State-owned Coal India Ltd (CIL) reported a near flat growth in production during the April-June quarter (Q1) this fiscal, although the top management was in favour of keeping a stiffer target despite the muted growth. The company reported a 0.1% growth in production to 136.96 million tonne (MT) in Q1, against 136.85 MT in the […]
Category: The Financial Express
The Financial Express
Sadbhav Engineering: Maintain ‘buy’ with a TP of Rs 301
In the much-awaited asset monetization deal, Sadbhav Engineering (SADE), through its subsidiary Sadbhav Infra Projects (SIPL), will sell stake in 9 BOT assets (of its portfolio of 12 assets) to lndlnfravit Trust at EV of `66 bn – 7% above our valuation. Equity valuation at 1.7x P/B is thus far premium; on negative side, SIPL’s […]
Economic Survey 2019: India can be a hub for electronic vehicles, but charging infra is key
Limited availability of charging infrastructure seems to be a major impediment to increased adoption of electric vehicles (EVs) in India, as the market share of EVs grows with increasing availability of charging points, according to the survey. Stating that the lifetime ownership costs of EVs needs to be lowered by making India a manufacturing hub, […]
IL&FS probe: Circuitous deals benefited firms, says ED
The Enforcement Directorate’s (ED’s) ongoing probe into IL&FS has revealed that several third-party vendors and companies were hand in glove with the former management in undertaking circuitous transactions, for which they profited in the form of additional interest income, sources told FE. According to a senior official, “Five parties have already been questioned in the […]
Economic Survey 2019: How can Indians earn more? If India consumes more energy
Budget Economic Survey 2019: India’s economic growth will depend upon the ability to provide affordable, reliable and sustainable energy to citizens and the country is required to raise per capita energy consumption by at least 2.5 times to increase per capita income by USD 5000, the economic survey tabled in Parliament said Thursday. The survey […]
Will achieve target of 175 GW renewable power by 2022, says RK Singh
New and Renewable Energy Minister R K Singh Thursday expressed confidence that the government will not only achieve the target of installing 175 GW of renewable power by 2022 but also cross that milestone. He said in Lok Sabha that so far total renewable power capacity of 33.47 GW has been installed in the country […]
IL&FS probe: Circuitous deals benefited firms, says ED
The Enforcement Directorate’s (ED’s) ongoing probe into IL&FS has revealed that several third-party vendors and companies were hand in glove with the former management in undertaking circuitous transactions, for which they profited in the form of additional interest income, sources told FE. According to a senior official, “Five parties have already been questioned in the […]
JetLite employees left stranded in Jet insolvency proceedings
JetLite employees have been left stranded in the insolvency proceedings of Jet Airways. As a part of the process, the court-appointed interim resolution professional (IRP) has invited claims from employees of the grounded airline. However, claims of employees who were a part of JetLite, the low-cost arm of the airline, have been rejected, sources said.
HDFC wants NCLT to keep Jet office out of resolution plan
HDFC Bank on Thursday moved the NCLT to keep certain properties occupied by Jet Airways in Mumbai out of the insolvency proceedings of the airline. In its plea, the bank said these assets should not be made part of the corporate insolvency resolution process as it does not belong to the company. Parts of it […]
Adani Power buys GMR plant for Rs 4,792 crore
Adani Power on Thursday announced that it had acquired GMR Chhattisgarh Energy’s 1,370-MW plant for an enterprise value of `4,792 crore after the consortium of lenders, led by Axis Bank, approved the stake sale. This will be the third project to be resolved outside the insolvency route after Prayagraj Project of Jaiprakash Associates and SKS […]
Decline in passenger traffic may impact DIAL: Moody’s
Moody’s Investors Service (MIS) on Thursday cautioned that a sharp decline in passenger traffic could impact GMR-owned Delhi International Airport Ltd’s (DIAL’s) ability to preserve its credit profile while undertaking a debt-funded expansion plan. DIAL will raise `9,800 crore to fund major expansion activities at IGI airport, including a new terminal building and a runway […]
Analyst corner: Maintain ‘buy’ on Sadhav Engineering; TP of Rs 328
Sadbhav Infra (SIPL), the BOT arm of Sadbhav Engineering (SEL), has inked a definitive agreement with IndInfravit Trust to sell its stake in nine operational BOT projects for an equity value of Rs 2,550 crore (P/BV of 1.7x on invested equity of Rs 1,500 crore). In addition, SIPL can also receive milestone-based payments of ~Rs […]