logo
Maharashtra cabinet gives green light to 800-km Shaktipeeth Expressway

Maharashtra cabinet gives green light to 800-km Shaktipeeth Expressway

Time of India6 days ago

The Maharashtra cabinet has sanctioned Rs 20,787 crore for the 'Maharashtra Shaktipeeth Expressway,' an 802-km project linking eastern Maharashtra with southern Konkan, reducing Nagpur-Goa travel time significantly. Additionally, allowances for Scheduled Tribes students in hostels were nearly doubled, and GST Act amendments were approved.
Tired of too many ads?
Remove Ads
Tired of too many ads?
Remove Ads
Tired of too many ads?
Remove Ads
The Maharashtra cabinet on Tuesday approved the allocation of Rs 20,787 crore for the ambitious ' Maharashtra Shaktipeeth Expressway ' which will pass through 12 districts, linking eastern Maharashtra with southern Konkan.The 802-km expressway will link Pavnar in Wardha district with Patradevi on Maharashtra-Goa border in Sindhudurg district, and is expected to cut the travel time between Nagpur and Goa from current 18 hours to eight hours, officials said.The cabinet meeting was chaired by Chief Minister Devendra Fadnavis.The high-speed corridor will pass through the districts of Wardha, Yavatmal, Hingoli, Nanded, Parbhani, Beed, Latur, Dharashiv, Solapur, Sangli, Kolhapur, Sindhudurg.Wherever there is opposition to the project for fear of land acquisition, talks should be held with the local farmers, the chief minister said at the meeting.According to officials, the expressway aims to connect key pilgrimage sites such as Mahur, Tuljapur, Kolhapur and Pandharpur in addition to prominent spiritual and historical places like Ambajogai, two 'Jyotirlings' of Aundha Nagnath and Parli Vaijnath; Karanja- Lad, Akkalkot, Audumber and Narsobachi Wadi.The Maharashtra State Road Development Corporation (MSRDC) will implement the project, and HUDCO has sanctioned a loan of Rs 12,000 crore for the acquisition of nearly 7,500 hectares of land, officials said.The expressway aims to link all 'Shaktipeeths' in the state and develop rural areas through tourism and connectivity, they added.In another decision, the cabinet approved a long-pending revision of the allowances provided to Scheduled Tribes students living in hostels. Monthly living allowances were nearly doubled across categories.Divisional-level hostels will now provide Rs 1,400 per month (against Rs 800 at present), district-level hostels Rs 1,300 (up from Rs 600), and rural hostels Rs 1,000 (up from Rs 500). The special allowance for girl students has been raised from Rs 100 to Rs 150.Annual education material allowances too have been hiked, with students in classes 8 to10 now eligible for Rs 4,500 (from Rs 3,200), and medical or engineering students will get Rs 8,000 (up from Rs 6,000). Monthly food allowances have been increased to Rs 5,000 in city hostels and Rs 4,500 in district-level hostels.Currently, there are 490 tribal hostels in the state, catering to 57,700 students.The cabinet also cleared draft amendments to the Maharashtra Goods and Services Tax (GST) Act, 2017, aligning it with the Centre's 2025 Finance Act and decisions of the 55th GST Council meeting.It also approved amendments to a law dealing with the settlement of tax arrears of public sector undertakings, extending the definition of eligible applicants to include non-Companies Act entities like public sector banks and statutory bodies.A land parcel in Bandra East was officially transferred to the Public Works Department for the construction of a new High Court complex. The government also waived Rs 31.75 crore in slum rehabilitation dues, paving the way for clearing encroachments on the site.The cabinet also approved the allocation of 7,000 sq mt of reserved land at Chikhli in Pimpri Chichwad for a sewage treatment plant.To support urban development, the Cabinet decided to offer a state guarantee and waive off guarantee fees for a Rs 2,000 crore HUDCO loan to local bodies. It will help projects including water supply lines in Chhatrapati Sambhajinagar and Mira-Bhayander, and a sewage treatment plant in Nagpur, officials said. PTI

Orange background

Try Our AI Features

Explore what Daily8 AI can do for you:

Comments

No comments yet...

Related Articles

Sambhv Steel Tubes IPO Allotment Today: Check GMP, Listing Date, Price Prediction, Other Details
Sambhv Steel Tubes IPO Allotment Today: Check GMP, Listing Date, Price Prediction, Other Details

News18

time20 minutes ago

  • News18

Sambhv Steel Tubes IPO Allotment Today: Check GMP, Listing Date, Price Prediction, Other Details

Last Updated: The GMP of the Sambhv Steel Tubes IPO has increased to 17.07% currently; its allotment will be finalised today; here's a step-by-step guide to check your allotment status. Sambhv Steel Tubes IPO Allotment Date: The allotment of the Sambhv Steel Tubes IPO is going to be finalised today, Monday, June 30. The issue received a strong 30.33x subscription on the final day of bidding on Friday, amid a decent GMP. Its grey market premium remains at 17.07% and signals decent listing gains for investors. However, brokerage reports have recommended the company for the long-term play due to its fully backward integration. As the issue has closed, investors are awaiting its allotment. The allotment of the Sambhv Steel Tubes IPO is scheduled to be finalised today, Monday, June 30. Once the IPO allotment is finalised, investors will start receiving bank debit messages, most probably in the evening on June 30. They can also check their allotment status on the websites of the NSE as well as registrar Kfin Technologies. The allotment status can be checked by following these steps: 1) Go to the official BSE website via the URL — 2) Under 'Issue Type', select 'Equity'. 3) Under 'Issue Name', select 'Sambhv Steel Tubes Ltd' in the dropbox. 4) Enter your application number, or the Permanent Account Number (PAN). 5) Then, click on the 'I am not a robot' to verify yourself and hit the 'Search' option. You can also visit directly on the registrar Kfin Technologies' portal — and check the Sambhv Steel Tubes IPO allotment status. The allotment status can also be checked on the NSE's website at According to market observers, the GMP of the Sambhv Steel Tubes IPO has increased to 17.07% currently. At the currently grey market premium of Rs 14, the company's shares are likely to be listed at Rs 96 apiece as compared with the issue price of Rs 82 per share. The GMP is based on market sentiments and keeps changing. 'Grey market premium' indicates investors' readiness to pay more than the issue price. Sambhv Steel Tubes IPO Listing Date The listing of Sambhv Steel Tubes Ltd's shares will take place on Wednesday, July 2, on both BSE and NSE. The IPO consists of a fresh issue of equity shares worth Rs 440 crore and an offer for sale (OFS) of Rs 100 crore by the company's promoter and promoter group shareholders. It was open for public subscription between June 25 and June 27. On the final day of bidding on Friday, the Sambhv Steel Tubes IPO received a 30.33 times subscription, garnering bids for 1,40,13,19,920 shares as against the 6,58,69,293 shares on offer. The retail and NII participation stood at 8.56 times and 33.88 times, respectively. Its qualified institutional buyer (QIB) category got a 66.36 times subscription. The price band was fixed at Rs 77 to Rs 82 per equity share of face value Rs 10 each. Most brokerage firms gave 'subscribe' recommendations to the IPO, with most advising investors to take a long-term view due to Sambhv Steel's backward integration, new capacity ramp-up, and strong product portfolio. They added that growth prospects and debt reduction post IPO offer a compelling long-term case. As per the RHP, Sambhv Steel intends to use the net proceeds from the fresh issue primarily for pre-payment or scheduled repayment of certain outstanding borrowings, and the remaining amount will go towards general corporate purposes. Sambhv Steel Tubes is one of the key manufacturers of electric resistance welded (ERW) steel pipes and structural tubes (hollow section) in India in terms of installed capacity as of March 31, 2024. According to a Crisil report, the demand for domestic steel pipes and tubes is expected to have grown at a compound annual growth rate (CAGR) of 5-6 per cent to 12.50-13.50 million tonnes per annum (MTPA) in FY25 from 8.8 MTPA in FY19. The growth was led by government initiatives to augment urban structural infrastructure and to infuse investments in the oil and gas sector. Going forward, domestic steel pipe demand is projected to increase to 18.50-20.50 MTPA in FY29 at 8-9 per cent CAGR between FY25 and FY29 on a high base, the report added. Nuvama Wealth Management Limited and Motilal Oswal Investment Advisors Limited are the Book Running Lead Managers (BRLMs) to the issue. First Published: News business » ipo Sambhv Steel Tubes IPO Allotment Today: Check GMP, Listing Date, Price Prediction, Other Details

Seeds of debt: Telangana's elderly farmers forced into manual labour after lifetime in farming; turn to MGNREGA to survive
Seeds of debt: Telangana's elderly farmers forced into manual labour after lifetime in farming; turn to MGNREGA to survive

Time of India

time21 minutes ago

  • Time of India

Seeds of debt: Telangana's elderly farmers forced into manual labour after lifetime in farming; turn to MGNREGA to survive

JOGULAMBA GADWAL: After a lifetime spent tending their farms, many elderly farmers in Gadwal now find themselves working under the Mahatma Gandhi National Rural Employment Guarantee Act ( MGNREGA ) to survive. Years of using spurious seeds, earning meagre returns, and watching profits siphoned off by organisers have pushed cotton seed farmers into hardship. With their land handed over to the next generation, survival now means returning to the fields - not as owners but as labourers. "I was into seed farming since my teenage years. We never benefited much, as the money earned was hardly enough for the next crop. Now, I am working as a labourer to earn a livelihood," said Kuruva Maddeletti from Neelipally village. He owns two acres of land, which are now being tended by his sons. You Can Also Check: Hyderabad AQI | Weather in Hyderabad | Bank Holidays in Hyderabad | Public Holidays in Hyderabad "Even they are not making any money through seed farming. In fact, one of my sons was informed that his entire produce-about four quintals-failed the quality test. He is now burdened with a debt of Rs 2 lakh," the 60-year-old said. The situation is no different for Venkatanna N and his wife Padmamma, who are also working as labourers. "We built a small hut in the village. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Investigadora argentina revela hallazgos sobre el magnesio Salud Esencial Leer más Undo I earn around Rs 200 per day, and we are surviving on this meagre pay," said Venkatanna, who handed over his two-acre land to his sons. Despite having worked in the fields since the age of 20, he said he could hardly save anything for their old age. The 63-year-old added that his sons, too, were victims of spurious seeds, with their entire produce failing the quality test. 'No option left' The MGNREGA guarantees 100 days of wage employment in a financial year to every rural household whose adult members volunteer for unskilled manual work. For many in the villages, it has become a lifeline, helping them earn Rs 5,000 to Rs 6,000 per month. According to data from the Ministry of Rural Development, a total of 85,725 people aged between 61 and 80 registered for MGNREGA in Jogulamba Gadwal district. An additional 10,453 aged above 80 are registered for drought-related work. Of these, 10,777 were employed in the financial year 2025-26. While MGNREGA remains a fallback option for elderly farmers, even younger cotton farmers-those under the age of 60-are being pushed into farm labour, as earnings from both commercial and seed cotton farming are proving insufficient to support their families. "I have a debt of Rs 4 lakh, of which Rs 2 lakh was borrowed from my organiser. We submitted our produce in Dec 2024, but it was only in April that they told us whether it passed the quality test or not. Now, I am working as a daily labourer for Rs 500," said Pedda Narsimhulu, pointing to the field where he was working. Farmers say that unless organisers are removed from the system and they are assured of a minimum support price, their situation is unlikely to improve.

Jio Financial shares zoom 13% in a week. Is it time to ride the momentum?
Jio Financial shares zoom 13% in a week. Is it time to ride the momentum?

Economic Times

time22 minutes ago

  • Economic Times

Jio Financial shares zoom 13% in a week. Is it time to ride the momentum?

Live Events Jio Financial share price performance (You can now subscribe to our (You can now subscribe to our ETMarkets WhatsApp channel The shares of Jio Financial Services have rallied 13% in one week to a high of Rs 331.40 on the BSE amid positive investor sentiment. The stock jumped 2.4% in intraday Friday, the stock rallied as much as 5.4% on the BSE after announcing that it has been granted a certificate of registration to Jio BlackRock Broking Private Ltd (JBBPL) to operate as a stockbroker and clearing member.'Please note that the Securities and Exchange Board of India, has granted a certificate of registration dated June 25, 2025 to Jio BlackRock Broking Private Limited ('JBBPL') to act as a Stock Broker / Clearing Member,' the company had informed in a filing to the stock the stock is performing well above its significant short, medium and long-term daily exponential moving averages and is oscillating near the 76 mark on the RSI , according to the Trendlyne RSI above 70 is considered to be this momentum and technical indicators, should you buy the shares of Jio Financial Services now?According to Anand James, Chief Market Strategist at Geojit Financial Services , Jio Financial's recent upmove appears strong with two consecutive closes above the upper Bollinger he suggested that a fresh entry at current levels may not be ideal due to a lack of strong momentum signals from directional suggests that the Rs 321–Rs 323 zone could be considered as a potential exit point for those who entered the stock in June. For investors holding existing positions, he sees scope for a further upmove with a target range of Rs 341–Rs 345, while recommending that stop-losses should not be placed below Rs the past one year, the shares of Jio Financial Services have declined by 8.55%, while on a year-to-date (YTD) basis, it has gained 7.55%. In the last six months, the stock has risen 6.99%, and over the past three months, it has registered a sharp gain of 44.02%. For the one-month period, the stock has advanced 14.25%.Around 10:05 am, the stock was trading 1.3% higher at Rs 327.75 on the BSE.: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)

DOWNLOAD THE APP

Get Started Now: Download the App

Ready to dive into a world of global content with local flavor? Download Daily8 app today from your preferred app store and start exploring.
app-storeplay-store