg in May 2024. 23 per kg in May 2025, compared to 33/kg in May 2024. Further, the prices of onion and potato dropped by 15 per cent and 16 per cent, respectively, compared to last year, when crop damage, unseasonal rainfall and lower yields due to water shortage in Maharashtra, Madhya Pradesh and Karnataka shot up demand and prices. Besides vegetables, the cost of broiler chicken also dropped 6 per cent, giving non-veg eater a similar relief in prices. Prices dropped due to oversupply after demand dropped due to bird flu reports in parts of Andhra Pradesh, Maharashtra, Karnataka, and Telangana, it added. The report also noted that a 19 per cent YoY increase in cost of vegetable oil (due to import duty), and 6 per cent YoY jump in LPG cylinder prices, prevented a steeper fall in thali costs. On a month-on-month basis, the cost of a vegetarian thali remained stable, while that of non-vegetarian thali reduced 2 per cent in May 2025, the analysis said. It noted that in May 2025, prices of potato and tomato rose 3 per cent and 10 per cent, respectively, compared to April; while onion prices shed 10 per cent — helping to keep total cost unchanged. In terms of broiler chicken, prices declined by an estimated 4 per cent month-on-month making non-vegetarian thali cost cheaper in May compared to April 2025.
