Latest news with #Rs62
Time of India
02-06-2025
- Business
- Time of India
Centre, state approved 23 clusters in Pune region in 2024-25, granted Rs62 crore
1 2 3 Pune: Central and state govts gave approvals for 23 clusters in the last financial year — 12 proposed by former and 11 by latter — aimed at supporting micro and small enterprises in Pune region. Of the total granted funds of Rs62 crore, Centure contributed Rs44 crore while state's share was Rs18.7 crore, Shailesh Rajput, joint director of industries of the region, said. Some of these clusters, covering sectors such as farm processing, automobile, printing, garment and engineering, are crucial for smaller manufacturing units as they do not have the resources individually to maximise their production. Hence, govt provides financial assistance that would help these industries set up necessary infrastructure for their growth. Cluster projects are executed through special purpose vehicles, which comprise the actual or potential entrepreneurs. These entities are organised under legally recognised structures such as cooperative societies, registered societies, trusts and companies. State and Central govts fund the projects under their respective schemes. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like 5 Books Warren Buffett Wants You to Read In 2025 Blinkist: Warren Buffett's Reading List Undo Maharashtra govt implements Centre's Micro Small Enterprises Cluster Development Programme and its own Maharashtra State Industrial Cluster Development Programme. Both schemes aim to set up infrastructure and common facility centres for micro and small units by providing 70%-90% funds for projects costing up to Rs10 crore. Under state govt's scheme, 16 clusters have already been set up, eight are in various stages of development, while diagnostic study reports for 13 clusters have been approved, taking the tally to 37. The cumulative cost is Rs271 crore, which is expected to benefit close to 4,000 micro and small units. State govt is also taking into account 'one district, one product' and geographical indicators for their development. Miraj cluster for musical instruments, turmeric cluster in Sangli, rice cluster in Pune, and garment cluster in Solapur are some under process. Under the Central scheme, 30 clusters have been approved so far, while eight are functioning within the region that includes Pune, Sangli, Kolhapur and Solapur districts. The total project cost is Rs600 crore, which will likely benefit around 5,200 production units.
Time of India
30-04-2025
- Business
- Time of India
No response to NMC redevelopment projects, Gadkari urges NIT to take over
Nagpur: In a blow to its asset monetisation plans, the Nagpur Municipal Corporation (NMC) failed to attract even a single bidder for the redevelopment of two prime properties — Sokhta Bhavan and Cotton Market fire station — despite repeated tendering efforts. Now, city MP and Union minister Nitin Gadkari has recommended that the Nagpur Improvement Trust (NIT) takes over the Cotton Market project to fast-track its revival. In a bid to salvage the situation, NMC slashed the base price of Sokhta Bhavan project by 11% (from Rs144 crore to Rs128 crore), and is preparing to float fresh tenders to revive developer interest. Despite invitations issued on November 27, 2024, and again on January 10, 2025, the project — located on a sprawling 28,922sqm plot at Gandhibagh — received no response from developers. The plan envisions a G+14 multi-level commercial complex with a total built-up area of 3,48,617sqm. Consequently, NMC's high-level policy committee intervened and approved an 11% reduction in the base value to make the project more financially appealing. A fresh tender is now being readied by the project department. The Sokhta Bhavan setback underlines the wider challenges NMC faces in its attempts to generate revenue through the redevelopment of old properties in high-value areas. Officials admitted developers found the project's earlier valuation unattractive, given the massive upfront investment, construction complexities, and the ongoing real estate sector slowdown. The repeated failures raised serious concerns about the civic body's dependency on private players to infuse new life into ageing city properties. NMC faced a similar situation in its Cotton Market fire station (Ganeshpeth) redevelopment project — pitched as the city's first integrated fire station-commercial complex. The Rs62 crore plan, spread over 2,589.7sqm, proposes a ground-floor fire station, administrative offices on the first floor, and a commercial complex across six upper floors to rehabilitate 30 displaced shopkeepers. Yet, here too, no bids were received. On April 19, Gadkari stepped in, suggesting the NMC hand over such critical redevelopment projects to NIT, hinting at the civic body's struggle to deliver. Both projects were structured under the design, build, finance, operate, and sale (DBFOS) model, with a commercial rate of Rs14,051 per sqm. While the Sokhta Bhavan proposal included two basement levels for parking to ease congestion in Gandhibagh, concerns surfaced about the reduced space for fire tenders — from four bays to just three — leading to a review by the NMC fire department.
Time of India
26-04-2025
- Time of India
RPF detains vendors selling stale food on trains
Nagpur: In a crackdown on the sale of stale food in trains, the Railway Police Force (RPF) of Central Railways launched a drive on Thursday. The operation took place onboard three trains: 12151 (Samarsata Superfast Express from Lokmanya Tilak Terminus, Mumbai, to Shalimar Station, Howrah), 12809 (CSMT Mumbai to Howrah Junction), and 12834 (Ahmedabad Superfast Express from Ahmedabad to Howrah). The inspection focused on unauthorised vendors and substandard food being served, which is particularly hazardous during high temperatures. A total of 81 cases were registered during the operation, resulting in earnings of Rs62,950 in fines. The drive was carried out by a team comprising 12 commercial staff and 5 personnel from the RPF. Notably, two unauthorised vendors were apprehended and handed over to RPF units at Gondia and Durg (DGG).
Business Recorder
22-04-2025
- Business
- Business Recorder
Meezan Bank earns Rs22bn PAT in Q1
KARACHI: Meezan Bank (MEBL) recorded a profit after tax of Rs22.042 billion (EPS of Rs12.28) in the first quarter of this year (CY25) compared to Rs 24.942 billion in same period of last fiscal year (2024), down 11.6 percent. According to Topline, the earnings came in line with industry expectations. Alongside the result, the bank also announced first interim cash dividend of Rs7.0 per share in 1Q2025. Net spread earned by MEBL fell by 8 percent YoY and 15 percent QoQ to Rs62 billion in 1Q2025. This decline in spread is due to a decrease in interest rates, along with the imposition of the Minimum Deposit Rate (MDR) on the individual portfolio. MEBL recorded provision expense of Rs1.85 billion in 1Q2025 as compared Rs263 million in 1Q2024 and Rs7.3 billion in 4Q2024. However, other income of the bank increased by 29 percent YoY to Rs8.2 billion. The YoY uptick is due to increase in Fees & Commission income by 10 percent YoY to Rs5.5 billion and FX Income by 3.3x to Rs1.6 billion in 1Q2025. Other expenses of the bank declined by 7percent YoY while up 9percent QoQ to Rs19.6 billion in 1Q2025, driven by the expanding branch network and the impact of inflation. Effective tax rate of bank clocked in at 55percent in 1Q2025 compared to 52percent in 1Q2024 and 58percent in balance sheet side, Deposits grew by 11percent QoQ to Rs2.9 trillion, Investments up by 10percent QoQ to Rs2.1 trillion, while advances down by 8percent QoQ to Rs1.4 trillion in 1Q2025. Copyright Business Recorder, 2025
Express Tribune
21-02-2025
- Express Tribune
Quetta-Karachi airfare hits all-time high
PCAA informed PPRA that there were serious anomalies in the examination system of pilots, pointed out in July last year by a high-level inquiry. PHOTO: FILE Airfares between Quetta and Karachi have surged to an unprecedented Rs70,000 on Friday as major highways remained blocked due to protests, leaving thousands stranded. Demonstrators obstructed the Karachi Highway near Sorab in Kalat district, demanding the recovery of a missing person. The blockade caused severe disruptions, particularly for women, children, elderly passengers, and patients. "I had no choice but to pay Rs62,000 for a ticket to Karachi. Road travel isn't an option anymore," said Saber Baloch, an elderly local while talking to The Express Tribune. A similar protest by truck drivers in Dera Murad Jamali further paralyzed the road network, cutting off key routes. Stranded travelers reported severe shortages of food and water, making the situation even more difficult for the stranded passengers. "We've been stuck for hours with no food or drinking water. Families with children are suffering the most," said Ahmed Jan, a traveler caught in the gridlock. Repeated highway closures have forced many to rely on air travel, driving up ticket prices beyond affordability. "People are taking loans just to buy tickets," noted Syed Saifullah, a travel agent. As of the filing of this report, there was no response from the provincial government regarding the crisis, leaving affected travelers without answers or assistance. It may be recalled that last month, bus operators on the Quetta-Peshawar-Islamabad route went on an indefinite strike, protesting against daily harassment and theft incidents at security check posts. Transporters under the Quetta Transporter Bus Association parked their buses on Quetta Airport Road, demanding immediate action. Speaking to the media, transport leader Waheed Kakar said passenger buses are regularly targeted by robbers, yet security forces failed to provide protection. Instead of ensuring safety, authorities detained buses at check posts without reason and extorted money from drivers. Frustrated with this ongoing mistreatment, the Association decided to protest until their demands are accepted. The owner of AK Movers expressed outrage over a recent incident where terrorists looted and torched a bus, calling it a failure of the security apparatus. He demanded compensation from the government and an end to the harassment of transporters in the name of security checks. A bus driver further alleged that customs officials at the Manikha check post unnecessarily delayed buses, falsely labeled passengers' belongings as smuggled goods, and demanded bribes. The transporters vowed to continue their strike until authorities take effective measures to address their concerns and ensure safe travel.
