RITES bags Rs 206 crore contract for road over bridges in Andhra Pradesh
The order covers the construction of four roads over bridges in replacement of level crossings on the Vijaywada-Vishakhapatnam section. A memorandum of understanding will be executed between RITES and South Central Railway in due course, it said in a brief statement. RITES is a mini-Ratna category one schedule A public sector enterprise and a leading player in the transport consultancy and engineering sector in India, having diversified services and geographical reach. The company has experience spanning 46 years with projects in over 55 countries including Asia, Africa, Latin America, South America and Middle East regions.
Adani's acquisition of Mumbai Airport from GVK gets CCI green signal
The Competition Commission has approved Adani Group's proposed acquisition of controlling stake in Mumbai airport from GVK Airport Developers under the green channel route. The green channel route provides for automatic approval of certain deals subject to various conditions, including absence of horizontal overlaps and existing or potential vertical relationships. "Commission received Green Channel combination pertaining to acquisition of GVK Airport Developers Ltd by Adani Airport Holdings Ltd," the regulator said in a tweet.
Auto dealers looking at rationalisation of infrastructure, manpower:
FADA Auto dealer body FADA on Thursday said dealers were looking for rationalisation of their assets as well as manpower, especially in bigger cities, to tide over challenging business environment. The auto dealer body said the stress is more on dealerships in the bigger cities right now due to the prevailing situation as compared with outlets in the smaller towns and rural areas. "Dealers are looking at moving to smaller places with relatively low rent and also looking at rationalisation of manpower in order to carry forward in these challenges times," FADA President Vinkesh Gulati told reporters.
PGCIL gets shareholders' nod to raise up to Rs 10,000 cr via bonds in FY22
Power Grid Corporation of India Ltd (PGCIL) has got shareholders' approval to raise up to Rs 10,000 crore via bonds on a private placement basis in 2021-22. All resolutions as set out in the notice of 31st Annual General Meeting held on September 22 have been duly approved by the shareholders with requisite majority, a BSE filing said on Thursday. The company had proposed a special resolution in the AGM to raise up to Rs 10,000 crore from domestic market in financial year 2021-22. The funds were proposed to be raised through issuance of secured or unsecured, non-convertible, non-cumulative or cumulative, redeemable, taxable or tax-free debentures or bonds under private placement in up to 20 tranches/offers
Higher exports to help pharma eke out 8-9% growth this fiscal:
CRISIL Living up to its moniker of a defensive bet, the Rs 2.8 lakh crore Indian pharmaceutical sector is set to emerge more or less unscathed from the Covid-19 pandemic this fiscal, CRISIL said on Thursday. The sector is welldiversified with exports and domestic formulations accounting for almost equal share. According to the rating agency, this fiscal, growth in exports at 11-12 per cent (as against 10 per cent last fiscal) will outpace growth in domestic formulations expected at 5-6 per cent (from 10 per cent in fiscal 2020), leading to 8-9 per cent overall growth, down just 150 basis points on-year.
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