Indian railways ups safety, modernisation attempts in 2024; high operational ratio still a concern


In June this year, a freight train ran into the Kanchanjunga Express in West Bengal due to over-speeding and a faulty signal leading to 11 deaths. This was among the several train accidents that fuelled the debate around railway safety in India.

Amid rising concerns, Indian Railways has put in motion a three-phase Kavach roll-out plan – the indigenous train collision prevention and avoidance system – that will cover over 66,000 route KMs (rKM) of key and high-density routes out of the total network of 68,000 rKM by 2030. The average cost of installing the system is ₹50 lakh per rKM and ₹80 lakh per locomotive.

In the first phase – currently underway – bids for 14,735 rKM have been invited, while phase II (to be implemented in FY26) will see bids for 17,000 rKM. The third phase – covering FY27 and FY28 – will be for 30,000 rKM. At least 10,000 locomotives, including all new Vande Bharat trainsets, will come pre-installed with the anti train-collision system.

Shield against accidents

As per data from the railways, the number of consequential train accidents has declined from 473 in 2000-01 to 40 in 2023-24; accident per million train kilometres is down to 0.03 in 2023-24 from 0.65 in 2000-01.

Railways Minister Ashwini Vaishnaw in the Lok Sabha said, ₹1,547 crore have been utilised for Kavach installation during FY25 (against Budget allocation of ₹1,112.57 crore). The automatic train protection (ATP) mechanism has already been deployed on 1,548 rKM, on south and north central railways.

Work is in progress on Delhi–Mumbai and Delhi–Howrah corridors (approximately 3,000 rKM ). Trackside works on these routes have been completed on 1,081 RKm (705 rKm in Delhi–Mumbai corridor and 376 rKm on Delhi–Howrah section).

Currently, there are three approved original equipment makers (OEMs) for supply of Kavach.

This apart, railways is expediting works on track renewals, installing advanced signalling systems across stations including electronic interlocking and replacing ICF coaches with LHB (Linke Hofmann-Busch) ones – the latter having better crashworthy features. The Indian railways has been producing only LHB coaches since April 2018.

Vande Bharat trains

Development of Vande Bharat sleeper trains (for overnight travel), Namo Bharat Rapid Rail and Amrit Bharat trains are either underway, or in different phases of implementation. These would be in addition to the now-popular semi high-speed end-to-end travel option of Vande Bharats.

Vaishnaw said, some 10 Vande Bharat Sleeper trains are under production “for long and medium distance journey”. “The first prototype has been manufactured,” he added. Manufacturing of 200 Vande Bharat Sleeper rakes has been awarded to technology partners.

As on December 2, there are 136 Vande Bharat train services for short and medium distance journey; with these trains recording 100 per cent occupancy.

Hydrogen trains are also under development. The ‘Hydrogen for Heritage’ project is being rolled out at an estimated cost of ₹80 crore per train and ground infrastructure of ₹70 crore per route on various heritage or hill routes. Indian railways is planning to retrofit hydrogen fuel cell on existing diesel electric multiple unit (DEMU) rake and a pilot project has been awarded for the same.

Freight ops

Freight services continue to be the key revenue driver, with the transporter’s share in cargo standing at around 26 per cent. Vande cargo trains and double-stack cargo trains are under development.

The Ministry took up construction of two 2,843 km-long dedicated freight corridors (DFC) – Eastern Dedicated Freight Corridor (EDFC) from Ludhiana to Sonnagar (1,337 km), which is fully operational; and the Western Dedicated Freight Corridor (WDFC) from Jawaharlal Nehru Port Terminal (JNPT) to Dadri (1,506 Km), of which 1,404 km are operational (from Dadri to Vaitarana).

The Vaitarna-JNPT (102 km) section of WDFC is pending and expected to be completed by December 2025 or early 2026.

Upcoming freight corridors, includign for energy, minerals and cement, one for port connectivity and another for high traffic density are being developed. All these corridors have been identified under the PM Gati Shakti Mission to facilitate multi-modal connectivity.

Under the Gati-Shakti Multi-Modal Cargo Terminal (GCT) policy, the Centre had set a target to commission 100 GCTs in three years, up to May 2024, out of which 82 new terminals have been commissioned and 192 proposals are in various stages of implementation.

“The railways plan to construct 350 Rail Private Freight Terminals, including Gati Shakti Cargo Terminals, in the coming years and achieve freight loading of 3,000 MT by 2030,” said an official.

Finances

With operating ratio of 98.43 per cent in FY24, concerns remain around high operational ratio of the Indian railways. An operational ratio of 98.43 per cent indicating that to earn every ₹100, the national transporter spends close to ₹98.50.

Even though the operating ratio has increased from 98.10 per cent in FY23, it has come down from 98.43 per cent in FY24 in FY22. The Budget estimates for FY25 is 98.22 per cent.

The Parliamentary Standing Committee has also noted that “net revenue of Indian Railways have been negligible” for FY-23 and FY–24”. Budget estimates for FY25 was at ₹2,800 crore, and the “main reason … is low revenues from the passenger segment”, with the need to increase revenues from the said segment.





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Vande Bharat Express a fine example of ‘atmanirbharta’


Integral Coach Factory’s (ICF) General Manager U Subba Rao and his team has been busy throughout the year to ensure that the Vande Bharat high quality coaches are rolled out. In an interaction, Rao discusses this year’s achievements. Excerpts:

With Vande Bharat, how did ICF make a difference to the railways and the passengers?

With the successful launch of Vande Bharat Express on February 16, 2019, which was originally called the Train-18, India has positioned itself among select nations who have the capability to build trainsets. The introduction of the Vande Bharat Express has brought in a new passenger experience in terms of faster, safer and better rail travel in India. ICF could achieve this feat with domestic technology at a very competitive cost in line with (the vision of) ‘Atmanirbhar Bharat’.

A ‘Make in India’ product, it has been developed and manufactured by ICF indigenously, thereby reducing reliance on foreign suppliers. KAVACH automatic train protection system prevents collisions, further enhancing operational safety.

How many Vande Bharat trains are running currently and how many will join the network next year?

The first two trains (Version-1) have been in service since 2019. The manufacturing of Vande Bharat Version-2 with enhanced features and energy efficiency was started in August 2022 and so far, ICF has churned out 80 Version-2 trains. ICF plans to manufacture a total of 99 trainsets by 2025. Currently, 65 Vande Bharat trainsets are in operation across the country.

How is ICF gearing up for producing bullet trains?

The first high-speed rail (HSR) line is being laid between Mumbai and Ahmedabad. The special purpose vehicle for this project is the NHSRCL (National High Speed Rail Corporation Ltd). Upon successful deployment of indigenous semi-high-speed Vande Bharat trains over IR network, it was decided to indigenously develop two prototype trainsets of 250-kmph trains for the MAHSR (Mumbai-Ahmadabad High Speed Rail) line. ICF has been advised by the Railway Board to process the ordering.

ICF has decided to develop this train in association with BEML Ltd and it has placed orders for two 8-car high speed trainsets to BEML. The coaches will have executive and economy classes. The train design will be jointly developed in consultation with renowned international high speed train designers and sub-system suppliers. The train will meet the dimensions, signalling and other track infrastructure of the standard gauge track structure of MAHSR line. ICF and BEML plan to complete the development of the first prototype in the next two years. The prototype train will undergo extensive trials on the MAHSR line before its formal introduction to passenger service. Upon success of the prototype trains, series production of more such trains will be taken up.





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एक ही मैच में बने 779 रन, दो शतक 5 फिफ्टी और फिर चेज हुआ इतिहास का सबसे बड़ा स्कोर


HAR W vs BEN W Highest Successful Chase: बंगाल की महिला क्रिकेट टीम ने बहुत बड़ा कीर्तिमान स्थापित कर दिया है. वीमेंस सीनियर वनडे ट्रॉफी (Women’s Senior One Day Trophy) में बंगाल टीम ने 390 रनों के लक्ष्य को हासिल करके इतिहास रच दिया है. ये मैच राजकोट में स्थित निरंजन शाह स्टेडियम में खेला गया, जिसमें हरियाणा ने पहले खेलते हुए निर्धारित 50 ओवरों में 389 रनों का विशाल स्कोर खड़ा कर दिया था. जवाब में बंगाल की टीम ने 5 गेंद शेष रहते 5 विकेट से इस मैच को जीत लिया है.

यह महिला वनडे क्रिकेट में सफलतापूर्वक चेज किया गया सर्वोच्च स्कोर है. इससे पहले यह रिकॉर्ड नॉर्थर्न डिस्ट्रिक्ट के नाम था, जिसने साल 2019 में न्यूजीलैंड डोमेस्टिक क्रिकेट में कैंटरबरी के खिलाफ 309 रनों के लक्ष्य को प्राप्त करके इतिहास रचा था. इस मैच में 2 खिलाड़ियों ने शतक लगाया और पांच प्लेयर्स ने फिफ्टी लगाई.

बंगाल का कमाल

इस मैच में बंगाल ने टॉस जीतकर गेंदबाजी चुनी थी. हरियाणा के लिए कप्तानी शेफाली वर्मा ने 115 गेंद में 197 रनों की पारी खेली, जिसके दौरान उन्होंने 22 चौके और 11 छक्के लगाए. उनके अलावा हरियाणा के लिए रीमा सिसोदिया और सोनिया मेंधिया ने अर्धशतक लगाए. जवाब में बंगाल के लिए दोनों सलामी बल्लेबाज धारा गुज्जर और सास्थी मोंडल ने क्रमशः 69 रन और 52 रन बनाते हुए फिफ्टी लगाई. इस बीच बंगाल के लिए तनुश्री सरकार ने शतक लगाया, जिनके बल्ले से 113 रनों की पारी निकली. वहीं प्रियंका बाला अंत तक क्रीज पर टिकी रहीं और अपनी टीम की 5 विकेट से जीत सुनिश्चित की.

अंतर्राष्ट्रीय महिला क्रिकेट की बात करें तो किसी वनडे मैच में सबसे ज्यादा स्कोर चेज करने का रिकॉर्ड श्रीलंका के नाम है, जिसने इसी साल दक्षिण अफ्रीका द्वारा दिए गए 305 रनों के लक्ष्य को हासिल कर लिया था. उसके अलावा कोई भी टीम महिला अंतर्राष्ट्रीय क्रिकेट में 300 से अधिक के स्कोर को चेज नहीं कर सकी है.

यह भी पढ़ें:

Mohammed Shami: मोहम्मद शमी ने अपने ही पैर पर मारी ‘कुल्हाड़ी’, इस वजह से नहीं हो सकी टीम इंडिया में वापसी



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Broker’s call: IndusInd Bank (Buy)


Target: ₹1,800

CMP: ₹944.70

IndusInd Bank is a new-generation private-sector bank. The bank has a pan-India presence, with around 2,631 branches as of Sep’23. The bank delivered a healthy performance in Q2-FY24 with PAT growing by 3 per cent q-o-q and 22 per cent y-o-y.

NII growth was mainly led by strong loan growth (up 21 per cent y-o-y and up 5 per cent q-o-q), while the margin remained steady at 4.3 per cent level on q-o-q basis.

With its strategy focused on containing the rise in cost of funds (COF), the bank aims to sustain its NIMs at the current range of 4.2-4.3 per cent in the coming quarters. Going forward, coupled with robust expansion in its loan portfolio, we expect improvement in profitability.

Asset quality during the quarter has remained sequentially steady with GNPA coming at 1.93 per cent (vs. 1.94 per cent in Q1-FY24) and NNPA at 0.57 per cent (vs. 0.58 per cent in Q1-FY24). Notably, PCR remained steady at 71 per cent level. The restructured book stood at 54 bps from 66 bps in 1QFY24.

Going forward, the bank is expected to grow at the rate of 18-23 per cent. The bank is witnessing strong demand in the CV financing book as well as on the MFI portfolio. The bank is experiencing immense opportunity in the MSME space.

Key Risk Factors: Margin compression; Moderate growth.





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Rupee plummets to new low, weighed down by strong $ and weak Chinese yuan


The rupee (INR) continues to feel the heat of a strong US dollar (USD) and a depreciating Chinese yuan, falling to a new all-time low on Monday. Month-end importer demand for the greenback, too, weighed down the Indian currency.

The Indian unit closed at 85.1175 per USD, down about 10 paise vis-a-vis previous close of 85.015. In intra-day trades, the INR went past last Friday’s intra-day low of 85.10, touching 85.12.

The domestic unit had breached the crucial 85 mark for the first time last Thursday on indications the US Fed may go in for fewer rate cuts which imply that the dollar will gain strength, relatively weakening other currencies.

Naveen Mathur, Director – Commodities & Currencies at Anand Rathi Shares and Stock Brokers, noted that the rupee’s weakness over the past six weeks is primarily due to the strengthening of the Dollar Index following the US election results, coupled with the decline in other major Asian currencies, including the Chinese yuan.

“The Dollar Index touched a two-year high of 108.54 last week and is currently trading around 108 levels. The cautious stance of US Federal Reserve on the trajectory of cuts in Fed Funds Rate for 2025 contributed to Dollar strength. The offshore Chinese yuan also fell 0.2 per cent to around 7.30/$ today as China’s bond yields dropped in tandem with softer US yields, with China’s 10-year bond yield declining to a record low,” he said.

Forex reserves dip

Mathur noted that while frequent central bank interventions have helped the INR to be the least volatile among major Asian peers, this has also weighed on India’s foreign exchange reserves, which declined to a near-six month low of $652.87 billion as of December 13, 2024.

He expects INR to gradually depreciate towards 85.50-85.70 against USD in the next one month or so, with interventions by RBI likely to continue damping volatility.

Madan Sabnavis, Chief Economist, Bank of Baroda, noted that the dollar will continue to remain strong until the new US President reveals his actions on the economy. “All indications are that they (US Fed) will tend to keep the dollar strong and hence all currencies will have to adjust to the same. The problem of depreciation is universal and hence actions of all those who compete with India need to be monitored closely. Presently, the market will test the 85.50 mark and it needs to be seen if this is crossed before the new President takes over. This issue will also play on the monetary policy committee as it would have a bearing on liquidity in the system,” he said.





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