Dredging Corporation’s shares hikes 5% after Rs 250 cr contract
Dredging Corporation of India's shares climbed 5% in the recent trading session after the company received a Rs 250 crore yearly maintenance contract for the Mumbai and JNPA navigation channels, which includes dredging of around 20 million cubic metres.
Following the renewal of the contract by Jawaharlal Nehru Port Trust (JNPT), the Dredging Corporation of India is planning for its largest-ever turnover of Rs 1,000 crore for the financial year (FY) 2022-23. The Ministry of Ports, Shipping, and Waterways issued dredging guidelines for 2021, emphasising the need for large ports..Nitin Gadkari: NHAI to connect Jawaharlal Nehru Port with hinterland road
According to Nitin Gadkari, Minister of Road Transport and Highways, the government is committed to port-led development through the construction of a world-class road network, guided by Prime Minister Narendra Modi's vision of providing enhanced connectivity between ports and domestic production and consumption centres across the country.
Gadkari told the media that the National Highways Authority of India (NHAI) upgraded and improved NH-4B (New NH-348, 548) and SH-54 (New NH-348A) for approximately 3,500 crore via multiple road linkage projects connecting Jawaharlal Nehru Port Trus..Delhi-Mumbai Expressway raises Rs 5k cr through maiden bond offering
Delhi-Mumbai Expressway Development Limited (DMEDL), a wholly-owned entity of the National Highways Authority of India (NHAI), has raised Rs 5,000 crore via a maiden 15-year bond offering with variable coupon rates.
The bond, with a basic size of Rs 1,000 crore plus greenshoe of Rs 4,000 crore, was priced at 6.85%. The coupon would be reset each quarter based on the yield on the three-month treasury bill plus a fixed spread of 311 basis points, as per the bond dealers. In February this year, the rating agency CARE reaffirmed “AAA” with a stable outlook. The Delhi-Mumbai ..Raw Material Supply to RINL from Gangavaram Port Resumes
After a hiatus of over a month, the supply of raw materials from Adani Gangavaram Port to Rashtriya Ispat Nigam Limited (RINL) has resumed. The disruption, caused by worker agitation at the port, had severely impacted RINL?s operations, which rely heavily on coking coal to manufacture steel.
RINL, based in Andhra Pradesh and one of India's top steel producers, faced significant operational challenges due to the lack of this critical raw material. The company had sought intervention from the Andhra Pradesh government to resolve the issue and ensure the resumption of coal supplies. The p..
Indian container cargo set to expand by 8% in FY25 amidst Red Sea crisis
CareEdge Ratings forecasts that Indian container cargo volume will experience an 8% growth, reaching 342 million tonnes (mt) in FY25. They also anticipate the risk of a prolonged Red Sea crisis. In a sectoral report, the agency mentions that the connection of the Dedicated Freight Corridor to Jawaharlal Nehru Port Trust (JNPT) in FY26, coupled with capacity expansions by ports, will likely propel the growth in container volumes in the medium term. According to the report, significant adverse movements in charter rates affecting cargo volumes, as well as vessel additions by shipping lines, will..