Complete land acquisition in 2 months: State to NHAI
At a high-level meeting chaired by chief minister's chief principal secretary K M Abraham on Thursday, PWD secretary K Biju was tasked with coordinating directly with Centre and NHAI to resolve delays that held the project back for over two years. On Friday, state submitted a revised clearance application for the northern section, a month after Union ministry of environment, forest and climate change (MoEFCC) requested changes.
Abraham made it clear that the ORR project remains the state's top priority. He directed NHAI regional officer A K Janbaz to expedite land acquisition proceedings and complete compensation disbursal within two months. While NHAI officials reportedly promised to release the compensation soon, they were unable to provide a fixed timeline. More than 6,000 families across 24 villages have been waiting for compensation for nearly two years, even as their land documents remain with village revenue offices through which the proposed road passes.
by Taboola
by Taboola
Sponsored Links
Sponsored Links
Promoted Links
Promoted Links
You May Like
기미, 레이저말고 이렇게 해보세요
에스테틱최원장
Undo
Despite Rs 700 crore being transferred to NHAI earlier this year to compensate affected landowners, no disbursal has taken place yet. The compensation process was stalled due to pending environmental clearance for the project's northern stretch from Thekkada to Navaikulam, legal complications and a lapse in the tenure of state environment impact assessment authority (SEIAA).
Since the SEIAA committee is yet to be reconstituted, MoEFCC is now responsible for all pending environmental approvals.
The delay led to considerable frustration among landowners, many of whom participated in a protest organised by outer ring road action council in May. During the agitation at NHAI office in Chackai, the regional officer gave written assurance that disbursal would begin within a month. However, little progress has been made.
Meanwhile, rising land acquisition costs are becoming a major concern. Originally estimated at Rs 1,800 crore, the acquisition cost has now surged past Rs 3,800 crore, with further increase expected if the process is delayed beyond Aug, when the current land valuations expire.
Under Land Acquisition Act, a 12% annual interest is applicable to delayed payments, putting additional financial pressure on state and Centre.
Despite challenges, state govt remains optimistic. Union road transport and highways minister Nitin Gadkari reportedly assured the state that final approval for the detailed project report would be granted by July-end. Compensation disbursal and tendering process can begin after that.
The ORR, when completed, will stretch approximately 80 km, connecting Vizhinjam International Seaport to National Highway 66, and easing traffic congestion around the state capital. The southern portion of the project, from Vizhinjam to Thekkada, received environmental clearance in 2023, but the northern stretch continues to face regulatory and bureaucratic hurdles.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Indian Express
28 minutes ago
- Indian Express
From a 90% crash to a 1,000% rally: Can PC Jeweller regain its shine?
In the jewellery business, trust is everything. Ask PC Jeweller (PCJ), which saw its fortunes plummet in 2018 after losing investor confidence and has spent the last five years rebuilding itself. Legal battles, irrecoverable payables, and short-term debt pushed the company into a deep crisis. But today, PCJ is attempting a comeback, step by step, trying to restore the trust. On July 7, 2025, PCJ's promoters infused Rs 500 crore into the company by subscribing to fully convertible warrants at Rs 18 each, a premium to the June 30 market price of Rs 12.3. This sent the stock soaring 52% in the first week of July to Rs 18.7. The company will use these funds to repay bank debt, with an aim to become debt-free by the end of FY26. But to understand the significance of this move, it's important to understand where PCJ went wrong and how far it still has to go. PC Jeweller's Stock Price Momentum (2014-2020) Between FY14 and FY18, PC Jeweller grew its revenue by 80% to Rs 9,610 crore, placing it alongside Kalyan Jewellers and Joyalukkas in terms of market share. But everything began to go south after SEBI pulled up PCJ for insider trading in January 2018. The stock tanked 90% within 9 months. The promoters moved the Securities Appellate Tribunal (SAT) and then to the Supreme Court. Though the apex court overturned SEBI and SAT's ruling in April 2022, four years of legal proceedings had done much damage. Legal troubles and weakened consumer trust pulled revenue down by 83%. The company reported a net loss of Rs 391 crore in FY22, with sales falling to Rs 1,605 crore, which were not enough to cover its fixed costs. PC Jeweller's Sales and Profits FY14-FY22 5,325 6,361 7,301 8,464 9,610 8,672 5,206 2,825 1,605 378 1 -391 Source: The gems and jewellery sector operates like any other retail business, with pan-India stores. What sets them apart is the cost of gold, the primary raw material. India imports gold to meet jewellery demand, and the government imposes a customs duty on these imports. Jewellers also have a high working capital demand as gold is slow-moving, often taking 6–12 months to convert into sales. When sales declined because of the pandemic and the legal issues, PCJ was left with unsold inventory worth Rs 5,667 crore. PC Jeweller's Inventory from FY18-FY22 Inventory (Rs Crores) 5,258 5,012 5,944 5,667 Inventory Days 1,465 Source: Moreover, the pandemic resulted in export clients defaulting on trade receivables. Thus, PCJ had to borrow Rs 727 crore from banks to meet its trade payables, which increased its borrowings to Rs 3,283 crore in FY22 (from Rs 2,294 crore in FY21), and reduced its cash reserve to Rs 60 crore. From a net-cash company in FY18, PCJ became a net debt company by FY22. Within six months, it defaulted on loans worth Rs 3,466 crore in Q2FY23 ended September 2022. At this point, short-term borrowings were more than its reserves, and cash was running dry. PC Jeweller's Cash and Debt from FY18-FY22 Mar-20 Mar-21 Mar-22 Short-Term Borrowings 1,025 2,091 2,282 2,294 3,283 Cash Equivalents 1,556 322 178 60 Source: The creditors lost trust in the jeweller. The State Bank of India (SBI) (Rs 1,060 crore outstanding loan), its largest lender, initiated insolvency proceedings on PCJ in January 2023. Its two prime properties in New Delhi came under the SBI's control, and its inventory at a few locations came under the court's custody, disrupting operations. In FY24, the company's sales fell 75.5% to Rs 604 crore. The 334% rally in 4 months (27 June-24 October 2022) after the Supreme Court ruling reversed after the bank loan default. PC Jeweller's Stock Price Momentum (2022-2025) In December 2023, despite reporting its lowest quarterly revenue of Rs 40 crore (down 95% year-over-year) and a net loss of Rs 198 crore, PCJ's stock surged 100%. Behind the rally was PCJ's negotiations with banks to avoid bankruptcy. The jeweller even offered to reduce payment terms to 3 years from 5 years to get the lenders to settle, instilling confidence in investors. In July 2024, the company reached a One-Time Settlement (OTS) with 12 out of 14 banks. As part of the settlement, PCJ agreed to repay the loan in cash and equity, with structured cash payments over 2 years from the date of settlement (September 30, 2024). However, it expects to repay the debt by March 2026. So far, PCJ has paid Rs 487 crore in cash and converted debt worth Rs 1,510 crore to equity, giving banks a 9.07% stake in the company. As of March 30, 2025, it halved its debt to Rs 2,064 crore. The company will announce more such capital infusion as part of its plan to raise up to Rs 2,705 crore by issuing warrants on a preferential basis to promoters and investors. So far, the company has raised Rs 1,664 crore from share warrants. PCJ is strengthening its balance sheet by reducing debt. Simultaneously, it is reviving its business by using Rs 529 crore from the capital raised towards working capital. This helped the jeweller revive its FY25 sales. It reported a profit of Rs 578 crore by reducing its interest expense by Rs 454 crore to Rs 51 crore. PC Jeweller's Cash and Debt from FY23-FY25 2,245 2,064 Cash Equivalents Inventory 5,633 6,649 Source: PCJ is no longer in crisis mode. Over the last five years, it has avoided bankruptcy and returned to profits, which drove its share price up 1,068%. But challenges remain. PCJ's short-term borrowings have a Crisil rating of D (Default) 'issuer not cooperating' as on March 28. It received a show-cause notice from SEBI in February 2024 for alleged violation of the Listing Obligations and Disclosure Requirements (LODR) Regulations. Though it has settled the issue with SEBI by paying Rs 7.23 crore, it highlights that more work needs to be done around its corporate disclosures. PCJ also has to work toward reviving its business operations, where it is competing with giants like Tanishq and Kalyan Jewellers. Kalyan Jewellers has been expanding showroom count aggressively by moving from company-owned company-operated (COCO) to franchise-owned company-operated (FOCO) model. In the FOCO model, the franchise owners put their money into owning/leasing the store and store inventory. This model reduces the capital intensity of opening a new store, but also reduces the margin. PCJ, on the other hand, still operates on the COCO model, with only 4 franchises and 48 showrooms. The company's FY25 revenue is down 9% from FY23, when the business was not disrupted by bank default. PCJ is confident about FY26 growth. Its stock is trading at a price-to-earnings (P/E) ratio of 19x, way below Kalyan Jewellers' ratio of 85x and the industry median of 32x. Even the Enterprise Value to Earnings Before Interest, Taxes, Depreciation, and Amortisation (EV/EBITDA) ratio of 25.3x looks cheaper than Kalyan Jewellers' 39x. But PCJ's low valuation doesn't make it a value stock. It still carries high risk as the company still lacks consumer trust. It now has a shorter deadline to repay the Rs 2,064 crore debt. Until consumer and investor confidenc eis fully restored, risk remains high. Analysts have not yet initiated coverage on PCJ stock. That means investors must rely on their analysis of the company's performance. Being a distressed small-cap stock, its trading volumes are mostly concentrated around shareholder events, which increases volatility. However, it holds potential to grow substantially if the positive news keeps flowing in. Note: We have relied on data from throughout this article. Only in cases where the data was not available, have we used an alternate, but widely used and accepted source of information. Puja Tayal is a financial writer with over 17 years of experience in the field of fundamental research. Disclosure: The writer and his dependents do not hold the stocks discussed in this article. The website managers, its employee(s), and contributors/writers/authors of articles have or may have an outstanding buy or sell position or holding in the securities, options on securities or other related investments of issuers and/or companies discussed therein. The content of the articles and the interpretation of data are solely the personal views of the contributors/ writers/authors. Investors must make their own investment decisions based on their specific objectives, resources and only after consulting such independent advisors as may be necessary.
Economic Times
28 minutes ago
- Economic Times
Stocks in news: UltraTech, Eternal, RIL, ICICI Bank, HDFC Bank, Jio Financial
Markets extended their losing streak into the third consecutive week, as investors adopted a cautious stance due to the disappointing start of the earnings season and ongoing uncertainty surrounding the US-India trade deal. In today's trade, shares of UltraTech, Eternal, RIL, ICICI Bank, HDFC Bank, Jio Financial among others will be in focus. ADVERTISEMENT UltraTech Cement, Eternal, IDBI Shares of UltraTech Cement, Eternal and IDBI will be in focus as the company will announce its fourth quarter results. ICICI Bank ICICI Bank, India's second largest private lender, reported a standalone net profit of Rs 12,768 crore, up 15% year-over-year compared to a profit of Rs 11,059.11 crore in the corresponding quarter of last year. HDFC Bank HDFC Bank, India's largest private sector lender, on Saturday announced its first-ever bonus issue, with the board approving the allotment of shares in a 1:1 ratio. Yes Bank Yes Bank reported a 59% growth in its Q1FY26 standalone net profit at Rs 801 crore versus Rs 502 crore in the year ago period. RBL Bank Private sector lender RBL Bank on Saturday reported a standalone net profit of Rs 200.33 crore for the first quarter ended June 2025, a 46% year-over-year decline ADVERTISEMENT RIL Mukesh Ambani-led Reliance Industries (RIL) reported a 78% growth in its Q1FY26 consolidated net profit at Rs 26,994 crore versus Rs 15,138 crore in the year ago period. Sona Comstar Sona Comstar entered China EV market via JV to manufacture driveline systems with Jinnaite Machinery (JNT) in China. ADVERTISEMENT Punjab & Sind Bank reports Punjab and Sind Bank reported a net profit growth of 48% to Rs 269 crore in the first quarter. JK Cement JK Cement's net profit rose 75% to Rs 324 crore in the first quarter, while revenues increased 19% to Rs 3,352 crore. ADVERTISEMENT Warbug Pincus Warbug Pincus (Currant Sea Investments B.V) received RBI approval for its proposed 9.99% investment In IDFC First Bank Jio Financial Jio Financial to form 50:50 reinsurance joint venture with Allianz. ADVERTISEMENT Dr Reddy's Dr Reddy's received seven USFDA observations after Srikakulam plant inspection. (You can now subscribe to our ETMarkets WhatsApp channel)
Economic Times
28 minutes ago
- Economic Times
Remove underperforming mutual funds and cut risk from shares by shifting to index funds to meet life goals
This couple can reduce risk in their portfolio by moving some of their equity investments to index mutual funds The Portfolio Doctor assesses the health of the fund portfolio, examines the schemes and their suitability with regard to the goals and, if required, recommends corrective measures. The advice given is based on the performance of the funds, the risk profile of the investor as well as his financial goals. Tired of too many ads? Remove Ads PORTFOLIO CHECK-UP Abhishek Mittal and his wife are investing for their son's education and wedding, as well as their own retirement. The couple has highrisk investments, with over 50% of the portfolio in stocks. Direct investment in stocks can be volatile and risky. They should move to a mutual fund or an index scheme. The three equity mutual funds have been consistent underperformers and should be weeded out. They should continue investing in the NPS scheme. They should invest only Rs.1.5 lakh a year in their own and minor's PPF accounts. Can restart investing more when the son turns 18. Note from the doctor The couple has adequate life insurance: Rs.2 crore for husband and Rs.1 crore for wife. They also have passive rental income from two flats. They should review and rebalance their portfolio at least once a year. They should reduce risk when goal is near to avoid missing the target. WRITE TO US FOR HELP Names of the funds you hold. Current value of the investment. If you have SIPs running in any of them. The financial goals for which you invested. How much you need for each financial goal. How far away is each goal. (Disclaimer: The opinions expressed in this column are that of the writer. The facts and opinions expressed here do not reflect the views of .) Not many investors know whether they have invested in the right funds and if their fund portfolio is on track. The Portfolio Doctor assesses the health of the fund portfolio, examines the schemes and their suitability with regard to the goals and, if required, recommends corrective measures. The advice given is based on the performance of the funds, the risk profile of the investor as well as his financial you want your portfolio examined, write to etwealth@ with 'Portfolio Doctor' as the subject. Mention the following information:
