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EquityPandit

EquityPandit
BUSINESS

Adani Total Gas Ltd. to Raise $400 Million via Dollar Bonds

Adani Gas Limited and Total Gas Ltd’s joint venture, Adani Total Gas Ltd. will raise up to $400 million via selling bonds to foreign investors for meeting its capital expenditure needs, said an official aware of the development.
“We will be raising $400 million in dollar denominated bonds to finance our capex requirement for the next two years. Over the next five years we need around Rs 8,000 crore to fund our capital expenditure. This is part financing for the same,” said Suresh Manglani, CEO of Adani Gas Ltd. Last October, France energy major Total SA has agreed to acquire 37.4 per cent stake in Adani Gas for Rs 5,700 crore and Adani Gas will be rechristened as Adani Total Gas Ltd., he added.
The company has reported a 13 per cent increase in profit after tax (PAT) at Rs 136 crore for the quarter ended on 30 September, 2020, against Rs 120 crore in the same period a year-ago. Revenue from operations during the quarter stood at Rs 441 crore, as compared to Rs 503 crore in the previous period year. EBITA (Earnings Before Interest, Tax, Depreciation and Amortization) increased 48 per cent to Rs 218 crore as on September 30, against Rs 147 crore in the last year period.

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INDIA

Elphinstone Bridge in Mumbai Closed for Double-Decker Upgrade, Traffic Disruptions Ahead

Dhruva Kulkarni

Mumbai’s Elphinstone Road Over Bridge (ROB) is closed from 25th April for two years for demolition and reconstruction as part of the Sewri-Worli Elevated Connector project.

The bridge connects Parel and Prabhadevi, and its closure will cause traffic disruptions and diversions in nearby areas such as Dadar, Lower Parel, Curry Road, and Bharatmata Junction.

The 100-year-old bridge will be replaced with a modern double-decker structure to ease congestion and improve east-west traffic flow.

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The new bridge will have two levels: one for a 2+2 lane carriageway and the second for a 2+2 lane stretch connecting the Mumbai Trans Harbour Link to the Bandra-Worli Sea Link.

The larger Sewri-Worli Elevated Connector project, which spans 4.5 km, will connect key roads, offering a seamless corridor that reduces travel time and provides signal-free access between central and south Mumbai.

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ECONOMYINDIA

PM Modi Urges Steel Industry to Cut Import Reliance

Dhruva Kulkarni

Prime Minister Narendra Modi said on Thursday that raw material security remains a major concern for India’s steel sector. Speaking at the India Steel 2025 event via video conference, he urged the industry to reduce reliance on imported coal and accelerate greenfield mining projects.

Calling steel the backbone of development, Modi said the sector is crucial to India’s $5 trillion economic vision. He highlighted India’s position as the world’s largest steel producer and one of the fastest-growing markets, emphasising the growing domestic demand driven by infrastructure, automotive, and defence sectors.

Citing the $1.3 trillion National Infrastructure Pipeline, Modi said the government’s development push is generating consistent steel demand. He also noted that Indian-made steel was used in the country’s first captive aircraft.

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Looking ahead, the Prime Minister outlined goals of producing 500 million tonnes of steel by 2047 and exporting 25 million tonnes. He also called for manufacturing advanced ships in India and stressed the need for high-grade steel and stronger R&D efforts.

He urged collaboration between the public and private sectors to drive innovation and meet rising global standards.

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INDIA

PM Modi Cancels Kanpur Visit; Metro Phase 2 Inauguration Delayed

Dhruva Kulkarni

Prime Minister Narendra Modi has cancelled his scheduled visit to Kanpur on 24th April following the Pahalgam terror attack, which took 26 lives, including one person from Kanpur.

The PM was expected to inaugurate Kanpur Metro Phase 2 and lay the foundation stone for projects worth over Rs 20,000 crore. As a mark of respect, officials postponed the event and deferred any celebratory public engagements.

Phase 2 of the Kanpur Metro includes a 7-km underground corridor between Chunniganj and Kanpur Central, adding five new stations: Naveen Market, Chunniganj, Bada Chauraha, Nayaganj, and Kanpur Central. The extension aims to serve over one lakh daily commuters, cutting travel time between IIT Kanpur and Kanpur Central to 15–20 minutes.

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Completed ahead of schedule in just over three years, the Rs 2,000 crore project is expected to ease congestion and improve public transport access for office workers, students, legal professionals, and railway passengers.

Chief Minister Yogi Adityanath recently reviewed the metro project, praising its rapid construction. Residents have also welcomed the development, calling it a major relief for daily travel.

PM Modi launched Phase 1 of the Kanpur Metro on 28th December 2021, which runs 9 km from IIT Kanpur to Moti Jheel.

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AUTOINDIA

Renault Opens Largest Design Centre Outside Europe in India to Accelerate Local Launches

Dhruva Kulkarni

Renault inaugurated its largest design centre outside Europe in India on Tuesday, located within the Renault Nissan Technology & Business Centre in Chennai. The facility currently hosts 32 designers, with plans to expand to 40 soon.

Laurens van den Acker, Renault’s Chief Design Officer, expressed satisfaction with India’s design and development capabilities, noting that the studio had previously focused on vehicles for the European market.

The centre will design and support engineering for five Renault models to be launched in India over the next five years at an accelerated pace.

Venkatram Mamillapalle, Country Managing Director and CEO of Renault India highlighted that India’s automotive market is expected to grow faster than the global average, with the Total Industry Volume (TIV) projected to rise from 4.3 million to 10 million. The new design centre will help Renault expand its footprint in India, focusing on customer needs and preferences for SUVs.

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The centre’s location and time zone offer efficiency, enabling design work to continue while other global operations are offline. India’s strong engineering and design talent pool is essential for speeding up design-engineer-build cycles.

A few weeks ago, Renault announced its plan to acquire Nissan’s 51% stake in their Indian joint venture, with the transition expected to be completed within two months.

Renault is also developing an electric vehicle for India, though widespread EV adoption is still a few years away. EVs currently make up less than 2% of the market but are expected to account for 10–12% in the next 5–7 years.

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INDIA

Maharashtra’s Water Crisis Deepens: 18% Drop in Dam Storage Since March

Dhruva Kulkarni

Maharashtra is in a severe water crisis, with water levels in 32 major dams falling by 18% over the past month.

According to the latest data from the Central Water Commission, storage in these reservoirs has declined to just 32.10%, well below the national average of 36.16% and last year’s levels for the same period.

Of the 32 key dams, 20 have less than 50% water; several are on the verge of drying up with storage below 10%. Ujani Dam in Solapur is among the worst-hit, holding just 1.97% of its capacity. In contrast, Pune’s Manikdoh Dam is at full capacity, and the Ghod Dam is in better shape with 60.92% storage.

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Back in March, the average storage across these dams was 50.32%. Since then, the sharp 18% decline has raised serious concerns as the state enters the peak summer months, heightening the risk of shortages for drinking water, agriculture, and industry.

Experts have called for urgent action from the state government and the Water Resources Department. Efficient water management, prioritising drinking water supply, and launching conservation efforts are critical to handling the crisis ahead.

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