logo
Jalna dry port achieves customs port designation, Infra News, ET Infra

Jalna dry port achieves customs port designation, Infra News, ET Infra

Time of Indiaa day ago

Advt
The Central Board of Indirect Taxes and Customs (CBIC) has granted customs port status to the Jalna dry port for import and export operations , aimed at boosting trade and industry in the Marathwada region of Maharashtra.The development will allow the dry port ( inland container depot ) to handle imports, exports and other customs-related processing activities.The development will allow the dry port (inland container depot) to handle imports, exports and other customs-related processing activities. The notification, issued on Monday by Under Secretary Supriya Chandran, has been published in the Gazette of India.Strategically located near the Delhi-Mumbai Industrial Corridor (DMIC) and along the major national transportation routes, the Jalna dry port has been developed by the Jawaharlal Nehru Port Trust (JNPT). It is currently maintained by a Nagpur-based company and has steadily emerged as a key inland trade hub.Although not a seaport, the facility enables customs clearance and storage of goods before they are transported to and from major ports like Mumbai port and JNPT via road and rail.In the first phase, a multi-modal logistic park of Rs 327 crore will be developed by the Nagpur-based company at the dry port, an official said."This is a major boost for local businesses and the Marathwada region," Jalna Steel Association president Ghanshyam Goyal said.

Orange background

Try Our AI Features

Explore what Daily8 AI can do for you:

Comments

No comments yet...

Related Articles

Iran growing uranium stockpile to weapons-grade levels: UN nuclear watchdog
Iran growing uranium stockpile to weapons-grade levels: UN nuclear watchdog

Business Standard

time33 minutes ago

  • Business Standard

Iran growing uranium stockpile to weapons-grade levels: UN nuclear watchdog

Iran has expanded its stockpile of uranium enriched close to weapons-grade levels, according to a confidential report from the UN nuclear watchdog. The International Atomic Energy Agency (IAEA) urged Tehran to immediately change direction and cooperate with its ongoing investigation. The report, accessed by The Associated Press and compiled by the Vienna-based IAEA, revealed that as of May 17, Iran had accumulated 408.6 kgs of uranium enriched up to 60 per cent. This is an increase of 133.8 kgs since the last report in February, which had recorded a total of 274.8 kgs. Uranium enriched to 60 per cent is only a short technical step away from weapons-grade material, which is enriched to 90 per cent. IAEA Director General Rafael Mariano Grossi has repeatedly pointed out that Iran is the only country without nuclear weapons that is enriching uranium to such a high level. On Saturday, Grossi again called on Iran to work with the IAEA. 'He reiterates his urgent call upon Iran to cooperate fully and effectively with the IAEA,' the report said. Tensions amid US-Iran talks The timing of the report is significant, as Iran and the United States have been engaged in several rounds of talks about a possible nuclear agreement — an effort being pursued by US President Donald Trump. On Thursday (May 29), top Iranian officials rejected speculation about a near-term agreement with Washington. They stressed that any deal must include the full removal of sanctions and allow the continuation of Iran's nuclear programme. Trump still hopeful for agreement Trump said on Friday that he believes a deal is still possible soon. 'They don't want to be blown up. They would rather make a deal,' Trump said, referring to Iran. He added, 'That would be a great thing that we could have a deal without bombs being dropped all over the Middle East.' Trump also mentioned that he had advised Israeli Prime Minister Benjamin Netanyahu to hold off on attacking Iran's nuclear facilities while talks are ongoing.

UGRO Capital announces Rs 400 crore rights issue at Rs 162 per share
UGRO Capital announces Rs 400 crore rights issue at Rs 162 per share

Business Standard

time41 minutes ago

  • Business Standard

UGRO Capital announces Rs 400 crore rights issue at Rs 162 per share

UGRO Capital on Saturday announced a Rs 400 crore rights issue at Rs 162 per share, the company said in a press release. The board had on May 20 announced a Rs 915 crore of preferential compulsorily convertible debentures (CCD) issuance and a concurrent proposal to offer up to Rs 400 crore on a rights basis to existing public shareholders. Under the approved terms, this pro-rata offering ensures that all existing public shareholders have a fair opportunity to maintain their stake and guard against dilution as the company continues to expand its balance sheet and deepen its DataTech advantage in serving India's underserved micro, small and medium enterprises (MSMEs), the press release said. Shachindra Nath, founder and managing director of UGRO Capital, said, 'We are consistently adding Rs 3,000 crore in AUM (asset under management) year-on-year. This capital raise would ensure that our growth trajectory remains unhindered. Our growing AUM and profitability, coupled with a strengthened capital adequacy ratio post this infusion, position UGRO to scale its credit delivery and support the financial needs of small businesses across India.' The rights issue builds on the company's recent performance, which saw assets under management grow to Rs 12,003 crore and profit before tax more than double to Rs 203 crore in the financial year 2024-25 (FY25), while maintaining a healthy capital adequacy ratio. InCred Capital and SNG & Partners are serving as financial advisor and legal advisor, respectively, for this rights issue as well as for equity capital raise. In addition to preferential allotment, in the proposed rights issue, IFU, the investment fund for developing countries, a Danish impact investor which is an affiliate of Danish government and existing investor of UGRO owning 16.35 per cent, have committed Rs 150 crore, UGRO Capital said. Promoter, promoter group and employees have also reaffirmed their commitment by contributing Rs 34 crore via CCD and rights issue, it added.

Mumbai's unsold luxury stock rises 36% Y-o-Y in Q1 '25, 1st time since 2022
Mumbai's unsold luxury stock rises 36% Y-o-Y in Q1 '25, 1st time since 2022

Business Standard

time41 minutes ago

  • Business Standard

Mumbai's unsold luxury stock rises 36% Y-o-Y in Q1 '25, 1st time since 2022

Mumbai's unsold luxury stock saw a rise of 36 per cent year-on-year during the first quarter of 2025 calendar year, a first since 2022, due to ample supply of new additions in the segment of units more than Rs 2.5 crore, shooting prices and global economic slowdown, according to a report by Anarock. As many as 8,420 luxury units priced over Rs 2.5 crore were unsold in the city in Q1 2025, compared to 6,180 units unsold during the corresponding period the previous year. The January to May period this year saw a record 64,461 property registrations in Mumbai, against 60,818 in the corresponding period in 2024, a 6 per cent increase annually. The total revenue collected by the state government in the first five months this year was nearly Rs 5,695 crore, compared to Rs 4,860 crore collected last year during the same period, a record-high yearly jump of 17 per cent. 'The increase in unsold luxury stock is mainly attributable to significant new unit additions in this price category over the last one year. According to Anarock data, 2024 saw as many as 16,480 units added in the over Rs 2.5 crore budget category in the entire MMR, while another 5,294 units were added in Q1 2025. While demand for these homes continues to remain strong, skyrocketing prices and headwinds like global economic slowdown have dented sales growth of these homes in the last one year,' said Anuj Puri, chairman, Anarock Group. This is the first time since 2022 that the unsold inventory in the luxury segment has risen. Both in first quarters of 2023 and 2024, there has been a significant decline in the unsold luxury stock as against preceding year of the same quarter. In Q1 2023, there was a 29 per cent yearly decline in luxury unsold stock in Mumbai – from approximately 18,340 units in Q1 2022 to nearly 13,040 units as of Q1 2023. Similarly, in Q1 2024, the unsold luxury stock in the city declined by a significant 53 per cent Y—O-Y to approximately 6,180 units. 'A deeper analysis reveals that May 2025 recorded the second-highest number of property registrations since 2019 in the month, with over 11,562 properties registered,' Puri said. 'The revenue collected during the month stood at approximately Rs 1,062 crore. In comparison, May 2024 saw the highest registrations of around 11,999 property registrations— about 4 per cent higher than this year. However, revenue collection last year was lower by nearly 3 per cent at Rs 1,062 crore,' he said. Considering that housing sales remained tepid in the first quarter of 2025 across the Mumbai Metropolitan Region (MMR), including Mumbai, the high number of property registrations in the first five months of 2025 is notable. According to Anarock Research, in Q1 2025, approximately 21,930 units were sold in Mumbai - nearly 28 per cent less than the sales in Q1 2024. A key factor behind the surge in property registrations during the first five months of the year is the record-breaking activity seen in March, which registered 15,501 properties. This spike followed the announcement of a 3.9 per cent hike in Maharashtra's ready reckoner rates for the financial year 2025-26. The total revenue collected from property registrations during the month alone exceeded ₹1,589 crore. March 2025 marked the highest property registrations in the past three years. Prior to this, the highest figures were recorded in December 2020 (19,581) and March 2021 (17,728), during the Covid-19 period when the Maharashtra government had reduced stamp duty on housing units from 5 per cent to 2-3 per cent, the report said. The average ticket price of homes during the January to May months stood at Rs 1.59 crore – the highest since 2019, indicating sales of high-ticket price homes. During the corresponding period in 2021, the average ticket price stood at Rs 1.02 crore, the report stated.

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