The Reserve Bank of India raised the repo rate by 35 basis points to 6.25 percent. The RBI Monetary Policy Committee (MPC) voted to hike interest rates in order to bring high inflation back to its target of 4%. The Standing Deposit Facility rate, which represents the bottom of the interest rate corridor, is currently
ArcelorMittal Nippon Steel India (AM/NS India) has given several orders to Larsen and Tourbo Construction’s minerals and metals division to carry out their expansion goals in Gujarat and Odisha. These orders are in the iron and steel and beneficiation sectors. At its Hazira factory in Gujarat, one of the packages of the order includes the installation
In order to promote the use of technology in agriculture, Coromandel International Limited, a member of the Murugappa Group and India’s top provider of agricultural solutions, has been testing drones in a number of different places. Coromandel is excited to use agricultural technology (AgTech) to support farmers as they adopt precision agriculture, which will increase
The REC Board approved the formation of a project-specific special purpose vehicle (SPV) as a wholly owned subsidiary of REC Power Development & Consultancy (RECPDCL) for the transmission project “North Eastern Region Expansion Scheme-XVI (NERES-XVI)” to be implemented through the Tariff Based Competitive Bidding (TBCB) process. According to Section 2(87) of the Companies Act of
Sri Lanka Railways, Ministry of Transport, Sri Lanka, has awarded Ircon International (IRCON) the contract for the design, installation, testing, commissioning, and certifying of signalling and telecommunication systems from Maho Junction (including) to Anuradhapura (excluding). The project is funded by an Indian Line of Credit and costs a total of $14.89 million (approximately Rs 122
Ratnamani Metals & Tubes has received new orders totaling Rs 262.52 crore. Domestic orders amounted Rs 233.26 crore, with export orders worth a total Rs 29.26 crore. Ratnamani Metals & Tubes is a multi-location, multi-product company in India that manufactures Tubes & Pipes in Stainless Steel/Exotic material, as well as Carbon Steel Pipes, in a
PTC Industries has been awarded a development contract for critical components for the DRDO-GTRE Combat Aircraft Engine development programme. Given the Government of India’s directives on ‘Aatmanirbhar Bharat’ and the current geopolitical situation, the Ministry of Defence’s initiative to design, develop, and manufacture its own fighter aircraft platforms will result in a greater potential for
JSW Steel will invest Rs. 4,500 crore in a joint venture with JSW Energy to modernise its iron ore mining operations and boost green power generation. To reduce carbon emissions, the company plans to invest 3,500 crore in high-end machines at its iron ore mines, set up a beneficiation plant of 30 million tonnes (mt),
Ahluwalia Contracts has secured an order for Construction of 5000 Seating Capacity Public Auditorium at Guwahati from Executive Engineer, PWD, Dispur, Guwahati (Assam) worth of Rs 174.88 crores approx. Ahluwalia Contracts’ project portfolio includes residential and commercial complexes, hotels, institutional buildings, hospitals and corporate offices, information technology (IT) parks, and industrial complexes. Ahluwalia Contracts (India)
Dhunseri Tea & Industries, promoted by C K Dhanuka, is set to purchase another two tea gardens from Apeejay Tea Ltd, a subsidiary of the Apeejay Surrendra group, shortly after completing a deal with Warren Tea to purchase four tea estates in Assam. Dhunseri Tea has entered into Memorandum of Understanding with Apeejay Tea Limited
