Even as some analysts are reading the recent steps by the Reserve Bank of India (RBI) to stem depreciation of rupee as monetary tightening, several banks are thinking otherwise. In order to curb speculative position in foreign exchange market and also to promote investment in rupee debt instruments, RBI hiked the rate on borrowing from marg
Author: admin (Infratructure Today)
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Report expects decline in debt-GDP ratio
The third status report on the public debt position of the government expects the debt-GDP ratio in India to decline in the coming years. The debt-GDP ratio of India stood at 66 per cent at the end of 2012-13 compared to 65.6 per cent in the previous year. The medium-term fiscal policy statement by the union government expects the debt-GDP ratio of the centre to declin
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RBI opens repo window with Rs 25k cr for mutual funds
The Reserve Bank of India on July 17 created a special Rs 25,000-crore borrowing facility for mutual funds (MFs) to meet their liquidity requirements. This is being done to manage the heavy redemptions that are expected due to sudden losses in debt funds following the tightening of liquidity and the hike in overnight lending rates. This is the second time the central bank has opened such a window for MFs.
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HDFC Bank profit up by 30% at Rs 1,843 cr
Private sector lender HDFC Bank on July 17 reported 30 per cent growth in net profit at Rs 1,843.86 crore for the first quarter ended June, 2013. The bank had earned net profit of Rs 1,417.39 crore in the April-June quarter of the 2012-13, HDFC Bank informed the Bombay Stock Exchange (BSE).
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ArcelorMittal abandons 12 mn t steel project in Odisha
After unsuccessfully waiting for seven years to secure land, ArcelorMittal abandoned its 12-million tonne steel plant in Odisha citing unviability of the project. In a press release, the firm said the inordinate delays relating to land acquisition and allocation of captive iron ore blocks means this project is no longer viable
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Posco shelves $5.3 bn steel plant project
Owing to its inability to secure land, South Korean steelmaker Posco cancelled its proposed $5.3 bn steel plant project in Karnataka. In an official communication, the firm said the delay in land acquisition has been prolonged and this prompted it to shelve the project. In June 2010, Karnataka government signed a preliminary agreement with the firm for the project. According to the agreement, the firm was to set up a 6 mn t
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DMICDC cancels industrial area development project
Media reports indicate that Delhi Mumbai Industrial Corridor Development Corporation (DMICDC) decided to shelve plans to develop the Dighi port industrial area owing to issues in land acquisition. Maharashtra Industrial Development Corporation (MIDC), which is acquiring land on behalf of DMICDC for the project, has reportedly received mixed response from land owing farmers
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Blore road work needs multi-agencies’ coordination
In Bangalore, the much-awaited upgrade of roads along the Namma Metro stretch from Anil Kumble Circle on MG Road to Baiyappanahalli could take place very soon. The project cost is estimated at Rs 114 crore. For this, multi-agencies coordinated effort is said to be essential in addition to the Bangalore Metro Rail Corporation (BMRCL). The upgrade involves a complete overhaul of the roads and underground utilities, installation of permanent UG ducts for storm water, electric cables, sewage, OFCs,
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Better road connectivity key to development: Governor
For overall development of Arunachal Pradesh better road connectivity is essential in the state, the State Governor Lt Gen (Retd) Nirbhay Sharma emphasised. Addressing the 62nd plenary of the North Eastern Council (NEC) at New Delhi on July 16, the governor said that the Border Roads Organisation (BRO) is assigned responsibility for implementation of roads in Arunachal Pradesh through Vartak, Bramkank, Udayak and Arunank projects, a Raj Bhawan communiquĆĀ© said in Itanagar on July 17.
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Sarai structure may be razed in Hyd for road widening
To decongest the Charminar-Chandrayangutta road in Hyderabad, the Greater Hyderabad Municipal Corporation (GHMC) has set its eyes on the Aliabad ĆāSarai,Ćā a listed grade I structure. There are about 80 shops functioning from this rundown ĆāSaraiĆā belonging to the Masjide Almas and Dargah Hazrat Miskeen Shah Saheb.