뉴스

Banks can lend directly to REITs & InvITs

Mumbai: The Reserve Bank of India (RBI) Wednesday allowed banks to lend directly to Real Estate Investment Trusts (REITs). It capped overall bank exposure to a REIT or Infrastructure Investment Trust (InvIT), with its underlying SPVs and holding companies, at 49% of its asset value .The new framework requires that at least 80% of a REIT's underlying assets generate positive cash flows from operations for a minimum of one year for it to be eligible for bank funding.Also read: RBI cancels registration certificates of 135 NBFCsSimilarly, banks can lend only to listed InvITs with at least 80% of assets invested in completed, revenue-generating infrastructure projects that have generated positive cash flows for at least one year. The RBI said that a bank will be permitted to lend to REITs which are registered with and regulated by Sebi. The central bank said the overall exposure of all banks to a borrowing REIT, together with its underlying SPVs and holding companies, should not exceed 49% of the value of the REIT's assets. RBI has prescribed an identical ceiling for InvITs.Banks will also be required to ensure that overall leverage of the borrowing REIT or I/IT remains within the prudential ceiling prescribed by Sebi, or a lower limit fixed by their boards.The RBI directed banks to frame board-approved policies covering appraisal mechanisms, underwriting norms, debt service coverage ratio benchmarks, exposure limits and monitoring frameworks before extending such loans. For REITs, projects should have a completion or occupancy certificate, while InvIT projects should have commenced commercial operations.Also read: RBI offers concessional swaps for PSUs, NRI deposits to drive forex inflowsThe central bank also prohibited bullet and balloon repayment structures for loans extended to REITs and InvITs, saying repayment schedules should not result in a disproportionate concentration of principal repayments towards the end of the tenure. The restriction will not apply to investments in bonds, debentures and commercial paper. Also, RBI mandated that bank financing should be secured through charges on underlying assets, assignment of cash flows and receivables. The rules will come into effect from October 1, 2026 or earlier adopted by a bank in entirety.

Adani Solar Ranks 6th In Wood Mackenzie's Global Module Manufacturer List

Wood Mackenzie assigned Adani Solar a Grade A' classification.

WB govt assigns portfolios to new ministers

Jefferies upgrades Aegis Vopak shares to Buy, says correction overdone. Here’s why

Shares of Aegis Vopak Terminals rallied as much as 6% to their day’s high of Rs 203 on the BSE on Wednesday after international brokerage firm Jefferies upgraded the stock to Buy and assigned a fresh target price of Rs 240, implying an upside of 25% from current market levels. While the brokerage has cut its target price from Rs 255, it believes the recent correction in Aegis Vopak Terminals (AVTL) has been excessive. The stock has fallen 16% since Middle East tensions escalated, compared with an 8% decline in the Nifty. While near-term risks persist, the brokerage expects LPG import volumes to normalise once geopolitical tensions ease.Jefferies said Aegis remains on track with its expansion plans, with management reiterating an aggregate capex target of $5 billion by FY30 and $1.2 billion by FY27. The company currently operates 1.7 million cubic metres of liquid storage capacity and 225,800 MT of LPG capacity across six ports and aims to expand its presence to 12 ports by 2030. Capacity additions at JNPT and Kandla ports are progressing as planned and are expected to increase liquid storage capacity by 25% and LPG capacity by 34%, respectively. Management said capacity expansion is being aligned with demand growth. The company is also expanding into ammonia storage, with a 36,000 MT facility under development at Pipavav port. Additionally, the Kandla-Gorakhpur pipeline is expected to be commissioned by September 2026, which could support higher LPG terminal throughput.“We estimate 4.7% CAGR in LPG demand over FY26-30E, driving 5.3% CAGR in imports. We believe AVTL is also well-placed to capture storage-led growth as the government plans to build an LPG storage reserve to cover 30 days of demand,” the brokerage said in a note. Jefferies has lowered its FY27 EBITDA estimate for Aegis Vopak Terminals (AVTL) by 22% to factor in the March 2026 quarter miss and the impact of Middle East tensions. However, it has largely retained its FY28 estimates, assuming geopolitical tensions ease over time.The brokerage has cut its target price to Rs 240 from Rs 255 earlier. The valuation is based on 22x March 2028 estimated EV/EBITDA, compared with 18x for JSW Infrastructure. Jefferies expects AVTL to deliver a 33% EBITDA CAGR between FY28 and FY30, versus 21% for JSW Infrastructure, while achieving broadly similar return ratios by FY28.Key downside risks highlighted by the brokerage include delays in the Kandla-Gorakhpur pipeline project, weaker-than-expected LPG imports or market share gains, and value-dilutive capacity expansion plans.Aegis Vopak shares are down 20% since the beginning of the year. (Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)

Indian-Origin Cop Killed In Canada After 18-Year-Old Man Hit Him With Car

Bali was assigned to the Dufferin detachment in southern Ontario

RVNL shares jump 3% after securing Rs 221 crore Railway contract

Shares of Rail Vikas Nigam Limited (RVNL) surged as much as 3.18% on Tuesday, touching an intraday high of Rs 235.50 after the company announced a fresh order win worth Rs 221.33 crore from South East Central Railway.In a regulatory filing, RVNL announced that it has secured a Letter of Acceptance (LoA) for a signalling and infrastructure upgrade project in the Bilaspur Division of South East Central Railway.The project involves the replacement of conventional Panel Interlocking systems with advanced Electronic Interlocking technology across multiple stations, including BSPR, KLPG, ABKP, MZH, HRV, PRDL, KTMA, BJRI, KJZ, MDGR, CHRM, GTK, KLTR, PLAU, and KBS. The scope of work also includes installation of indoor and outdoor signalling equipment, construction of OFC huts, development and electrification of S&T service buildings, and associated cabling works in adjoining railway sections.The contract has been awarded by South East Central Railway, a domestic entity, under the Engineering, Procurement, and Construction (EPC) model. The project is scheduled to be executed within 730 days.The total contract value stands at Rs 221.33 crore. RVNL clarified that neither the promoter group nor any group companies have any interest in the awarding entity, and the contract does not fall under related-party transactions.The latest order win further strengthens RVNL's robust order book and reinforces its position as a key player in India's railway infrastructure modernization drive. Investors cheered the development, driving the stock higher during Tuesday's trading session.Share Price Trend, Valuation & Technical OutlookDespite Tuesday's rally, RVNL's stock has been under significant selling pressure in recent months. The railway PSU has corrected nearly 25% over the past month, while investors have seen the stock decline by around 47% over the last one year, highlighting the sharp erosion in market value from its peak levels.The company currently commands a market capitalization of ₹47,586 crore. RVNL's shares have witnessed considerable volatility over the past year, with the stock hitting a 52-week high of ₹442.80 and a 52-week low of ₹227.01.From a valuation perspective, the stock trades at a Price-to-Earnings (P/E) ratio of 54.4 and a Price-to-Book (P/B) ratio of 4.85, indicating that investors continue to assign a premium valuation despite the recent correction.Also read: Wipro's Rs 15,000-crore buyback opens June 11; entitlement ratio and key details announcedOn the technical front, indicators suggest the stock may be approaching a critical zone. The 14-day Relative Strength Index (RSI) stands at 19, well below the 20-mark that is typically considered deeply oversold territory. Such readings often signal that selling may have become excessive and could pave the way for a technical rebound if buying interest returns.However, caution remains warranted. RVNL continues to exhibit a weak trend structure, with the stock currently trading below all eight of its key Simple Moving Averages (SMAs), a sign that bears still maintain control over the broader price trend.(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)

Govt steps in to prevent salary disruption in cultural institutions

Temporary charge assigned as vacancies stall routine functioning across key bodies

Assam CM Himanta Sarma allocates ‘guardian districts’ to 16 cabinet ministers

The ministers will be responsible for coordinating overall development in the districts assigned to them in association with different government departments

Hyderabad man shot dead during pizza delivery in Philadelphia

According to information shared with them, he had been assigned a delivery to a deserted location which later appeared to have been a setup

Cracks already in Shivakumar's Karnataka team: New CM's cabinet hit by resignation, portfolio revolt within 48 hours

KH Muniyappa, who was assigned the food and civil supplies portfolio, said the distribution of ministries had failed to adequately reflect seniority.

Rift In DKS Government? Minister Ramalinga Reddy Upset Over Portfolio, May Resign

After reportedly being denied Bengaluru Development portfolio and assigned Major and Medium Irrigation department instead, Ramalinga Reddy is weighing resignation from cabinet.

Karnataka Cabinet Portfolios Allocation: Shivakumar Keeps Finance, Yathindra Gets Urban Development

Deputy Chief Minister Dr G. Parameshwara has been assigned the Revenue and Sports portfolios.

Virat Kohli likely to miss Afghanistan ODIs; suspense continues over Rohit Sharma

Virat Kohli was in sublime form during IPL 2026, scoring 675 runs at an average of 56.25 and top-scoring with an unbeaten 75 in the title clash. He had reportedly felt discomfort in his right hamstring while batting during the final. Meanwhile, Rohit Sharma is yet to report to the BCCI's Centre of Excellence for a fitness assessment. With both players dealing with hamstring issues, the selectors could be forced to explore additional options ahead of the upcoming assignments.

Twisha Sharma Death Case: Giribala Skips Chana Dal, Sleeps Easy; Son Samarth Tosses & Turns In Jail

Booked into Bhopal Central Jail, retired judge Giribala Singh is now Prisoner No. 71. Her son Samarth, lodged in Barrack 4-B with 15 others, has been assigned Prisoner No. 1782.

Jefferies raises Titagarh Rail target price by 23%. Check upside potential and key triggers

Shares of Titagarh Rail Systems gained nearly 3% to hit the day's high of Rs 857 on the BSE on Wednesday after Wall Street major Jefferies raised the target price to Rs 990 from Rs 810, implying an upside of 19% from current market levels.With a Buy rating, the international brokerage raised the target by 23%. Jefferies said Titagarh Rail Systems delivered a stronger-than-expected quarter, and improving execution is likely to drive a re-rating of the stock going forward. The brokerage believes Titagarh is well-positioned to benefit from rising demand for passenger and metro coaches, supported by government-led infrastructure initiatives. It estimates a 44% EPS CAGR over FY26-30 and expects the company's strong order book in the passenger segment to provide healthy earnings visibility.Titagarh delivered 64 coaches in FY26, ahead of Jefferies' estimate of 60 coaches. While this fell short of the management's earlier guidance of 100-120 coaches, the shortfall was largely anticipated due to execution delays in the first half of FY26.Management has reiterated confidence in delivering 200-220 coaches in FY27, compared with Jefferies' estimate of 193 coaches, citing the resolution of initial execution challenges. On the flagship Vande Bharat project, the company expects to deliver two trains in FY27, in line with Jefferies' projections, with the prototype scheduled for supply in the December 2026 quarter.Margins in the March quarter came in significantly ahead of expectations at 19%, compared with Jefferies' estimate of 12%, supported by a sharp increase in execution of the Bengaluru Metro project, which is being executed as a job contract. Management has guided for margins of around 12% in the near term, with a gradual improvement towards 15% as the company advances up the technology value chain.Rail wagon sales declined 29% year-on-year due to supply-side constraints. While Jefferies expects wagon sales to fall a further 5% in FY27, it forecasts a largely stable trajectory over FY27-30, supported by its estimate that Indian Railways' cargo volumes could reach around 3 billion tonnes by FY35, compared with the FY30 target.The company currently has an order book of 6,500 wagons, providing visibility for about 97% of Jefferies' FY27 wagon sales estimates, although visibility beyond FY27 remains limited. Separately, Titagarh has secured 28% capital assistance for its brownfield shipbuilding expansion plans and is evaluating technology partnerships and potential joint ventures with shipyards.The brokerage noted that a recent report by Live Mint indicated Indian Railways is considering an order for 1 lakh wagons, which could significantly improve earnings visibility for wagon manufacturers. The valuation assigns 30x March 2028 estimated EPS to the core business, up from 25x previously, reflecting positive developments around potential wagon orders and the upcoming wheel joint venture, which it values at 2.5x its investment value. Key risks to the outlook include delays in wagon orders or wheel supplies from Indian Railways, as well as weaker-than-expected execution.Titagarh Rail Q4 snapshotTitagarh Rail reported a net profit for the quarter at Rs 53.96 crore, compared to a net loss of Rs 122.4 crore that the company reported last year.Titagarh Rail's revenue in the March quarter declined by 12.9% to Rs 875.4 crore from Rs 1,005.6 crore in the previous year.The company's earnings before interest, tax, depreciation and amortisation (EBITDA) declined 4.4% to Rs 97.3 crore in the March quarter from Rs 96.56 crore last year, while margins stood at 11% from 10% last year. (Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)

Vedanta, Hindustan Zinc shares fall after metals giant confirms ED visits to offices

The shares of Vedanta and Hindustan Zinc declined 1% each on Wednesday after the former confirmed in an exchange filing that the Enforcement Directorate team visited some of its offices, confirming news reports."We hereby inform that the Enforcement Directorate team visited some offices of our company and Hindustan Zinc, a subsidiary of the company," Vedanta said after stock exchanges sought clarification regarding news reports around ED conducting searches against Vedanta Group in FEMA probe. The Anil Agarwal-led company added that it is fully cooperating with the authorities and providing all requested information.In another exchange filing released on Tuesday, Vedanta said that the proceedings are underway. “We wish to reiterate that the Company is and will continue to comply with SEBI Listing Regulations and keep the stock exchange(s) duly informed of all material information / events, including price sensitive information(s), in accordance with the applicable provisions,” it added.Also Read | Vedanta says ED officials visited some of its offices, Hindustan Zinc unitsThe Economic Times reported on Tuesday, citing officials, that ED conducted searches at premises linked to the Vedanta Group in Delhi and Mumbai as part of a Foreign Exchange Management Act (FEMA) investigation.In a quote to ET Bureau, Vedanta spokesperson said, "We are extending full cooperation to the authorities and are providing all information sought. The company remains committed to compliance with all applicable laws and regulations. As the matter is currently under regulatory process, we are unable to comment further at this stage."Also Read | ED searches against Vedanta Group in FEMA caseICRA's ratings upgradeLast week, ratings agency ICRA removed the company from watch with developing implications after greater clarity on the allocation of assets and liabilities under the ongoing demerger scheme.ICRA upgraded Vedanta’s long-term rating to AA+ (Stable), assigned a stable outlook and reaffirmed the short-term rating. "The rating action factors in ICRA’s expectation of a further strengthening in the credit profile of the Vedanta Group in FY2027, building on the considerable improvement witnessed in FY2026. This has been supported by a sharp increase in base metal prices, which has contributed to a strong financial risk profile for the Group, which reported an OPBDITA of $6.7 billion in FY26,” the ratings agency said.Also Read | Vedanta shares jump 2% to hit fresh 52-week high. What’s behind the surge?Vedanta share priceVedanta shares have tumbled 6% in one week but gained around 23% in one month. The stock recently adjusted to its mega demerger. Vedanta in April had announced that every eligible shareholder would receive one share each of Vedanta Aluminium Metal (VAML), Talwandi Sabo Power (to be renamed Vedanta Power), Malco Energy (to be renamed Vedanta Oil and Gas) and Vedanta Iron and Steel for every share held in the parent company, marking one of the biggest corporate restructurings in India’s metals and mining sector. Investors are now awaiting the listing of the four new companies that spun out of the mining conglomerate.Also Read | Vedanta demerger: At what price will each of the four new companies list? Check cost of acquisitionHindustan Zinc share priceHindustan Zinc shares have fallen around 4% in one week but gained 5% in one month and more than 2% so far in 2026. The stock is up over 33% in one year. In the longer term, the shares of the company delivered 104% returns over three years and 93% returns over five years.(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)

Air Marshal Tarun Chaudhry assumes charge as Chief of Central Air Command

The highly accomplished officer has extensive experience in operational, staff, and diplomatic assignments

UP ATS arrests man linked to Pakistan-backed terror network

Uttar Pradesh ATS apprehended a 22-year-old for allegedly working with a Pakistan-backed terror network. The group groomed Indian youth via social media, assigning missions including targeting BJP leaders. Recovered items include a pistol and cartridges. The accused was reportedly handled by Pakistan-based operatives, with a "trial mission" involving assassination plans.

Trump fights bid to repay ‘illegal’ tariffs

The Trump administration said it will appeal a judge’s authority to order across-the-board refunds of all tariffs ruled illegal by the US Supreme Court, potentially injecting legal chaos into a claims process that’s already underway.The Justice Department filed notice on Friday that it will appeal a court order compelling customs authorities to recalculate all import taxes that the administration collected under President Donald Trump’s use of a 1970s-era emergency powers law.Also read: US says $20.6 billion of tariff refunds on the way to importersUS Customs and Border Protection launched a new online portal to process refund claims on April 20, signaling that it intended to repay at least some of the approximately $166 billion in levies struck down by the Supreme Court earlier this year. But even as the administration has moved forward with that plan, the Justice Department declined to concede that a judge could exercise nationwide power to oversee the process, leaving open the possibility of another legal fight. “For that reason, defendants intend to appeal the court’s universal injunction and to seek a stay of the injunction except as to the particular importer plaintiffs in each case in which the Court has entered the injunction,” the Justice Department said in the court filing Friday.In a 6-3 decision in February, the Supreme Court held that Trump’s use of the International Emergency Economic Powers Act, or IEEPA, to impose sweeping global tariffs was unlawful. They were silent on the question of refunds, however, sending the litigation back to the US Court of International Trade in Manhattan to determine next steps. Trade Judge Richard Eaton, appointed under former President Bill Clinton, was assigned to preside over thousands of lawsuits importers filed seeking to recoup the taxes they had paid before the Supreme Court ruled. Eaton ordered the customs agency to recalculate tariff amounts for all importers who paid the contested levies, not just the companies that had sued. The government also committed to paying interest on any refunds.Uncertainty has loomed about whether officials would oppose repaying the full amount. Eaton has mostly held non-public court hearings to discuss the government’s progress, but he indicated in a public order there was disagreement about how to handle tariffs that became final, a process that happens automatically on a rolling basis.Also read: US companies, shamed by Trump, tiptoe into $166 billion tariff refund race A customs official had also disclosed in court filings that the first phase of the refund portal roll-out wouldn’t be able to handle a significant proportion of the import entries at issue, and didn’t provide a concrete schedule for expanding the system’s capabilities to deal with more complicated claims.Trump, meanwhile, lambasted the Supreme Court’s decision and suggested that companies that didn’t seek refunds could reap political benefits in the future, saying that he would “remember them.”Separate from the IEEPA legal wrangling, the Trump administration is before the trade court defending a new round of global tariffs that the president imposed under a different law shortly after he lost in the Supreme Court.A three-judge panel declared the policy unlawful. But a federal appeals court temporarily paused that ruling while it weighs the government’s request for a longer-term order allowing customs authorities to continue collecting the levies as the court fight proceeds.

Cisco exec Liz Centoni admits adopting AI across large companies is 'painful'

Cisco's chief customer experience officer, Liz Centoni, described AI adoption as "surgery without the drugs," highlighting its difficulty. Cisco learned that simply adding AI to existing workflows didn't solve core issues, leading them to implement intelligent routing for support cases, achieving an 88% first-time correct engineer assignment rate.