The IL&FS project is on toll basis with a concession period of 24 years including construction period of 2.5 years and the estimated cost of the project is Rs471.05 crore.
IL&FS Transportation Networks was declared preferred bidder by the National Highways Authority of India (NHAI) for construction of new bridges/structures, repair of existing four lane highway from Kharagpur to Baleshwar section of NH-60 from km 0.000 to km 119.300 in Orissa and West Bengal and its operation and maintenance under NHDP Phase I to be executed as BOT (toll) on DBFOT Pattern. The project is on toll basis with a concession period of 24 years including construction period of 2.5 years and the estimated cost of the project is Rs471.05 crore. The company has now received a Letter of Award from NHAI for the project.
In the late afternoon, IL&FS Transportation was trading at around Rs196.50 per share on the Bombay Stock Exchange, 2.32% up from the previous close.
Eurocopter India CEO Xavier Hay said that at present the company holds 35% share of the Indian chopper market.
Eurocopter India, a subsidiary of Franco-German-Spanish Eurocopter group, is bullish on the Indian helicopter market and aims to reach the top slot in the next five years time, a top company executive said.
Eurocopter India CEO Xavier Hay said that at present the company holds 35% share of the Indian chopper market after its competitor Texas-based Bell Helicopter, which enjoys number one position with 45% share.
“Today we are currently in number two position with 35% market share and they (Bell) have 45%. We want to be in number one position in the next five years with the development of new markets such as Emergency Medical Services (EMS) and law enforcing agencies,” Hay told reporters at a press conference.
At present, Eurocopter has 29 customers, operating 80 helicopters in the civilian market with a total 500,000 flight hours and 360 helicopters in the militiary market in India.
Replying to query on the some of the regulatory bottlenecks in the expansion of markets, he said currently it takes 48 hours to get the takeoff or landing clearance from the authorities in case of EMS. He hoped that there will be some relaxation in the future.
Quoting aviation regulator DGCA records, he said that Eurocopter India delivered nine brand new turbine helicopters, out of a total of 14 registered last year with DGCA, representing a 65% market share.
Out of the nine aircraft delivered, five were twin-engine helicopters, with the remaining four being single-engine AS350 B3, he added.
He added Eurocopter also focused on developing its support and services offerings, where customers would be able to access a full suite of services from spare parts supply and technical assistance to training, retrofits and customisation anywhere in India.
In addition, the chopper maker is also expanding its network of Eurocopter-approved maintenance centres, adding Bangalore to the two existing facilities in New Delhi and Mumbai.
Hay forecast the chopper market in India will be doubled by 2015 to a total of 500 choppers.
"We (Eurocopter) are currently growing 20% annually. This is challenging for Eurocopter and India as well to double the market in four to five years. It is a bit difficult to envisage the target and forecast as to which segment is viable," he said.
Eleven months after SEBI got a new chairman, who happened to be the CEO of UTI Mutual Fund, the apathy of investors, distributors and fund companies have greatly increased
Sales of equity schemes in February amounted to a total of Rs3,880 crore, the highest since September 2011. Along with sales, redemptions from equity funds increased, as well. Redemptions touched Rs6,689 crore— the highest since October 2010. This led to a net outflow of Rs2,809 crore from equity mutual funds in February 2012.
Sale of equity linked savings schemes (ELSS) picked up from the month of January but was much less compared to February last year when the stock market was higher. Sales of ELSS amounted to Rs286 crore, up 17%, but was down by more than half compared to last year when the sales touched a high of Rs648 crore.
February saw just one new fund offer—Indiabulls Blue Chip fund—an equity fund, which managed to rake in just Rs13 crore whereas FT India Feeder-Franklin US Opportunities Fund—an overseas fund of funds—managed to bring in as much as Rs104 crore. Two fund companies have filed offer documents to launch similar funds.
The net equity fund flows have fluctuated a lot in the last one year. In the last 11 months equity mutual funds have seen a net inflow of just Rs51 crore which is better than last year. For the 11 months last year, equity mutual funds suffered an outflow of Rs13,591 crore. But despite the huge outflows, sales were much better in the previous period which came up to a total of Rs61,225 crore compared to the sales of the last 11 months which amounted to just Rs45,635 crore.
In short, much less of money is moving in and out of mutual funds, as uncertainties to the business caused by the regulator continued. In February last year, UK Sinha, then the CEO of one of the largest mutual funds, UTI, became the regulator. But this seems to have no difference so far. Indeed, investors are investing in even less, fund companies seem listless and distributors seem to have no interest in selling mutual funds.