Construction | Business Upturn

AVP Infracon secures Rs 76.26 crore contract for NH-81 bypass construction

Business Desk — Mon, 09 Mar 2026 08:25:36 +0000

AVP Infracon has been awarded a significant contract by the National Highways Authority of India (NHAI) for the construction of a bypass in Tamil Nadu. The project, valued at approximately ₹76.26 crore, involves the development of a bypass to Gangaikonda Cholapuram in the Kallagam to Meensurutti section of NH-81, previously known as NH-227.

The contract, awarded on an Engineering, Procurement, and Construction (EPC) mode, is expected to be completed within a 12-month timeframe. The project is part of the domestic infrastructure development initiatives by NHAI, with no involvement of international entities.

AVP Infracon has confirmed that there is no interest from its promoters or promoter group in the NHAI, and the contract does not fall under related party transactions. This project adds to AVP Infracon’s growing portfolio of infrastructure projects across India.

Disclaimer: This article is based on a regulatory filing submitted to the National Stock Exchange of India (NSE).

This article is written by Business Desk and reviewed by Aditya Bhagchandani before publication.

Startup Bandhoo raises $1.1 million from Unitus Ventures

Diya S. — Tue, 27 Jul 2021 15:58:19 +0000

According to Business Standard, construction tech startup Bandhoo has raised $1.1 million from Unitus Ventures along with Bharat Innovation Fund and other angel investors participating in the funding round.

The startup aims to bring more transparency and efficiency in the labor market by means of working closely with real estate, infrastructure and construction companies, building material supplies as well as construction workers.

CEO Prakash Gupta and CTO Sridhar Sundaram had founded Bandhoo in the year 2020. It provides assistance to builders and infrastructure companies in saving costs and time in their project and procurement process.

Gupta informed that the primary use of the funds would be the expansion of its engineering team, investment to build new features and functionality and scale up operations.

“We aim to onboard several large real estate and infrastructure companies, about 25,000 SME construction contractors, and more than 150,000 construction workers by 2022-23. With such dramatically increased scale of supply, getting workers and labor contractors to any project site anywhere in India will be far easier and cost and time effective”, the CEO added.

The senior partner of Unitus Ventures, Surya Mantha, said that the construction workers form the backbone of the country’s economy. He also talked about Bandhoo’s delivery impact at scale for such segment of workers and the increased productivity level alongside business results of small and medium-sized enterprises (SME) by connecting them with workers, large builders, and contractors alike.

He further stated, “This will put India back on the global map in the coming decades as Bandhoo formalizes a labor-intensive market like India.”

Power Mech Projects wins orders worth ₹734 crore

Sanah Shah — Wed, 03 Mar 2021 08:55:11 +0000

Power Mech Projects on Wednesday 3rd March announced that the company has received letters of award for orders valued at Rs 734 crore.

The engineering and construction firm in a regulatory filing stated that it has secured an order worth Rs 401 crore for operation and maintenance of boilers and auxiliaries and other miscellaneous jobs of 4 x 660 MW, Thermal Power Plant of Vedanta Limited, Jharsuguda.

In addition to this, the company has also gained another order of Rs 198 crore for engineering, procurement, and construction (EPC) works for Kurmitar Iron Ore Mining Private Limited, Odisha.

Lastly, Power Mech Projects has won an order worth Rs 135 crore for all civil, architectural and structural works of the main plant for 2X660 MW Khurja STPP (Turbine Generator and Associated Packages) for BHEL at Khurja, Uttar Pradesh.

The stock of Power Mech Projects is trading at Rs 549.05 (2:10 PM IST) on Wednesday 3rd March. This is up by 8.9 points or 1.65%. It opened at Rs 547.80.

India Cements Reports Q3 profit of ₹ 62 crore, revenue stood at ₹ 1,160 crore

Devanshu Singla — Wed, 27 Jan 2021 10:54:13 +0000

India Cements reported standalone net profit at ₹ 62 crore against ₹ 5.4 crore loss (YoY). The company’s standalone revenue dropped by 2.6 percent at ₹ 1,160 crore against ₹ 1,191.1 crore (YoY).

Standalone EBITDA rose 67.3 percent at ₹ 215 crore against ₹ 128.7 crore (YoY) while EBITDA margin stood at 18.6 percent against 10.8 percent (YoY).

The stock was trading at ₹ 168.40, down ₹ 0.45, or 0.27 percent at 12:05 hours. It has touched an intraday high of ₹ 173.80 and an intraday low of ₹ 167.

The stock has been in focus after ace investor and owner of supermarket chain D-Mart, Radhakisan Damani raised stakes in the cement maker. He has been piling on the shares of India Cements for almost a year now. His individual stake in the company stood over 11 percent in December 2020 against over 10 percent in September 2020.

As of September 2020, Damani family owned a combined stake of 20.4 percent in the cement maker. According to exchange data, it has now increased to 21.14 percent.

The Board of Directors of the company, at its meeting held on January 27, 2021 appointed Krishnan Skandan as a Non-executive Independent Director of the Company for a period of three consecutive years with effect from January 27, 2021, subject to the approval of shareholders, it said in an exchange filing.

L&T shares rise by 2% on securing a project worth ₹1,390 crore

Devanshu Singla — Wed, 27 Jan 2021 07:45:01 +0000

Larsen & Toubro L&T shares rise more than 2 per cent in a weak after the infrastructure giant bagged a contract worth ₹ 1,390 crore from the National High-Speed Rail Corporation Limited (NHSRCL) for procurement and fabrication of 28 steel bridges for crossing over railway lines, rivers, highways, road, and other structures for the Mumbai Ahmedabad high-speed rail corridor, as part of the country’s first bullet train project.

The shares of L&T were trading at ₹ 1,378.60, higher by ₹ 17 or 1.2 per cent, at 9:55 am on the BSE. The shares have touched an intra-day high of ₹ 1,392.80 and a low of ₹ 1,361.15 thus far.

NHSRCL, the organisation responsible for executing the bullet train project, awarded the contract to Larson and Toubro -IHI Infrastructure Systems (Consortium) on January 25.

The scope of work for the C6 package includes construction of viaducts, one station, major river bridges, maintenance depots, and other auxiliary works. This package represents 17.2 per cent of the total length, running elevated from the outskirts of Vadodara to the outskirts of Ahmedabad with one station at Anand / Nadiad.

The BSE Sensex was at 47,986.70, lower by 365 points or 0.75 per cent and the NSE Nifty was at 14,124.20, down 114.85 points or 0.84 per cent at the time.

L&T secures transmission line orders upto Rs 5,000 crore in Bangladesh

Devanshu Singla — Wed, 20 Jan 2021 06:53:13 +0000

Larsen & Toubro (L&T) in a regulatory filing on Wednesday said its construction arm has secured orders worth up to Rs 5,000 crore in Bangladesh.

The power transmission and distribution arm of Larsen & Toubro has won large transmission line orders in Bangladesh, the company said.

The engineering and construction company did not reveal the exact value of the contract, but as per its project classification, ‘large’ orders are those valued between Rs 2,500 crore and Rs 5,000 crore.

The scope of these packages involves the design, supply, installation, testing and commissioning of extra high voltage transmission lines on a turnkey basis, the company added.

‘As Bangladesh aims to achieve universal electricity access this year, the enhancement of power transfer capacity will improve the reliability and efficiency of the country’s grid and facilitate integrated development of its capital and the economic growth centres. These projects will also give a fillip to the cross-border electricity trade,’ T Madhava Das, Whole Time Director and Senior Executive Vice President (Utilities), L&T said.

Shares of the company were trading 1.13 per cent higher at Rs 1,385.25 apiece on BSE.

L&T secures contract of Rs 5,000 crore from Rail Vikas Nigam, Uttarakhand

Devanshu Singla — Mon, 18 Jan 2021 06:03:18 +0000

On Monday, Larsen & Toubro (L&T) announced that its construction unit has bagged a contract of Rs 5,000 crore from Rail Vikas Nigam Ltd (RVNL) in Uttarakhand.

The company in a regulatory filing said the construction arm of L&T has secured a large order for its heavy civil infrastructure business from Rail Vikas Nigam Ltd (RVNL) for package 4 of the new broad-gauge line between Rishikesh and Karanprayag in Uttarakhand, India.

As the company did not reveal the exact value of the contract, but according to its project classification, ‘large’ orders are those valued between Rs 2,500 crore and Rs 5,000 crore.

The scope of the project includes construction of tunnels, formation, construction shaft, and other ancillary works between Rishikesh and Karanprayag, the company added.

L&T said the entire project is to be completed within a stringent timeline of 60 months.

‘Establishing a rail link between Rishikesh and Karanprayag will not only facilitate easy access to Uttarakhand’s pilgrimage sites, but also enable development of backward areas, connect new trade centres, and serve the resident population.

“The railway line traverses rugged Himalayan terrains, with the alignment oriented across and sometimes sub-parallel to major thrust zones in the Himalayas with complex geological conditions,” said S V Desai, Whole Time Director and Senior Executive Vice President (Civil Infrastructure) L&T.

Shares of the company were trading 1.62 per cent lower at Rs 1,332.60 apiece on BSE

L&T secures multiple orders in domestic and overseas market, yet again

Devanshu Singla — Wed, 13 Jan 2021 07:19:58 +0000

On Wednesday Infrastructure company Larsen & Toubro (L&T) said that it has secured multiple orders across business segments in the domestic and overseas market.

The company did not disclose the value of the contracts but said the orders fall under the “significant” category, which ranges between Rs 1,000 crore and Rs 2,500 crore according to the classification of contracts.

L&T said in a regulatory filing, “The construction arm of L&T has secured (significant) orders from prestigious clients for its various businesses.”

The company has received orders to construct a metallurgical plant in the domestic market, add on orders from an overseas package and product supply orders from various customers.

“Traction in metal prices gives a good outlook for the business in the near and medium-term,” the company said.

L&T’s power transmission and distribution business also won an engineering, procurement, construction and commissioning (EPCC) contract to construct a 500kV transmission line in Malaysia.

The company recently completed a similar 500kV project in west Malaysia.

The proposed overhead line will facilitate power evacuation from an upcoming combined cycle power generating facility in the region, the company said.

Shares of L&T were trading 0.70 per cent higher at Rs 1,359.20 apiece on the BSE.

Builders told to reduce home prices, no penalty for past profiteering

Shalmali Bhagwat — Mon, 16 Nov 2020 07:39:10 +0000

After a long break due to countrywide lockdown, the National Anti-Profiteering Authority (NAA) has renewed exercising stricter orders on property builders for not reducing home prices to extend tax benefits following the imposition of goods and services tax (GST) in 2017. In this month, the profiteering regulator has ordered two developers to lower prices of flats to pass on the profiteered amount to buyers with 18% interest. The penalty clause was included in January and is not retrospectively applicable and hence NAA is retracting orders imposed before.

In the pre-GST era, the independent taxes of central and state governments added up to 5.5%-6.5%, but in the new system, the rate was cumulatively kept at a steady 12% with the benefit of the input tax credit. The GST Council withdrew the input tax credit and reduced tax rate from 12% to 5% and in the case of affordable housing projects, from an effective 8% to 1% from April 2019, post the observation that builders had escalated prices and were not providing the tax credit benefits to consumers. Under the GST which was effectively actualized on 1 July 2017, builders were allowed to offset a part of the tax outgo on under-construction flats with the credit for taxes paid on building materials and services, a facility not offered in the previous tax regime.

Finance Act 2019 rolled out a penalty of 10% of the profiteered amount, effective from 1 January 2020, which is applicable only if the profiteered amount is not deposited within 30 days of NAA order. ”Legally speaking the specific inclusion of a provision from the prospective date means the absence of the same before the date. NAA accepts this argument in a number of cases and has held that no penalty be imposed for contravention of profiteering provisions before 1 January 2020.” said Rajat Mohan, the senior partner at chartered accounts firm AMRG and Associates.