Page 9 - Capex

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

Star Cement's Rs 2200 cr capex expansion drive on fast track: CEO

In a bid to capitalise on the anticipated growth in cement demand in East and Northeast India, Star Cement is fast-tracking its expansion plans in both greenfield and brownfield projects, so that the total capacity reaches 9.7 million tonnes per year by 2025-26, an official said on Friday. The largest player in the Northeast at present, Star Cement's current installed capacity is 5.5 million tonnes. "By the end of 2023, our capacity will be 7.7 million tonnes, and by 2025-26, it will reach 9.7 million tonnes," said Star Cement CEO Vineet Kumar Tiwari told PTI. He was speaking on the sidelines of the 6th Cementing India conference organised by the Indian Chamber of Commerce. The total investment for the expansion plan is around Rs 2,200 crore, of which Rs 1,000 crore has been invested so far, Tiwari said. Speaking about Guwahati brownfield expansion, he said it is rolling out a two million-tonne fresh annual grinding unit that will commence commercial production by December. The .

Adani Group net profit up 107% in first half of FY24 but sales slow down

Capex at Rs 20,000 cr as ports-to-airports conglomerate grows after controversy over Hindenburg Research's report

Steelbird lines up Rs 250 crore capex for new plant in Tamil Nadu's Hosur

Leading helmet maker Steelbird Hi-tech India aims to invest over Rs 250 crore to set up a new manufacturing facility in Hosur, Tamil Nadu, as it looks to scale up capacity to cater to rising demand, according to a top company official. The company, which has four plants each in Baddi (Himachal Pradesh) and Noida, is looking to roll out over 20,000 units from the Hosur plant in two years time. In an interaction with PTI, Steelbird MD Rajeev Kapur said the plant has been envisaged to cater to the aftermarket and demand from various OEMs (Original Equipment Manufacturers) based in South India. "In the initial phase, we are looking to invest Rs 100 crore in the project. The total capex spread over two years would be in the range of Rs 250 crore," he noted. The plant is expected to be functional over the next two years, Kapur said. The company is in the final stages of acquiring the land for the facility, he added. Steelbird is also expanding its manufacturing capacity at existing pla

Haier's IITGNL unit receives govt approval, Rs 400 cr investment expected

The phase two expansion of Haier Appliances unit in the Integrated Industrial Township of Greater Noida Limited (IITGNL) has been approved, government officials said on Friday. The company is expected to make an investment of Rs 400 crore and generate employment opportunities for 1,000 people in the second phase of development, the officials said. The development comes after a recent visit of UP Industrial Development Minister Nand Gopal Gupta, who noted that several investments in Greater Noida were stuck due to pending map approvals of companies. "Haier Appliances, located in the Integrated Industrial Township of IITGNL, after constructing the first phase unit and starting production, is now going to start the construction of the second phase unit," Greater Noida Authority CEO NG Ravi Kumar said. "The map has been approved for the construction of Haier's Phase 2 unit. Now construction is going to start soon," Kumar, also the managing director of IITGNL, said. According to the ..

Capex till 2030-31 could be Rs 1.25 trn on product expansion: Maruti Suzuki

Maruti Suzuki India's capex till 2030-31 could be around Rs 1.25 lakh crore as it plans to enhance product range to 28 models from 17 currently and expand production capacity, according to a regulatory filing. The country's largest carmaker is lining up capex to expand its total production capacity to 40 lakh units per annum by 2030-31. "The regular capex in the existing plants at Gurgaon, Manesar and Gujarat will continue. The amount in 2022-23 was around Rs 7,500 crore. Total capex till 2030-31 could be as much as Rs 1.25 lakh crore," Maruti Suzuki India (MSI) said. In a presentation for shareholders, analysts and proxy advisors, the auto major stated that it will need about Rs 45,000 crore to create a capacity of 20 lakh units. This is based on current costs and a small amount for cost escalation, it noted. Elaborating on the benefits of issuing shares on a preferential basis to Suzuki Motor Corporation (SMC) rather than utilising cash for the acquisition of Suzuki Motor Gujar

Schneider Electric lines up Rs 3,200 cr capex by 2026: CEO, MD Sharma

Schneider Electric India has lined up an investment of Rs 3,200 crore by 2026 to increase its footprint in the country, company's CEO & MD Deepak Sharma said. The investments will be made in nine states, Sharma who is also the President Greater India region told PTI in an interaction. "In line with our growth ambitions, we have plans to invest EUR 350 million (Rs 3,200 crore) in expanding our industrial footprint with the addition of 12,00,000 square feet up to 2026. These investments are spread over Gujarat, Telangana, Karnataka, West Bengal, Odisha, Tamil Nadu, Maharashtra, Himachal Pradesh, and Uttarakhand," Sharma said. When asked if the investments include setting up of green capacities, he said Schneider Electric aims to become net-zero in its operations by 2030, end-to-end carbon neutral value chain by 2040, and net-zero CO2 emissions across its entire value chain by 2050. "Our company is managing over 700 MW of renewable energy power purchase agreements and providing ...

Capex by large CPSEs touches 42.5% of budget target in April-August

NHAI and Railways drive robust growth in capex

Corporate capital expenditure fell two quarters in a row, says report

A slowdown in fresh investments has resulted in a steady decline in the contribution of the corporate sector to overall capex and its share in GPD

Coal India to invest Rs 24,750 crore in 61 eco-friendly projects

CIL in 2021 had planned 35 FMC projects with a capacity of 414.5 MTPA. Out of these, currently 8 FMC projects of 112 MTPA capacity are already operational

Confident of meeting fiscal deficit, nominal GDP targets: DEA secy

Govt keeping a close watch on some sectors for supply side measures to tame inflation

Steelbird lines up Rs 105 cr capex to ramp up production capacity

Steelbird Hi-Tech India on Friday said it plans to invest Rs 105 crore to enhance production capacity at existing plants as ait aims to roll out 1 crore helmets in the current fiscal. The company will utilise the capital for capacity expansion in its plants based in Baddi (Himachal Pradesh) and Noida (Uttar Pradesh). "Our aspiration to produce 10 million helmets signifies our unwavering commitment to riders globally. With ECE-certified helmets, we're not only upholding stringent safety standards but also advancing towards global dominance," Steelbird Hi-Tech India Managing Director Rajeev Kapur said in a statement. The company has allocated a capex of Rs 105 crore to fuel the ongoing expansions to expand manufacturing capacities in existing plants, he said. Kapur noted that Steelbird is looking to capture a significant share of the European and American helmet markets, besides consolidating its position in the domestic market. With the helmet industry projected to witness remarkab