IRFC.NSE News

Tuticorin: VO Chidambaranar Port will invest Rs 15,000 crore in its ambitious Outer Harbour project, which aims to increase overall cargo handling capacity and position Tamil Nadu as a major transhipment hub of southern India, a top executive has said.The investment is in addition to the Rs 1,500 crore capex, which has been set aside to upgrade port infrastructure, along with clean projects and deployment of new-age technologies, VOC Port Authority Chairperson Susanta Kumar Purohit told PTI in an interview.VO Chidambaranar Port (VOC Port) is one of the major ports in India, located at Tuticorin in the southern part of Tamil Nadu, with an annual cargo handling capacity of 82 million tonnes per annum (MTPA). It is also one of the oldest operational ports, with trade links dating back to 123 AD.Sharing future growth plans, Purohit said, "Outer Harbour is our ambitious project, aligned with Prime Minister Narendra Modi's vision for the maritime sector. Our ministry aims to make VOC Port a major transhipment hub of southern India".To tap the growing opportunities, VOC Port Authority is investing close to Rs 15,000 crore in the Outer Harbour project, which will add another 4 million tonne per annum (MTPA) cargo handling capacity in two phases by 2027 and 2030, he said.The port aims to compete with international hubs located in other countries, such as Sri Lanka, Singapore and Indonesia.As part of the expansion, two berths will be developed with a draft depth of 18 meters, which will be sufficient to handle even the largest container ship.The berths will be able to handle vessels up to 2.5 lakh deadweight tonnage (DWT).

Telangana is taking over the Hyderabad Metro Rail network from L&T. This ₹15,000 crore deal marks a significant state government acquisition. The state will formally assume control in April. Key areas include financial restructuring, asset transfer, and ensuring uninterrupted operations. Discussions are underway for a ₹13,000 crore loan from Indian Railway Finance Corporation.

Madurai: The V O Chidambaranar (VOC) Port Authority in Tuticorin has signed a tripartite memorandum of understanding (MoU) with Indian Railway Finance.

The analyst also recommends investors to stay patient with Angel One and RVNL but urges caution in overbought counters like CDSL.

The Cabinet’s approval of ₹24,634 crore worth of railway expansion projects sparked gains across rail-linked stocks.

The analyst cautioned that a close below ₹126 could confirm the weakness.

Investors cautious ahead of the RBI’s policy decision. Industrial output growth slowed to 4% in August, while the Nifty index reshuffle comes into effect today.

Keep an eye on developments from the India-China talks ahead of the SCO summit