Supreme Infrastructure India today said it has won a Rs1,150 crore toll road project in Maharashtra from National Highways Authority of India (NHAI).
The order relates to the upgrade of a 84-km stretch of the Panvel-Indapur stretch of NH-17 in Maharashtra under Phase-III of the National Highways Development Project (NHDP), the company said in a statement.
'"The above project was awarded in the SPV of Supreme Infrastructure India, incorporated with the name Supreme Panvel Indapur Tollways," it said, adding that the company has signed an agreement with NHAI in this regard.
The concession period for the project -- which will be implemented on a build, operate, transfer (BOT) basis -- is 21 years, including a construction period of 910 days, it added.
"We are extremely happy to bag this prestigious order. The order is our first from NHAI...," said Supreme Infrastructure director Vikas B Sharma.
The infrastructure firm has seven verticals, including railways, bridges, buildings, power, sewerage, irrigation and roads.
New Delhi: The country’s largest lender State Bank of India (SBI) today reported a 13.45% rise in its consolidated net profit at Rs3,806.49 crore for the third quarter ended 31st December 31 over Rs 3,354.94 crore in the year-ago period, reports PTI quoting SBI’s filing to the Bombay Stock Exchange.
SBI's total income increased by 14.7% to Rs36,966.87 crore in the October-December quarter of 2010 from Rs32,231.45 crore in the same quarter last fiscal.
On a standalone basis, the bank posted a net profit of Rs2,828.06 crore for the quarter ended December 31, 2010, up from Rs2,479.05 crore for the quarter ended December 31, 2009. Total income for the reporting quarter was Rs24,726.73 crore, whereas the same was Rs21,145.40 crore for the quarter ended December 31, 2009.
The market may go up but not by much
The market closed with marginal gains in the week ended 21st January on positive earnings sentiment. However, volatility was the main feature as key heavyweights declared results-some beat market expectations while others were punished for poor performance. Weekly food inflation numbers eased from the previous week, but did not impact the market as the prices of vegetables are still high.
The sharp market decline that started on 4th January has not stopped. Over the last one week the Sensex actually ended 1% up (147 points) from the closing of 14 January 2011 (18,860). When the market stops falling, it rallies. But whether the fall has stopped or not will be known by early next week.
Keep an eye on the Nifty at 5,675 (Friday's low). If Nifty goes below that a fresh decline will start. On the upper side, if Nifty moves above 5,730, it should rally towards 5,830. As of now, the chances are that the market will rally rather than fall. From the beginning of 2011, over 14 days of trading (3-20 January 2011), foreign institutional investors have taken out Rs4,100 crore from the Indian market and the Sensex has fallen 1,463 points from the closing on 31 December 2010.
Irrespective of whether the market goes up next week or not, we are in a difficult economic situation. While the global economic environment looks positive, the Indian economy will have its own set of problems. Interest rates are rising and corporate earnings are slowing down. In this situation, it is extremely important to stick to quality stocks with low valuations.
The coming week will have only four trading days as the domestic market will be closed on Wednesday for India's Republic Day. Other major events that could influence trading are the Reserve Bank of India's review of monetary policy on Tuesday and the expiry of futures and options contract on Thursday that will extend volatility into the next week. Corporate results will also share the limelight.
The market opened weak on Monday, on mixed cues from its Asian peers, then skidded early in the day. The indices continued to swing in the post-noon session, weighed by a huge decline of over 3% on the Shanghai Composite, its biggest decline since mid-November, after the 50 basis point increase in the reserve requirement for banks announced a week ago.
The next day, the market witnessed a gap-up opening on better-than-expected third quarter earnings reports from blue-chips. It remained listless post-noon, but a sudden bout of institutional buying in the last half-hour ensured a close near the day's high.
On Wednesday, the market opened with modest gains on positive global cues. Volatility continued throughout the session with the market touching the day's low in late trade. However, the indices witnessed a minor bounce-back, but ended in the red, erasing nearly half the gains accrued on Tuesday.
The market opened on a subdued note on Thursday on negative cues from global markets. Weekly inflation data, which showed a marginal decrease over the previous week, lent some support to the market. The indices touched their intra-day lows a little after noon and soon regained momentum. Choppy trade continued throughout the session and the benchmarks closed with modest gains.
Unsupportive global cues and below-expectation quarterly numbers from IT major Wipro resulted in a weak opening for the Indian market on the last trading day of the week. Half-hearted recovery attempts were crushed by bouts of selling, which pulled the indices lower. This was followed by range-bound trading that erased some of the earlier losses, but the indices still closed in the red.
Overall, the market closed with a gain of 1% in the week, with the Sensex gaining 147.09 points and the Nifty adding 41.95 points.
TCS (up 8%), ICICI Bank, Bajaj Auto (up 5% each) and Mahindra & Mahindra (up 4%) were the top Sensex gainers in the week. Reliance Infrastructure (down 8%), ONGC (down 6%) and Larsen & Toubro (down 4%) were the top losers.
On the sectoral front, BSE Bankex (up 4%) and BSE IT (up 3%) were the top performers, while BSE Oil & Gas and BSE Capital Goods (down 2% each) ended at the bottom.
Food inflation numbers, which were released on Thursday, eased marginally over that of the previous week. Food inflation fell to 15.52% for the week ended 8th January from 16.91% in the week ended 1st January, declining for the second week in a row. However, finance minister Pranab Mukherjee cautioned that the decline was not "much consolation".
Prime minister Manmohan Singh reshuffled the portfolios of his Cabinet colleagues on Wednesday. Political analysts were by and large disappointed with the changes and described the exercise as a game of musical chairs.
An RBI committee, headed by its central board director YH Malegam, has suggested that microfinance institutions (MFIs) be allowed to charge a maximum interest of 24% on small loans, which cannot exceed Rs25,000. The committee also pitched for the creation of a separate category of non-banking financial companies for the micro finance sector (NBFC-MFI).
Credit ratings agency Crisil said the recommendations, if implemented, would be a positive step, but the Andhra Pradesh government has expressed reservations saying that the report fails to address core issues of the microfinance sector and falls short of expectations to put in place an effective protection mechanism for borrowers.
On the earnings front, TCS, Bajaj Auto, BHEL, Kotak Mahindra Bank and Reliance Industries, beat market expectations. On the other hand, Wipro and Larsen & Toubro disappointed. State Bank of India will announce its number this weekend and this could influence the market on Monday.