Infrastructure major Larsen & Toubro Friday reported a 7.9 per cent rise in its consolidated profit-after-tax (PAT) at Rs 3,418.24 crore for the quarter ended March 2019. Its PAT stood at Rs 3,167.47 crore during the corresponding period a year ago, according to a BSE filing. Consolidated income in the said quarter increased to Rs […]
Category: Roads
NHAI tweaks strategy for Rs 3 trillion projects under Bharatmala scheme
High land acquisition costs have forced the National Highways Authority of India (NHAI) to tweak its strategy for project implementation. The NHAI has decided to consider only those projects that require minimal land acquisition as it finalises highway contracts worth about Rs 3 trillion under the Bharatmala scheme. Reprioritising its execution strategy, the Authority will […]
ICRA looking into IL&FS rating issue, hires external experts for assistance
ICRA is working on addressing issues pertaining to credit rating of crisis-hit IL&FS and its subsidiaries and has sought help from external experts in the matter. “The company is in the process of addressing certain matters related to credit rating assigned to one of its customer and its subsidiaries, and an anonymous representation,” ICRA said […]
RBI pulls out circular asking banks to reveal their IL&FS exposure
With the National Company Law Appellate Tribunal (NCLAT) allowing banks to declare the defaulting accounts of Infrastructure Leasing & Financial Services (IL&FS) group as non-performing assets (NPAs), the Reserve Bank of India (RBI) on Wednesday withdrew its previous circular asking banks, financial institutions to declare details of their exposure to the group that are bad […]
Debts of IL&FS’ green companies likely to be settled by July end: Official
Loan exposure worth Rs 12,000 crore of almost 55 green companies of crisis-hit IL&FS group is likely to be settled by July end, a senior government official said as he asserted that the resolution process is on track. Besides, many of the green companies have positive equity which means that after settling debt obligations, shareholders […]
RBI withdraws circular asking banks to declare their IL&FS exposure
The Reserve Bank of India (RBI) on Wednesday withdrew a circular asking banks and financial institutions to declare details of their exposure and provisions related to the troubled Infrastructure Leasing & Financial Services (IL&FS). The April 24-circular has said banks and financial institutions must mention the total amount of exposure that are non-performing assets (NPAs) […]
SC junks plea against order restricting traffic on Jammu-Srinagar highway
The Supreme Court on Monday dismissed a plea challenging the Jammu and Kashmir government’s order restricting civilian traffic for a day in a week on a stretch of the national highway from Udhampur to Baramulla for the movement of security forces. Counsel for the Jammu and Kashmir government told the bench comprising Chief Justice Ranjan […]
Infrastructure projects to take off again post election: Srei Chairman
Kolkata-based Srei Infrastructure has signed an MoU to initiate preliminary discussions for acquiring Essel Mutual Fund. In an interview, Hemant Kanoria, Chairman, Srei Infrastructure Finance, tells Ishita Ayan Dutt and Namrata Acharya, that Srei has already got a mutual fund arm, with an approval for a debt fund. However, since there were not enough investors […]
IL&FS auditors have many questions to answer, says Corp Affairs Secy
As the probe continues into the IL&FS case, a senior government official has said the group’s auditors have “many questions to answer” prima facie as they are supposed to act as “gatekeepers” and detect widespread irregularities, but it will be premature to pass any judgement at this stage. “We are not expecting an auditor to […]
Insurance companies have to make provisions for IL&FS defaults: Regulator
Insurers have to declare their exposure to IL&FS as non-performing assets (NPAs) if the beleaguered business group has defaulted on payments, said the insurance regulator Friday. Insurance companies will have to take a hit in their shareholders’ profit—similar to what the Reserve Bank of India asked last week banks to do about their IL&FS exposure. […]
NCLAT allows banks to declare defaulting IL&FS, group companies as NPAs
The National Company Law Appellate Tribunal (NCLAT) on Thursday allowed banks to declare accounts of Infrastructure Leasing & Financial Services (IL&FS) and its 300 group companies non-performing asset (NPA) if they had defaulted on payments. The appellate tribunal, however, said the lenders would not be able to initiate the recovery process against these accounts or […]
IL&FS case: Govt likely to ban Deloitte for 5 yrs for alleged malpractice
Even as Deloitte Haskins and Sells remains perched precariously on the high wire over its questionable role in the IL&FS audit process, it appears that the Ministry of Corporate Affairs may invoke section 140 (5) of the Companies Act to debar the firm for alleged malpractice in IL&FS accounts. This extreme action is being warranted […]