The key equity barometers reversed gains and slipped into the negative terrain in morning trade. The Nifty, however, managed to hold above the 15,550 mark. Metal shares corrected after a three-day wining streak.
At 10:22 IST, the barometer index, the S&P BSE Sensex, was down 93.56 points or 0.18% to 51,843.88. The Nifty 50 index lost 26.20 points or 0.17% to 15,556.60.
In broader market, the S&P BSE Mid-Cap index shed 0.33% while the S&P BSE Small-Cap index declined 0.35%.
The market breadth was negative. On the BSE, 1265 shares rose and 1484 shares fell. A total of 114 shares were unchanged.
COVID-19 Update:
Total COVID-19 confirmed cases worldwide stood at 170,593,575 with 3,547,205 global deaths.
"The company has received a letter of acceptance from Mumbai Metropolitan Region Development Authority (MMRDA) for part design and construction of balance works. of Mumbai Metro Rail project of MMRDA, amounting to Rs 1,307.88 crore," J Kumar Infraprojects said in a regulatory filing.
The average time overrun is 45.63 months. Reasons for time overruns as reported by various project implementing agencies include delay in land acquisition, delay in obtaining forest and environment clearances, and lack of infrastructure support and linkages.
Government decision to carry on with core sector projects at the peak of the second Covid wave has been a boon and a bane: it saved the livelihoods of millions but thousands of workers fell sick and many died at project sites.
Safeguard infra projects from cost overruns
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Spikes in steel and cement prices can derail projects. Policies that promote the use of alternative inputs will help lower costs
National infrastructure plans reflect the country’s growth priorities, improve the quality of life, and aids the process of economic growth. In a globalised world, sustained infrastructural development has become synonymous with pragmatic planning. The Indian economic model is also predicated on provisioning robust and inclusive infrastructure development.
Several steps have been taken in this direction in terms of realignment of policies, greater budgetary allocations, roll out of special funds, and identification of priority areas. With the announcement of new initiatives like National Infrastructure Pipeline and India’s own Development Finance Institution, infrastructure development is being pursued with renewed commitment.