IVRCL Group gets road project order worth Rs31 crore from NHAI

Hyderabad-based IVRCL Group said it won a toll road project worth about Rs31 crore from National Highways Authority of India (NHAI).

In a regulatory filing, the company said the order includes four and six laning of roads between Maharashtra-Goa border to Panaji-Goa-Karnataka border on design, build, finance, operate and transfer (DBFOT) basis. The concession period of the project is 23 years, with a positive capital grant of Rs664.72 crore.
Currently, IVRCL Group has 11 projects in its build, operate and transfer (BOT) portfolio, totalling nearly Rs11,150 crore of total project value. Of the 11 projects, three are operational, two have been completed and six are in various stages of construction.

On Tuesday, IVRCL shares ended 3.4% down at Rs162 on the Bombay Stock Exchange, while the benchmark Sensex closed 2.2% down at 16,572 points.

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Stimulus impact: Deficit up 25% at Rs4.12 lakh crore in FY10

Initiating the stimulus measures to spur the slowing down economy after global financial crisis deepened, the government cut excise duty by 4% in December, 2008. It again cut excise duty as well as service tax by 2% in February, 2009

As the government cut duties and stepped up public expenditure, its fiscal deficit rose by 24.89% to Rs4,12,307 crore in 2009-10 compared to Rs3,30,114 crore in the year ago period, reports PTI.

Initiating the stimulus measures to spur the slowing down economy after global financial crisis deepened, the government cut excise duty by 4% in December, 2008. It again cut excise duty as well as service tax by 2% in February, 2009.
So, higher impact of stimulus measures in the form of tax cuts came in 2009-10, which resulted in widening of the fiscal deficit.

Similarly, Plan expenditure was stepped up to give a boost to the economy, further widening the gap between expenditure and receipts of the government.

As a result, while tax revenue rose by just 2.61% to Rs4.59 lakh crore in 2009-10 compared to a year ago period, Plan expenditure increased by 9.71% to Rs3.02 lakh crore.

Adding non-tax revenue, the government's total receipts rose to Rs6.06 lakh crore in 2009-10, while together with non-Plan expenditure, the total expenses increased to much higher level of Rs10.18 lakh crore.

As such, the fiscal deficit widened to Rs4,12,307 crore.

However, if taken as a proportion of the gross domestic product (GDP), the government was able to restrict fiscal deficit to 6.61% of the size of economy (Rs62,31,171 crore) against 6.1% a year ago.

It was much lower than 6.7%, envisaged in the revised estimates, given at the time of presentation of this fiscal year's budget.

At the time of the presentation of the budget 2010-11, GDP was estimated at a lower level of Rs61,64,178 crore, and the fiscal deficit was pegged at a higher 6.7%.

If the GDP figures, released on Monday, are taken into account, the figures at the time of budget 2010-11 would have shown a fiscal deficit at 6.64%. So, the containment of fiscal deficit is not as high and just 0.03% lower than Rs4,14,041 crore given in the revised estimate.


 

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Jaihind Projects wins orders worth Rs19.55 crore

Jaihind Projects Ltd said it won three orders of about Rs19.55 crore for construction works.

The Ahmedabad-based company has received the first order from Hindustan Zinc Ltd worth Rs8.48 crore. The second order is from GSPC Gas Co Ltd worth Rs7.39 crore. The company has also received an order from Indian Oil Corp Ltd worth Rs3.68 crore.

On Tuesday, Jaihind Projects shares ended 0.2% up at Rs227 on the Bombay Stock Exchange, while the benchmark Sensex closed 2.2% down at 16,572 points.

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