ICRA projects 12-15% container trade contraction in FY 20-21

Noted credit rating agency ICRA’s latest report on the Indian port sector has projected a 12-15 percent decline in the container trade and 5-8 percent dip in bulk cargo in FY20-21. The report mentions the steep throughput decline of 21% during April 2020 resulting from dip across major cargo categories, POL, thermal coal and container segment. According to ICRA, the outlook for Port sector remains negative in near to the medium term. Regarding the impact on the credit profile of port sector entities, K. Ravichandran, Senior VP and Group Head, ICRA…

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Mahindra Logistics reports double-digit drop in revenue

Automobile slump since the beginning of the last fiscal and Covid-19 pressures in the fourth quarter seems to have seriously impacted the financial performance of Mahindra Group’s logistics arm. Mahindra Logistics last week reported its financial numbers for 2019-20 and Q4 which earmark a fall of 10 percent in annual revenue – Rs 3471 Crore in the FY 20 as against Rs. 3851 Crore in the previous fiscal. The company, one of the leading 3PL solution providers in the country, saw its profits (after tax) declining by 37 percent –…

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CWC reports record turnover of over Rs 1700 crore

Public sector warehousing major, the Central Warehouse Corporation (CWC), has reported record turnover in 2019-20. The company has achieved turnover of about Rs.1710 crore which is its highest annual earning figure. The Managing Director of CWC, Arun Kumar Shrivasatava, recently handed over the dividend cheque of Rs 35.77 crore to the Union Minister for Consumer Affairs, Food and Public Distribution Ram Vilas Paswan in the presence of Secretary, Food & Public Distribution. CWC has declared interim dividend for the year 2019-20@95.53% of its paid-up capital as against 72.20% last year.…

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KVIC plans to supply masks to US, other countries

After supplying a substantial volume of khadi face masks in the domestic market, the Khadi and Village Industries Commission (KVIC) is all set to take the product to the leading international markets. This follows the lifting of restrictions by the Ministry of Commerce and Industries on export of non-medical/ non-surgical masks of all types via a notification issued on May 16, by the Directorate General of Foreign Trade (DGFT). According to a formal release on the behalf of the KVIC, the organisation has supplied more than 6 lakh masks during…

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Five more ports of call to boost India-Bangladesh bilateral trade

Even amidst the grand battle against Covid-19 which has brought economies across the world to a screeching halt, India and Bangladesh have expanded the scope of river cargo transportation by adding five more ports to the existing inland waterways protocol. Last Wednesday, the fresh agreement signed between the two countries have added five new ports of call in Bangladesh: Rajshahi, Sultanganj, Chilmari, Daudkandi and Bahadurabad. From the Indian side, the ports which will now also facilitate river transportation between the two countries are: Dhulian, Maia, Kolaghat, Sonamura and Jogigopha. The…

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Mother Dairy chips to stabilize dairy supply in Vidarbha, Marathwada

Mother Dairy, a wholly owned subsidiary of National Dairy Development Board (NDDB), has significantly contributed in stabilizing the dairy supply chain in Vidarbha and Marathwada region amid lockdown. According to an official release, Mother Dairy is extending all possible support to farmers and procuring an average milk volume of 2.55 lakh litres per day in Vidarbha and Marathwada region. Mother Dairy has connected with new farmers strengthening their farmers base to around 24,000 farmers. Total villages now covered under the milk procurement system stands at around 2,500 in 10 districts…

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NTPC-ONGC form JV for renewable business

Two major PSUs – NTPC and Oil and Natural Gas Corporation – have signed a Memorandum of Understanding (MoU) to jointly explore new opportunities in the renewable space. As per the agreement, a new Joint Venture entity will be formed for Renewable Energy business. According to an official release, NTPC and ONGC will explore the setting up of offshore wind and other Renewable Energy Projects in India and overseas. They shall also explore opportunities in the fields of sustainability, storage, E-mobility and ESG (Environmental, Social and Governance) compliant projects.  NTPC…

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ALLIANCE AIR to operate 58 flights from 25TH MAY

Alliance Air, a wholly owned subsidiary of Air India is all set to commence flight operations from 25TH May 2020 with 58 flight departures per day to different destinations across the country. The detailed schedule of the flight operations from 25th May 2020 to 30th June 2020 can be seen at Alliance Air section of www.airindia.in The airline has tried to connect maximum regional touch points across the country in its schedule so that travellers have the convenient option of flying back to their roots as soon as possible. Ex…

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Third series of Realterm Logistics Fund closes at $370 million

Realterm, global real estate operator with significant exposure in logistics related assets, has announced final closure of Realterm Logistics Fund III (RLF III) at its hard cap of $370 million. The company in an official statement has conveyed that the offering was oversubscribed on the back of strong investor demand. RLF III is the tenth fund raised across the Realterm platform. Ed Brickley, Managing Director and Senior Fund Manager for the Realterm Logistics Fund series, commented, ” Our investment and asset management teams have deep experience operating through cycles, and we…

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Welspun One Logistics Parks to donate 100,000 masks

In the wake of the coronavirus outbreak, Welspun One has launched its humanitarian initiative to bridge the demand-supply gap for Personal Protection Gear (PPE) among the frontline logistics workers and will donate 100,000 masks to India’s warehousing and logistics community by end of May 2020.   The organization aims to support over 25,000 workers in Bhiwandi and Bangalore by supplying them with disposable single-use masks that aid in preventing the spread of COVID-19. These masks have been specially produced with 98% BFE (Bacteria Filtration Efficiency) in Welspun’s Advanced Textiles facility in Anjar, Gujarat. Speaking…

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