GVK emerged winner in the competitive bidding process for the four-laning of Shivpuri Dewas section of National Highway No 3 in Madhya Pradesh
GVK Power & Infrastructure today said its subsidiary GVK Transportation has bagged a contract for four-laning of Shivpuri-Dewas section of National Highway.
The subsidiary emerged winner in the competitive bidding process for the four-laning of Shivpuri Dewas section of National Highway No 3 in Madhya Pradesh, GVK Power & Infrastructure said in a filing to the BSE.
However, the company did not disclose the financial details of the contract to be executed on design, build, finance, operate and transfer pattern under the Phase-IV of the National Highways Development Programme.
The National Highways Authority of India has issued a letter of award to GVK Transportation Private Ltd, it said.
The Shivpuri-Dewas section lies on the country's 332-km long road, which is known as Mumbai-Agra Highway, it added.
It is a vital trade corridor connecting Western and Central part to Northern India spanning a length of 332 km.
The company has been awarded a concession period of 30 years, including a construction period of 2.5 years, it said.
The Concession Agreement for the project would be signed shortly, it added.
In the late afternoon, GVK Power was trading at around Rs15.80 per share on the Bombay Stock Exchange, 1.56% down from the previous close.
Sobha Developers will be launching in new areas, especially in Chennai, where the property will be spread over 1 million sq ft. at an investment cost of Rs250 crore
The real estate company, Sobha Developers, said it will invest Rs250 crore to develop its property in Chennai.
"We will be launching in new areas. We will be launching in Chennai, where the property will be spread over 1 millionsq ft. The investment cost for this is Rs 250 crore," Sobha Developers managing director, J C Sharma, said on the sidelines of the Real Estate Investment Forum and Business Spaces 2011.
On the company's revenue, he said, "We are expecting Rs1,500 crore worth of new space sales (in the current fiscal) from Rs1,100 crore last year."
The firm registered a net profit of Rs182 crore in FY'11, an increase of 32.85%from Rs137 crore posted in the year-ago period.
Sobha sold 2.78 million square feet in FY'11 as against 2.08 million square feet in the year-ago period.
The Bangalore-based company said its total debt stood at Rs1,300 crore and it will repay close to 35% of the same this year. "Our total debt is Rs1,300 crore. In FY' 12, we have to repay Rs 450 crore."
The debt to equity ratio of the company is 0.65:1, the best it has ever had, Sharma said.
In the late afternoon, Sobha Developers was trading at around Rs217 per share on the Bombay Stock Exchange, 0.39% up from the previous close.
HCL Technologies has been conferred the prestigious Asian Human Capital Summit 2011 Award in Singapore for its outstanding human resource practices.
HCL won the award for its corporate commitment to human capital. HCL Technologies has an online portal to allow any employee in any country to post any question about the company, a move which has promoted a transparent culture and has helped employees learn from one another.
The award was given by Minister of State for Manpower and National Development, Brigadier-General Tan Chuan-Jin at the Singapore Human Capital Summit.
Separately, HCL Singapore was also given another award by the Singapore Indian Chamber of Commerce and Industry (SICCI) for making a positive impact on Singapore's social economic development.
Singapore's former High Commissioner to Pakistan, Gopinath Pillai was given the SICCI-DBS Singapore-India Business Award for his varied engagement in the public and private sectors.
In the late afternoon, HCL Technologies was trading at around Rs408.50 per share on the Bombay Stock Exchange, 0.38% down from the previous close.