Shares of RITES rallied as much as 16% on Wednesday to its day’s high of Rs 237.05 on the BSE on Wednesday post receiving Rs 175 crore project management consultancy order from Babasaheb Bhimrao Ambedkar University (BBAU).

According to a filing with the exchange, the order covers planning, design and development of infrastructural facilities and other related works in the campus of Babasaheb Bhimrao Ambedkar University (BBAU) and the order is on cost plus PMC Fee basis.

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The total project cost of Rs 175.41 crore excluding GST and including RITES Fees). The total time period by which the order(s)/ contract(s) is to be executed is 30 months for initial work or till the completion of allotted work whichever is later from the date of signing of agreement.

The contract has been awarded by a domestic entity and neither its promoter nor promoter group companies have any interest in the entity awarding the contract. The order also does not qualify as a related-party transaction.
The company said that it had signed a Memorandum of Understanding (MoU) with Container Corporation of India to collaborate on Project Management Consultancy (PMC) services for logistics infrastructure development.
A filing with exchange on Monday said that “RITES signed a Memorandum of Understanding (MoU) with Container Corporation of India Limited (CONCOR) to collaborate on Project Management Consultancy (PMC) services from concept to commissioning for the development and improvement of CONCOR’s terminals and establishments.”
The partnership will leverage RITES’ multidisciplinary engineering and project management expertise to support the planning, design, execution and supervision of infrastructure projects undertaken for CONCOR.

These services will include feasibility studies, preparation of Detailed Project Reports, detailed engineering, architectural and structural design, project supervision, quality assurance, and construction management etc

The collaboration will support the development and improvement of infrastructure including multimodal logistics parks, inland container depots, rail-linked terminals, warehouses, railway infrastructure, administrative buildings, roads, utilities and allied facilities.

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The shares of RITES went up 18.05% in the past three months and nearly 11% in the last one month. In the past one year and two years, the shares have crashed 19.88% and 35.32% respectively.

(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)

Business confidence has fallen sharply to its lowest point this year, according to the Institute of Directors

Ministers must focus on delivery rather than “changes in the machinery of government” if business confidence is to be restored, one of Britain’s most influential lobby groups has warned, in a direct message to Andy Burnham as he readies himself to overhaul Whitehall and devolve power to the North of England.

In its monthly business confidence survey, the Institute of Directors revealed that economic sentiment among bosses fell sharply this month. The reading for optimism on the UK economy over the next 12 months dropped to -61 from -53 in May.

Company directors were equally downbeat about their own firms’ prospects and future sales, with revenue expectations sliding to their lowest point this year.

Economists have noted that businesses are still feeling the aftershocks of the collapse in trade across the Strait of Hormuz, the vital Middle Eastern chokepoint that was shut off as a result of the Iran war.

Bank of England analysis has indicated that the impact on consumer demand and the surge in input costs could leave businesses grappling with inflation and sluggish growth for the remainder of the year.

Anna Leach, chief economist at the IoD, said disruption and uncertainty were “becoming normalised” for 80 per cent of companies, and called on ministers to simplify the tax system and reduce regulatory costs in order to ease the pressure on firms.

“As well as easing back on investment and hiring, this is pushing businesses to prioritise resilience over expansion, maintain higher reserves, reduce discretionary spend, diversify their supply chains and enhance their risk management,” Leach said, as reported by City AM.

“While there is a logic to changes in the machinery of government, what matters is delivery on the ground. Businesses need to see meaningful improvements in areas like regulatory cost, tax complexity and swiftness and consistency of government decisions to fundamentally unlock spending and get growth going.”

The IoD’s remarks serve as a cautionary note to Burnham following his announcement of plans to establish a Number 10 in the North and shift power away from London.

According to the survey, cost expectations remained stable despite a sharp drop in oil and gas prices earlier this month, triggered by the announcement of a draft peace deal between the US and Iran. It had been hoped the agreement might ease price pressures and keep inflation in check.

Some 43 per cent of business leaders surveyed said supply shortages could affect their operations, with firms remaining apprehensive about disruptions stemming from the breakdown of trade across the Middle East.

Fuel shortages emerged as the greatest risk facing businesses, with a larger share of directors flagging concerns about the impact compared to April, according to the IoD, which represents thousands of senior executives across Britain.

The IoD’s findings broadly mirrored those of Lloyds Banking’s business barometer, which similarly indicated a drop in confidence levels.

International businesses that participated in Lloyds’ survey were notably more upbeat about growth prospects, according to researchers, as their outlook on the wider economy improved.

Confidence among businesses was strongest in London and the East Midlands, according to the bank, whose survey encompasses companies with an annual turnover exceeding £250,000.

NEW YORK — The Nasdaq Composite Index climbed 64.59 points, or 0.25%, to close at 25,884.73 on Tuesday, extending a modest rebound amid ongoing investor rotation and selective buying in technology shares.

The modest gain came as broader markets displayed caution following recent volatility. Major averages ended mixed, with technology-heavy benchmarks showing relative strength while other sectors faced pressure from economic data and corporate developments. The performance underscored continued investor focus on artificial intelligence-related stocks and big technology names even as concerns about valuations lingered.

Trading volume remained elevated as participants assessed the Federal Reserve’s latest signals on interest rates and digested a steady stream of corporate earnings. The session reflected a market environment where selective optimism in growth sectors offset broader uncertainty.

Technology shares led the Nasdaq’s advance, with several major companies posting gains on bargain hunting after recent pullbacks. Chipmakers and software firms contributed to the index’s upward move, though gains were tempered by losses in other areas. The Philadelphia Semiconductor Index participated in the modest recovery, though it trailed stronger performances seen in prior sessions.

The S&P 500 and Dow Jones Industrial Average showed varied results, highlighting sector rotation at play. Defensive sectors and value-oriented stocks drew interest as investors balanced growth exposure with more stable holdings. Market breadth remained neutral, with advancing and declining issues roughly balanced on major exchanges.

Analysts noted that the Nasdaq’s small advance capped a period of consolidation. The index has navigated fluctuating sentiment around monetary policy expectations and geopolitical developments. Tuesday’s close left the Nasdaq below recent peaks but demonstrated resilience amid crosscurrents.

Federal Reserve officials have continued to emphasize data-dependent decisions on rates. Recent economic indicators, including inflation readings and employment figures, have kept markets attuned to the possibility of policy adjustments later in the year. Bond yields moved modestly, influencing equity valuations particularly in rate-sensitive sectors.

Corporate earnings provided additional context. Several technology firms reported results that met or exceeded expectations, supporting share prices in the sector. However, caution prevailed regarding forward guidance amid economic uncertainties.

The broader market context included ongoing discussions around fiscal policy and global trade. Investors monitored developments in international relations and their potential economic spillover effects. Energy prices and commodity trends also factored into sentiment, with oil prices influencing related equities.

Smaller companies in the Russell 2000 index showed mixed performance, reflecting divergent outlooks for domestic-focused businesses. While some segments benefited from economic resilience, others faced headwinds from higher borrowing costs and consumer spending patterns.

Market participants pointed to artificial intelligence as a continuing theme. Companies positioned in AI infrastructure, semiconductors and cloud computing attracted attention. Yet valuation concerns and profit-taking created volatility within the group.

Tuesday’s trading unfolded against a backdrop of seasonal factors. The end of the quarter often brings rebalancing activity from institutional investors, contributing to volume and price swings. The Nasdaq’s closing cross and related activity highlighted sustained interest in technology names.

Looking ahead, investors await further economic data, including employment reports and inflation metrics. These releases will shape expectations for Federal Reserve actions and influence asset allocation decisions across equities, bonds and other classes.

The technology sector’s outperformance in recent years has been driven by innovation and strong earnings growth. However, periods of consolidation have become common as the market digests rapid gains. The Nasdaq’s 0.25% advance on Tuesday fit this pattern of measured recovery.

Broader participation could support further upside if economic conditions remain favorable. Conversely, persistent inflation or slower growth might prompt shifts toward defensive assets. Professional investors continue to stress diversification and risk management in the current environment.

Trading activity reflected a balance between optimism around technological progress and prudence regarding macroeconomic risks. Large-cap technology names anchored the Nasdaq’s performance, while mid- and small-cap stocks offered varied results.

Global markets provided mixed cues, with European and Asian indexes showing selective gains. Currency movements and commodity prices added layers to the analysis for multinational companies listed on the Nasdaq.

The session’s modest gain left the Nasdaq Composite with solid year-to-date performance, though below peak levels reached earlier. Long-term investors have benefited from the index’s historical upward trajectory, powered by innovation-driven companies.

Market strategists emphasize monitoring key technical levels and corporate fundamentals. Support and resistance points on the Nasdaq will be watched closely in coming sessions as traders position for potential catalysts.

Economic resilience in the United States has supported corporate profitability, particularly in technology. However, challenges such as labor market dynamics and geopolitical tensions remain in focus.

Tuesday’s close at 25,884.73 marked a incremental step in the Nasdaq’s ongoing journey. While not dramatic, the positive finish contributed to sentiment as markets prepare for upcoming events.

Analysts will continue parsing earnings reports and guidance for clues about second-half performance. Guidance from major firms often sets the tone for sector expectations and broader market direction.

The technology sector’s weight in the Nasdaq means its performance disproportionately influences the index. Gains in key constituents helped offset weakness elsewhere, producing the net positive result.

Investor sentiment indicators showed a cautious tilt, with some measures of fear receding after recent volatility. Options activity and volatility indexes provided additional insight into market psychology.

As the trading day concluded, attention shifted to after-hours developments and overnight news flow. Global events and corporate announcements could influence Wednesday’s open.

The Nasdaq’s role as a barometer for growth stocks remains central to market narratives. Its daily movements often signal broader appetite for risk and innovation exposure.

In summary, Tuesday’s session exemplified the market’s nuanced environment. The Nasdaq’s modest gain reflected selective buying amid broader caution, setting the stage for continued monitoring of economic data and corporate results.

This incremental advance contributes to the index’s longer-term story of adaptation and growth amid evolving economic conditions. Market participants will remain attuned to signals that could influence future direction.

Story Homes says outcome paves way for ‘transformation’ of abandoned attraction

Controversial plans to build 350 homes on the former Camelot Theme Park site in Chorley have been given the go-ahead – 12 years after the first bid was made to redevelop the derelict site.

A government-appointed planning inspector approved the Story Homes scheme after chairing a public inquiry into the proposal earlier this month.

Andrew McGlone concluded that the development “would not be inappropriate” for its greenbelt location – judging that the Charnock Richard plot fell within a so-called ‘grey belt’ area.

However, his decision has prompted fury from local politicians who have branded it “utter nonsense” and “grotesque” – and warned that it will cause chaos on the roads.

Story Homes, meanwhile, said the outcome paved the way for “the transformation” of the abandoned attraction – which closed down in 2012, after 29 years in operation. The firm said the development would deliver “much-needed homes” – half of which will be discounted ‘affordable’ properties – along with almost £5m of financial contributions towards improving local infrastructure and services.

The housebuilder had twice been refused permission by Chorley Council for other visions for the site in 2014 and 2018, when it had put forward proposals for 420 and 195 homes respectively – the latter accompanied by office and workshop units.

It submitted a third blueprint for the former attraction last June. However, Chorley Council did not reach a decision on the proposal within the nationally-set 13-week time limit for doing so, blaming Lancashire County Council for a delay in providing highways advice. The hold-up meant Story Homes was able to appeal to the Planning Inspectorate to determine the application instead.

By the time the resultant three-day inquiry began, the county council had withdrawn an earlier objection it had to the scheme on road safety grounds.

Against that backdrop, Chorley Council told the hearing that it would have granted permission for the 25-hectare development – describing County Hall’s highways concerns as “the only outstanding issue”.

Nevertheless, the inspector still had to make a full assessment of the application – which includes a new community hub building – but it was left to Story Homes’ legal representative and expert witnesses to make the case for the development uncontested.

The firm set out a raft of arguments for why its proposal should be approved – with the plot’s greenbelt status being one of the main matters addressed during the inquiry.

However, as part of the consideration given to that issue, the inspector also had to judge whether the location was – or could be made – ‘sustainable’. That meant ensuring a “genuine choice” of transport options would be on offer in order to prevent new residents having to rely on cars to access key services.

It was Mr McGlone’s conclusions on that subject that have drawn particular anger from politicians representing the area.

In a report outlining the reasons for his approval of the scheme, the inspector acknowledged that the site was currently “not currently sustainable” – for reasons including the distance between the proposed development and essential facilities, the frequency of bus services in the area and the speed of vehicles on Park Hall Road and the width of its footpath, which would make both cycling and walking unattractive.

However, Mr. McGlone found that those issues could be addressed by the package of mitigation measures proposed as part of the development. They include a road safety upgrade on Park Hall Road to reduce traffic speed; improvements to the junctions of Park Hall Road and Wood Lane, and Preston Road and Mill Lane; cutting back vegetation along the full length of Park Hall Road to widen the footpath; and investment in boosting public rights of way.

However, he said “further thought” was needed over the bend where Mill Lane meets Park Hall Road so that vehicle speeds are reduced sufficiently.

A bus interchange will also be created within the estate and a financial contribution will be made by the developer to extend the start and end times of bus services and their regularity.

Mr. McGlone concluded that the overall package of enhancements would make the site sustainable, although he recognised that journeys by “non-sustainable” means would still occur.

However, veteran councillor Alan Whittaker, who represents the Eccleston, Heskin and Charnock Richard ward on Chorley Council, excoriated the decision.

Speaking to the Local Democracy Reporting Service (LDRS), he said residents – more than 200 of whom submitted objections to the Planning Inspectorate as part pf the appeal process – were “steaming” over the approval of the plans.

“We’re talking about 350 houses – meaning maybe 600 cars – [so] all the villages to the west of this site will be gridlocked within two years,

“The only justification is that they’re going to put some [extra] bus services on. But the ultimate ridiculousness is that they will also put parking for bicycles in Coppull and Eccleston.

“Do they think that people are going to use bikes to ride a couple of miles to get to the services they need? It’s absolutely ludicrous – and a grotesque decision.

“Also, all the schools in Charnock Richard, Heskin and Eccleston are full – so the children are going to have to go somewhere else. Are their parents going to take them on a bike? Of course not, they’ll go in their cars,” said Cllr Whittaker, who, along with fellow ward councillor Arjun Singh, spoke in opposition to the planned estate at the hearing.

Meanwhile, South Ribble MP Paul Foster – whose constituency covers the former theme park plot and who also made a submission to the inquiry calling for the proposal to be dismissed – added his voice to the condemnation of the outcome of the appeal.

‘I’m obviously hugely disappointed in the inspector’s decision, as he clearly states the development as presented isn’t sustainable.

“It genuinely appears to me [that he] has rushed this appeal and decided because, in his view, it’s grey belt, it passes the test. I’m genuinely all for planning reform – and I’m pro-development, as many [people will] know – but [only] the right development in the right place.

“The planning inspector has stated, in his view, the development doesn’t pass the sustainability criteria [and that] there are outstanding highway issues – but crack on and live with it. I will be seeking a ministerial meeting and request[ing] a formal review. This is utter nonsense,” Mr. Foster told the LDRS.

The planning permission granted by the inspector is in outline form, meaning the finer details of the development will still have to be brought before Chorley Council for so-called ‘reserved matters’ approval. These will include the arrangements for the road that will be used to access the second of the two parcels of the estate, which was one of the main concerns of Lancashire County Council highways chiefs because it runs alongside a body of water en route to the existing Park Hall Hotel.

Story Homes has indicated that work will start on the site no later than September 2027.

Debate over greenbelt policy

The planning inquiry heard three arguments from Story Homes as to why its housing proposal did not conflict with greenbelt policy.

Significant development on greenbelt land is usually prohibited – unless a limited number of permitted exceptions or ‘very special circumstances’ are deemed to apply.

The housebuilder put forward its trio of cases in order, meaning that only if the first was judged unsound by the inspector did he have to consider the second – and only if that was ruled out was he required to assess the third.

The initial strand of the argument was that the proposal fulfilled four criteria laid down in national planning policy which dictate greenbelt development should not be regarded as inappropriate when each of them is met – and Andrew McGlone found that they were, meaning he had no other greenbelt issues to consider.

First, he judged that the scheme would utilise grey belt land which “would not fundamentally undermine the purposes of the remaining greenbelt” across the rest of the district. In doing so, he concluded, amongst other things, that the site was not needed to prevent the “unrestricted sprawl of large built-up areas”; nor to prevent neighbouring towns merging into one another – because Heskin, Eccleston, Charnock Richard and Coppull are all villages.

He noted that the site was not next to a large built-up area – and is “well contained either by road infrastructure or natural features such as ancient woodland”, which would be maintained..

Second, he accepted that the development fulfilled a “demonstrable unmet need” – because Chorley Council is currently able to show that it has only 3.4 years’ worth of land available to meet its new housing requirements, rather than the five required by the government.

Thirdly, because of the highway and public transport upgrades proposed, he concluded that the development could be made sustainable.

Finally, in pledging to offer 50 percent of the properties as ‘affordable homes’, committing to local infrastructure improvements and creating new areas of publicly accessible open space, the application met the so-called ‘golden rules’ introduced by recent changes in planning legislation.

Mr. McGlone also concluded that the proposal chimed with Chorley’s own local planning policy allowing the redevelopment of previously-developed greenbelt sites – provided their appearance is either “maintained or enhanced”.

Builder says development ‘will leave a lasting legacy’

In response to the Planning Inspectorate decision, Story Homes highlighted that its scheme for the Camelot site would generate £3m in what is a compulsory ‘community infrastructure levy’ payment to create or enhance the facilities needed to support the development.

A further £1.85m will be handed over to make good on specific conditions attached to the planning approval, including the highways improvements.

Adam Galleymore, North West Operations Director at Story Homes, said the granting of permission “represents a major milestone in bringing forward the regeneration of a well-known brownfield site that has remained derelict for many years”.

He added: “The approved scheme will deliver a wide range of benefits for the local area, including much-needed new homes, a significant proportion of affordable housing, new community facilities, environmental enhancements and investment in local infrastructure. We are committed to creating a high-quality development that will leave a positive and lasting legacy for Charnock Richard and the wider Chorley area.”

The firm says the construction phase of the development will support around 240 jobs and, once complete, the new households will boost spending in the area by £12.3m.

What’s on the way?

A mix of detached, semi-detached and mews houses are planned, along with apartments. The properties will range in size from one to six bedrooms. – with four-bed dwellings accounting for the largest tranche of the site, at 30 percent.

Story Homes is also promising:

• A new community hub providing a flexible space for use by community groups, remote workers and other users for a range of events and meetings;
• Around 50 percent of the site area will be left as open space;
• A network of walking and cycling routes through that open space on land that has previously been largely inaccessible to the public;
• Retention of existing trees where possible, enhanced by additional planting;
• Play facilities for young people in the new neighbourhood and the wider community;
• Space for a coffee van or food truck, cycle parking and repair stand and parcel delivery lockers as part of the travel interchange;
• A sustainable development, with the potential for all homes to be provided with solar cells and air source heat pumps, in addition to electric vehicle charging infrastructure and very high levels of insulation and energy efficiency.