JSL Stainless gets nod to raise Rs750 crore via QIP

The funds would be utilised for part-funding the Rs6,000 crore stainless steel manufacturing plant in Orissa

JSL Stainless said it had received an enabling resolution from shareholders to raise up to Rs750 crore, which could be used to part-fund its greenfield plant in Orissa, through qualified institutional placement.

"The members at the extra ordinary general meeting of the company have [received] authorisation to issue, offer and allot securities to qualified institutional buyers through QIP up to an aggregate amount of Rs750 crore," JSL said in a filing to the Bombay Stock Exchange (BSE).

A company official said that the proposed fund was meant for part-funding the Rs6,000 crore stainless steel manufacturing plant in Orissa.

The shareholders have also approved the change in the name of the company to 'Jindal Stainless Ltd' from 'JSL Stainless Ltd'.

On Thursday, JSL Stainless closed at Rs74.75 per share on the Bombay Stock Exchange, 6.25% up from the previous close.

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RInfra can collect toll at 10 projects by March

Six projects of Reliance Infrastructure would become revenue operational by March, 2012, four have already started generating revenues

Anil Ambani-promoted Reliance Infrastructure can start toll collection at its 10 road projects, which are being implemented at an estimated investment of Rs10,000 crore, by the end of this fiscal.

"Six projects of Reliance Infrastructure would become revenue operational by March, 2012, four have already started generating revenues," a source said.

The company is executing these projects of the National Highways Authority of India under the public-private-partnership (PPP) model and would earn revenue from toll collected from traffic. In these six-laning projects, tolling can be commenced parallel to the commencement of construction from the day financial closure is achieved.

These projects include six-laning of NH 4 between Pune and Satara of length 140 km in Maharashtra, six-laning of NH 7 between Hosur and Krishnagiri of length 60 km in Tamil Nadu, six-laning of NH 2 between Delhi and Agra of length 180 km in Haryana and Uttar Pradesh.

Once these projects are completed, they are likely to generate a revenue of Rs1,200-Rs1,400 crore per annum. Reliance Infrastructure plans to bag more highway projects in the future. "The mega road projects...Whenever they are bid out RInfra would been keen to develop them....Only one mega road project has been bid out so far," sources said. The 10 projects would be fully-commissioned by 2014.

Reliance Infrastructure has 25 infrastructure projects totalling Rs40,000 crore in hand, including these 10 projects. The company had posted a net profit of Rs362 crore in the quarter ended September 30, 2011.

On Thursday, RInfra closed at Rs406.30 per share on the Bombay Stock Exchange, 0.52% up from the previous close.

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5 years ago

is it good time to buy?

KEC International wins Rs147 crore new orders

In the water business, KEC International has secured three new orders worth Rs98 crore for the construction of canals for irrigation projects in Gujarat and Madhya Pradesh

KEC International (KEC), the flagship company of the RPG Group, has won new orders worth Rs147 crore in its emerging businesses—water and railways.

In the water business, the company has secured three new orders worth Rs98 crore for the construction of canals for irrigation projects in Gujarat and Madhya Pradesh, the global infrastructure engineering, procurement and construction (EPC) major said in a release.

With this addition, the order book of this business has increased to Rs178 crore.
In the railway business, the company has secured an order worth Rs49 crore for the supply of railway track materials, tools and railway signalling equipment from the Kenya Railway Corporation. With this, the order book of this business has touched Rs400 crore.

“We started our water business early this year and today we have a total order book of Rs178 crore,” KEC International managing director and CEO, Ramesh Chandak, said in a release. In addition to this, the company is leveraging its strong international presence in T&D business for its emerging businesses. “This is the second international order in the railway business. Last year, we secured a railway order from Malaysia,” he said.

On Thursday, KEC International closed at Rs41.15 per share on the Bombay Stock Exchange, 0.73% up from the previous close.

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