ITNL eyes Rs1,300 crore revenue from road projects

The infrastructure company has received a 300-km road work order worth $1.5 billion from Kazakhstan

IL&FS Transportation Networks (ITNL), which got listed on the National Stock Exchange today, has said that it is eyeing revenue of Rs1,300 crore from road and transport projects over the next three years.

“We have orders worth Rs12,000 crore till date and will be executing them over three years. We are eyeing Rs1,300 crore revenue from these project orders,” ITNL managing director, K Ramchand, told reporters on the sidelines of the listing ceremony here.

“We will continue to maintain our growth at 25% in the next three years,” Mr Ramchand said.

ITNL is one of the leading private sector build-operate-transfer (BOT) road operators in India. The company is engaged in the development, operation and maintenance of national and State highways, roads, flyovers and bridges across India.

“We want to diversify into the urban infra space on the railways side. In our current portfolio we have completed eight projects and 11 are under construction,” Mr Ramchand said.

“We have received a 4.8-km metro rail project at Rs 1,000 crore in Gurgaon and will start construction work in the next two-three months. We will complete the project within three years,” he said.
ITNL also plans to foray overseas, Mr Ramchand said, adding that the company has received a 300-km road work order worth $1.5 billion from Kazakhstan.

“We will start construction work in the next four-five months in Kazakhstan and will complete the project within three years. We expect more mega-project orders from both domestic and overseas markets in FY11,” he said.

The company plans to bid for at least six-eight mega projects worth around Rs4,000 crore in the next three months, Mr Ramchand said.

ITNL raised Rs700 crore from the capital market and will use the net proceeds to repay its debt and also for expansion.

“The company has around Rs1,000 crore debt and plans to repay Rs550 crore from the proceeds and (the) balance would be utilised for our expansion plans,” he said.

ITNL listed today at Rs287 on the Bombay Stock Exchange, a gain of 11.24% over its issue price. On the National Stock Exchange, the stock listed up 3.35% at Rs266.60.

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Work on Mumbai-Vadodara Expressway to start soon

The feasibility report on the project is almost complete; land acquisition is expected to start soon and is likely to be completed over the next six months

Land acquisition for the Mumbai-Vadodara Expressway, which now gains more importance due to the planned connectivity to the Mumbai-Pune Expressway, is likely to begin soon. The land acquisition is likely to be completed in the next six months.

“The feasibility report for the Mumbai-Vadodara Expressway has been almost completed and the land-acquisition process is likely to start soon. Ideally, we should complete the land-acquisition process within (the next) six months,” said DO Tawade, project officer, National Highways Authority of India (NHAI).

The study to connect the Mumbai-Vadodara expressway to the Mumbai-Pune expressway has been completed. Both of these expressways are likely to connect beyond a point near Panvel, Navi Mumbai. However, the final details of this connectivity and its positioning will depend on the final approvals which are required.

The 400 km Mumbai-Vadodara expressway will be developed on a public-private partnership (PPP) model similar to all other NHAI projects awarded in the recent past. This six-lane expressway project will assume added significance once it is connected to the Mumbai-Pune Expressway.

The Mumbai-Vadodara Expressway is part of the National Highway Development Programme, which is running behind schedule. In a Rajya Sabha session held in July 2009, minster of state for road transport and highways RPN Singh had stated, “The process of land acquisition would most likely begin by April 2010, and construction would start by April 2012.”

The NHAI official also stated that work on the development of three more national highways in Maharashtra will start soon, as the request for quotations (RFQs) for these projects are expected within this month.

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FMC introduces penalty on brokers carrying illegal trade

The regulator has announced a uniform penalty structure for all the commodity exchanges, while raising the penalty amount for various other offences

In order to curb illegal trading in commodity markets, regulator Forward Markets Commission (FMC) has asked exchanges to impose a penalty of Rs1 lakh-Rs5 lakh, with effect from 1st April, on brokers carrying unauthorised trading activities.

Besides introducing a penalty for illegal trading, the Forward Markets Commission (FMC) has announced a uniform penalty structure for all the commodity exchanges, while raising the penalty amount for various other offences.

“Interest of market participants will be served better only if exchanges implement the uniform penalty structure in its true spirit,” a senior official from FMC told PTI.

“As there was no structured penalty for illegal trading, we have asked the commodity exchanges to levy a penalty of a minimum of Rs1 lakh and a maximum of Rs5 lakh on their members (brokers) involved in unauthorised trading,” he added.

The penalty for illegal trading, which is also part of a common penalty structure, will be effective from 1st April.

FMC has come out with the uniform penalty structure after it found during audits that national commodity exchanges were imposing different penalties for the same offence committed by brokers. It was also observed that for a few offences, exchanges were imposing a very low penalty.

Currently, for instance, MCX is levying Rs10,000 per client as penalty on brokers (members) who are issuing more than one identity code to a client, while NCDEX and NMCE do not have any penalty in place for the same offence.

However from 1st April, exchanges have been asked to impose Rs10,000 per client as penalty on members for issuing more than one identity code, the regulator said.

Similarly, the penalty on brokers, who are using one client’s fund for trading in another client’s account, has been kept uniform at Rs25,000, against the current penalty range of Rs10,000 to Rs50,000 by various bourses, it said.

The penalty for 'non-maintenance of client code' and 'know your customer norms' has been kept at Rs10,000 per client, respectively, it added.

“The penalty provisions have been changed keeping in mind that penalties should be adequate to act as a deterrent and should be uniform across exchanges so as to rule out the possibility of regulatory arbitrage,” the FMC official said.

At present, there are four national level and 19 regional level exchanges. The turnover of these exchanges stood at Rs73,50,974 crore till 15th February in 2009-10, up by 50% from the same period last year.

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6 years ago

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LAKHWINDER SINGH

6 years ago

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6 years ago

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7 years ago

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7 years ago

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