Page 10 - Capex

Mukesh Ambani to Gautam Adani: Big guns firing on the capex front

In the Interim Budget speech on Thursday, Union Finance Minister Nirmala Sitharaman said "private investments are happening at scale"

SAIL's IISCO steel plant may infuse Rs 20,000-24,000 cr in Bengal

Steel Authority of India Ltd (SAIL) may invest Rs 20,000-24,000 crore in setting up a four-million-tonne greenfield steel plant at its IISCO plant in West Bengal, officials said. It plans to produce high-end flat hot rolled coil (HRC), including for automotive applications, at its existing site at Burnpur and has received in-principle approval, they added. "We have received in-principle approval for the greenfield plant which will produce flat HR coils, targeting grades like API (American Petroleum Institute) and automotive among others," IISCO steel plant director-in-charge Brijendra Pratap Singh told PTI. "Board approval is still awaited, but expected shortly," he said. Singh added that the exact capex and investment details would be finalised after the tendering process. After numerous delays and discussions regarding potential foreign partners for a joint venture, SAIL has finally decided to undertake the flat steel expansion project independently, likely relying on imported .

Interim Budget 2024: 'Prudence has taken precedence over populism'

Backed by robust collections in both direct and indirect taxes and a growing domestic demand, the finance minister asserted a strong commitment to pursuing the path of fiscal consolidation

Decadal perspective of Modi govt: Crowding in private investments

Though better than before, cost overruns remain a concern. Higher allocations for capital expenditure in FY25 despite the emphasis on prudence

Interim Budget 2024-25: Infrastructure likely to get a capex thrust

Increase in outlay in line with industry expectations

Interim Budget: FM sticks to fiscal consolidation path in Budget speech

Interim Budget: FM Sitharaman said that the fiscal deficit in 2023-24 is expected to be 5.8%, lower than the earlier estimates of 5.9%

Govt spending must pursue evidence-based policy for best outcomes

It's important to see the quality of spending and missing gaps in resource provision

Interim Budget to reduce fiscal deficit, focus on capex, suggests poll

The government is aiming to narrow the fiscal deficit to 4.50 per cent of GDP by the end of the 2025-26 fiscal year (FY) from 5.90 per cent in the current year to end-March 2024

Budget 2024: Centre may increase FY25 capex target for CPSEs by 12-13%

The government aims to propel economic growth with a higher capital expenditure target for central public sector enterprises (CPSEs) in the upcoming financial year

Supreme Industries Q3 results: Profit rises 22% to Rs 256.17 crore

Plastic products maker Supreme Industries Ltd on Friday reported an increase of 22 per cent in its consolidated net profit to Rs 256.17 crore in the third quarter ended December 2023. The company had posted a net profit of Rs 210.03 crore in the October-December period a year ago, according to a regulatory filing. Its total revenue from operations was up 6 per cent to Rs 2,449.10 crore in the October-December quarter. It was at Rs 2,310.71 crore in the corresponding period of previous fiscal. Total expenses of Supreme Industries were at Rs 2,152.66 crore, up 3.82 per cent in the December quarter. Supreme Industries' total income, which includes other income, was at Rs 2,469.81 crore, up 6.5 per cent in third quarter of current fiscal. Over the outlook, its Managing Director M P Taparia said, "The company remains optimistic for business opportunities and continues to commit more capex in line with its growth plans. "Total commitments including acquisition of business of Parvati A

Centre may peg FY25 fiscal deficit at 5.3% in interim budget: Goldman Sachs

Interim Budget 2024: The Centre will keep a focus on increasing the capital expenditure but it will most likely be at a slower pace than earlier, says Goldman Sachs

Economy to grow 6.2% on favorable factors, positive credit momentum: Report

The Indian economy is likely to grow at 6.2 per cent in the next fiscal, mainly due to the favourable combination of neutral policy settings, positive credit momentum, and manageable macros amid a 15-year high household debt levels, a foreign brokerage report said on Tuesday. Despite the rising external headwinds, India is likely to grow 6.2 per cent next fiscal against a consensus of 6.3 per cent to USD 3.9 trillion from USD 3.57 trillion in FY24 on a likely 7 per cent growth, as consumption growth is likely to stabilise at 4.7 per cent from 4.5 per cent in FY24, Tanvee Gupta-Jain, the UBS India chief economist, said in a note. A pick-up in capex is expected to become more broad-based in FY25, led by marginally moderate public capex but higher private corporate capex after elections, Jain said. Another growth driver will be the residential housing sector along with exports, which may marginally improve, depending on global growth. "We expect India to maintain medium-term growth of

Saint-Gobain plans to invest Rs 3,400 cr across segments in Tamil Nadu

Glassmaker and a player in housing solutions business Saint-Gobain India has committed investments worth Rs 3,400 crore in Tamil Nadu across business segments, which includes setting up of green and brownfield investments. The company exchanged documents with state government officials in the presence of Chief Minister M K Stalin during the Global Investors Meet held in the city. "We are investing Rs 3,400 crore across different businesses - glass wool, gypsum, plasterboard, plaster, acoustic ceiling, float glass, adhesives, sealants, in our next phase of expansion in Tamil Nadu," said B Santhanam CEO, Asia Pacific and India Region and Chairman, Saint-Gobain India. The Memorandum of Understanding entails green and brownfield investments in several manufacturing sectors in Tamil Nadu, taking Saint-Gobain India's total investment to over Rs 8,000 crore, a company statement said on Tuesday. "As trailblazers in Light and Sustainable construction, we are well poised to provide building

Bharat Forge to invest Rs 1,000 cr in Tamil Nadu to enhance production

Auto components major Bharat Forge on Tuesday said it has inked an MoU with the Tamil Nadu government to invest Rs 1,000 crore over a period of five years to expand manufacturing footprint in the state. The company has entered into a memorandum of understanding (MoU) with Guidance, the nodal agency of the state government as part of the Tamil Nadu Global Investors Meet 2024, it said in a regulatory filing. The MoU is non binding and at present does not have a material impact on operations of the company, it added. Bharat Forge shares were trading 1.09 per cent up at Rs 1,271.10 apiece on BSE.

Will govt compromise on capex for fiscal consolidation ahead of polls?

National Democratic Alliance governments have not compromised on capex for fiscal consolidation so far, at least in their concluding years

Sustained rise in pvt capex is imminent with strong corporates' books: MCA

According to government data, private companies account for 95.6 per cent of the total active companies as of November 2023

Ind-Ra ups FY24 GDP growth estimate to 6.7%, warns of fiscal challenges

On inflation, the Ind-Ra report said it expects retail inflation to cool off to 5.1 per cent and 4.7 per cent, respectively, in the third and fourth quarter of this fiscal, respectively

Govt project announcements, capex at new low, completion rates slow

It was at Rs 26,987 crore in the three months ended December, according to data from project tracker Centre for Monitoring Indian Economy (CMIE)

States to boost fiscal health in FY24 with high revenue, capex: RBI report

The proportion of states' revenue in gross state domestic prod­uct (GSDP) is projected to reach 8.2 per cent in FY24, the highest sin­ce 2018-19

Capex on national highways rose to Rs 2.4 trl in 2022-23: Nitin Gadkari

Nitin Gadkari provided this information in a written reply in the Lok Sabha on Thursday. The NH network in the country has risen from 91,287 km in March 2014 to about 0.14 million km in 2023