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State-owned MOIL has registered a 6 per cent rise in its manganese ore production to 13.02 lakh tonnes (LT) in 2022-23. The company also utilised 14 per cent higher capital expenditure in the financial year that ended March 31 over 2021-22, the Ministry of Steel said in a statement. MOIL Ltd recorded its second-highest production since inception, registering a 6 per cent growth to 13.02 lakh tonnes in FY23 over the previous year. During FY23, MOIL carried out its best-ever exploratory core drilling of 41,762 metres which is 2.7 times of the average exploration achieved in the last 5 years. MOIL, under the Ministry of Steel, is the largest producer of manganese ore in the country, contributing 45 per cent of the domestic production. It operates 11 mines in Maharashtra and Madhya Pradesh.
Moody's Investors Service on Wednesday raised India's economic growth estimate for 2023 to 5.5 per cent from 4.8 per cent pegged earlier, on the back of a sharp increase in capital expenditure in the Budget and a resilient economic momentum. It however revised downwards India's growth estimate for 2022 to 6.8 per cent from 7 per cent pegged in November last year. In its February update to Global Macro Outlook 2023-24, Moody's raised the baseline 2023 real growth projections "meaningfully" for several G20 economies, including the US, Canada, the Euro area, India, Russia, Mexico, and Turkiye, accounting for a stronger end to 2022. "In the case of India, the upward revisions additionally incorporate the sharp increase in capital expenditure budget allocation to Rs 10 trillion (3.3 per cent of GDP) for fiscal year 2023-24, up from Rs 7.5 trillion for the fiscal year ending in March 2023," Moody's said while projecting a 70 basis points increase in 2023 real GDP growth at 5.5 per cent an
Higher government spending on infrastructure in FY24 will propel engineering, procurement, and construction companies to hit revenue growth of 17-20 per cent, taking their profit to the pre-Covid level, a report said on Tuesday. In the Budget 2023-24, the government has increased the outlay for capital expenditure (capex) on infrastructure sector by 33 per cent from Rs 7.5 lakh crore to Rs 10 lakh crore. Forecasting higher revenue and thicker bottom-line, rating agency Crisil in a report also placed their credit outlook positive citing improving debt metrics. The optimism is supported by the expected strong order inflows due to the government thrust on infrastructure in the latest budget. Profitability of large EPC (engineering, procurement, and construction) companies is seen improving and reaching pre-pandemic levels of 10-10.5 per cent next fiscal compared to 9-9.5 per cent this fiscal, with commodity prices easing. With healthy order books and recovery in profitability, debt .