Latest news with #NAINA
Business Upturn
2 days ago
- Business
- Business Upturn
The Week That Was, June 1 to June 7, 2025: RBI cuts repo rate by 50 bps, BEL secures Rs 2,323 crore order, Musk-Trump feud escalates, Coal India signs MoU for rail infra
In a week marked by major policy announcements, strategic deals, and sectoral movements, the Reserve Bank of India (RBI) took centre stage by delivering a surprise 50 basis points rate cut on June 6, bringing the repo rate down to 5.50%. This marked the third straight reduction in 2025, totaling a 100 bps cut to support growth amid global uncertainty. RBI Governor Sanjay Malhotra signaled continued comfort with inflation, lowering the CPI forecast for FY26 to 3.7% from 4% and retaining GDP growth expectations at 6.5% for the year. In a liquidity-boosting move, the central bank also slashed the Cash Reserve Ratio (CRR) by 100 bps to 3%, to be implemented in four tranches between September and November, unlocking ₹2.5 lakh crore into the banking system. Further, the RBI raised the loan-to-value (LTV) cap for small gold loans up to ₹2.5 lakh from 75% to 85%, a move that significantly benefited gold financing stocks. Among corporate highlights, the RBI gave a clean regulatory signal to IndusInd Bank, affirming its accounting standards, which pushed its shares up by over 5%. Infrastructure firm Ashoka Buildcon, however, faced a setback as its ₹1,673 crore project under CIDCO's NAINA initiative encountered execution hurdles. In the energy and defense sectors, Coal India signed a key MoU with Indian Port Rail & Ropeway Corporation to develop rail infrastructure, while GRSE expanded its global presence by signing MoUs in Sweden and Denmark for cruise vessel and marine propulsion collaboration. Similarly, Bharat Electronics Limited (BEL) secured orders worth ₹2,323 crore from MDL and GRSE, strengthening its defense manufacturing portfolio. JSW Energy exited Beempow Energy for ₹302.66 crore, completing a strategic realignment, and RailTel bagged a ₹274 crore ITMS project in Maharashtra's Vidarbha Circle, aimed at enhancing road safety across blackspots and accident-prone zones. Meanwhile, KEC International won ₹2,211 crore worth of new orders across international T&D, pipelines, and cable supply businesses, reinforcing its infrastructure footprint in the Middle East and Africa. In the equity markets, Gravita India surged 4% on expectations of a government-backed critical mineral recycling scheme. Tata Investment gained 8% on reports of Tata Capital's impending IPO, while shares of ICICI Lombard and Go Digit also moved higher as the government weighed a 25% hike in third-party motor insurance premiums. Lastly, global cues remained mixed. While Asian markets were relatively steady, U.S. indices such as Nasdaq and S&P 500 dipped amid fresh tariff tensions and a high-profile online spat between Elon Musk and Donald Trump—an episode that dented Tesla's valuation and contributed to market volatility. Overall, the week was dominated by aggressive monetary easing, strong defense-industry momentum, and corporate actions that may shape the economic narrative for the weeks ahead. Aditya Bhagchandani serves as the Senior Editor and Writer at Business Upturn, where he leads coverage across the Business, Finance, Corporate, and Stock Market segments. With a keen eye for detail and a commitment to journalistic integrity, he not only contributes insightful articles but also oversees editorial direction for the reporting team.
Business Upturn
3 days ago
- Business
- Business Upturn
Ashoka Buildcon's Rs 1,673 crore infrastructure project halted following Bombay High Court order
Ashoka Buildcon Limited has announced a major setback regarding its infrastructure project awarded under the Navi Mumbai Airport Influence Notified Area (NAINA) initiative. The company, in joint venture with Aakshya Infra Projects Private Limited, was previously selected by the City & Industrial Development Corporation of Maharashtra Ltd. (CIDCO) for the 'Integrated Infrastructure Development' project. The ₹1,673.25 crore project, awarded via a Letter of Acceptance dated October 10, 2024, involved the development of 20-meter-wide and above roads, construction of major and minor structures such as flyovers, minor bridges, VUPs, and PUPs, along with allied electrical works in TPS-10 and TPS-11 regions under the NAINA scheme. Advertisement However, as per a communication from CIDCO dated June 5, 2025, Ashoka Buildcon has been instructed to halt all project-related activities. This directive follows a ruling by the Hon'ble High Court of Bombay, which quashed the financial bid that led to the contract award. Ashoka Buildcon has stated that the material and financial impact of the halt will be evaluated and disclosed in due course. No contract execution had taken place as of the date of the notice.
Time of India
10-05-2025
- Business
- Time of India
L&T Realty acquires 34-acre land parcel in Panvel near Mumbai
Live Events (You can now subscribe to our (You can now subscribe to our Economic Times WhatsApp channel L&T Realty, the real estate arm of Larsen & Toubro, has acquired a 34-acre land parcel in Panvel near Mumbai from three different landowners in a transaction valued at over Rs 102 crore, said persons familiar with the marks the company's first outright land purchase since its inception, signalling a strategic shift in its growth approach. Until now, L&T Realty has exclusively followed joint development agreements (JDAs) and joint venture (JV) partnerships to expand its portfolio, avoiding direct land land parcel, located in proximity to the riverfront, is currently designated as an industrial zone. However, it remains unclear whether the company intends to seek a change of land use for developing a residential project on the site or if it plans to utilise the plot for setting up a precast manufacturing facility to support its construction operations."While the deal value may not appear substantial in comparison to L&T Realty's ongoing large-scale projects, it serves as a clear signal of the company's strategic direction and how its future growth roadmap is likely to be shaped,' said one of the individuals cited company has so far been betting high on alliances and joint development pacts. Last year, L&T Realty and Valor Estate entered into a binding agreement to jointly develop an over Rs 8,500-crore project on a 7.5-acre land parcel at Bandra Reclamation in Mumbai's Bandra west locality,Prior to that, the company entered into an agreement to jointly develop a 12.2-acre land parcel in Thane's Panchpakhadi locality. The project involving rehabilitation of a large layout of slums has a total development potential of over 3.12 million sq ft.L&T Realty declined to comment for the in 2011, L&T Realty has a portfolio spanning 70 million sq ft across residential, commercial and retail developments and the company is currently present in Mumbai, Navi Mumbai, NCR, Bengaluru, Hyderabad and is fast emerging as a key real estate destination in the Mumbai Metropolitan Region, driven by major infrastructure projects. The upcoming Navi Mumbai International Airport , CIDCO's NAINA development along with the recently inaugurated Mumbai Trans Harbour Link, has significantly boosted the area's for land parcels have started to gather momentum again with many deals including outright acquisitions and joint ventures in key property markets of Mumbai, Pune, Chennai, Hyderabad, and Bangalore either being closed or expected to close increased demand for land parcels is led by sustained growth in the housing market and buoyed warehousing and data centres space.
