Rs 55 crore allocated for works in Mangaluru Railway Region

News Network

February 2, 2024

The interim Union Budget presented by Union Finance Minister Nirmala Sitharaman on Thursday set apart over ₹55 crore for works in Mangaluru Railway Region, including ₹50 crore for line-doubling between Southern Railway’s Jokatte Railway Station and Konkan Railway Corporation’s Thokur Railway Station.

Though the distance between Jokatte and Thokur is just 1.98 km, the work becomes crucial as it connects networks of two zones, Southern Railway and Konkan Railway, said Chief Administrative Officer of SR’s Construction Organisation Shaji Zachariah. The allocation covers works being executed by both the entities in their respective jurisdiction, he said.

Mr. Zachariah said rather than the physical work of laying tracks, the ongoing work involves signalling, telecommunication, and electrification works. Modification of two yards, Jokatte and Thokur, was being done under the sanctioned work. The work was going on in full swing and was likely to be commissioned in May, he said. The exchange of trains between the two zones was expected to become hassle-free upon commissioning the work, Mr. Zachariah added.

Apart from allocating funds for Jokatte-Thokur line-doubling, the Budget has also allocated ₹4.74 crore towards completing the additional platform lines at Mangaluru Central Railway Station. While additional platforms four and five were made operational recently, provisions including platform shelters and one more footbridge were to be executed in the coming days.

The Budget has also allocated ₹1 crore towards Mangaluru Junction-Panambur patch doubling and ₹1.2 crore for Netravathi Cabin-Mangaluru Central line-doubling to complete minor pending works.

Development of the second entry towards Attavar for Mangaluru Central Station, however, did not receive much support as the Budget allocated only ₹1,000 towards the work.

In all, the Budget allocated ₹12,173 crore to Southern Railway to execute various new lines, doubling, gauge conversion, and other works.

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Adani Group in Crisis: $30 Billion Wiped Out after US Bribery and Fraud Charges Emerge

News Network

November 21,2024

Shares of Adani Group companies lost about $28 billion in market value in morning trade on Thursday after US prosecutors charged the billionaire chairman of the Indian conglomerate in an alleged bribery and fraud scheme.

Gautam Adani's flagship company Adani Enterprises tumbled 23 per cent, while Adani Ports, Adani Total Gas, Adani Green, Adani Power, Adani Wilmar and Adani Energy Solutions, ACC , Ambuja Cements and NDTV fell between 20 per cent and 90 per cent.

Adani group's 10 listed stocks had a total market capitalisation of about $141 billion at 0534 GMT, compared to $169.08 billion on Tuesday.

US authorities said Adani and seven other defendants, including his nephew Sagar Adani, agreed to pay about $265 million in bribes to Indian government officials to obtain contracts expected to yield $2 billion of profit over 20 years, and develop India's largest solar power plant project.

Adani Green in a statement on Thursday said the US Justice Department had issued a criminal indictment against board members Gautam Adani and Sagar Adani and the Securities and Exchange Commission had issued a civil complaint against them.

The US Justice Department also included Adani Green board member Vneet Jaain in the criminal indictment, it said.

Adani Green's units had decided not to proceed with the proposed US dollar denominated bond offerings due to developments, it added.

"Investors will shy away from Adani Group stocks ... and that's what this sharp selling is signifying," said Saurabh Jain, assistant vice president of retail equities research at SMC Global Securities.

"This could hurt the credibility of the group and maybe borrowing costs will rise," he said.

The indictment comes nearly two years after US shortseller Hindenburg Research alleged that Adani had improperly used tax havens and was involved in stock manipulation, allegations the conglomerate denied.

Also in early Asian trading on Thursday, Adani dollar bonds slumped, with prices down 3c-5c on bonds for Adani Ports and Special Economic Zone. The falls were the largest since the Adani Group came under a short-seller attack in February 2023.

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