NMDC to terminate BHEL contract for Nagarnar steel plant
Posted on 28th June 2019 |
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| Given the inordinate delay in executing a Rs 1,400-crore project crucial for its Nagarnar steel plant in Chhattisgarh, state-run miner NMDC has decided to terminate the contract awarded to another state-owned firm BHEL way back in 2011. The termination of the contract would further delay the commissioning of the plant, being built at a cost of Rs 15,525 crore. According to the agreement, BHEL was supposed to complete the raw material handling system (RMHS) package in four years till February 2014. Steel ministry’s prodding and continuous follow-up by the miner yielded no results. “The progress of work has been abysmal, and even today, after approximately 94 months since commencement of the contract, RMHS is far from completion stage. It is noted that the work of M/s BHEL is lacking intent to complete the project. BHEL is negligent towards the completion of the project,” the miner said in a statement. NMDC said it has invoked the termination clause against BHEL and issued notice to the equipment maker on June 25 for termination of the contract. RMHS will now be completed through “new route.” A pure-play miner, NMDC had in 2009-10 conceived the Nagarnar plant with the intention of moving up the value chain and diversifying its portfolio. The idea was also to hedge itself against vagaries of iron ore prices. |
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Bharti Airtel defers Q2 results till Nov 14 over ambiguity on AGR verdict
Posted on 29th October 2019 |
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Bharti Airtel said on Tuesday it has postponed its second-quarter earnings report to mid-November, as the wireless operator sought clarity on the court ruling asking telecom firms to cough up overdue payments to the government.
Shares of the company, which was expected to release its quarterly numbers later in the day, dropped 3.3 per cent in early trade. |
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Rupee slips 8 paise vs US dollar in early trade amid drop in oil prices
Posted on 7th October 2019 |
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The rupee on Monday opened eight paise lower at 70.96 against the US dollar amid drop in crude oil prices and rise in Asian equities. The domestic unit on Friday closed almost flat at 70.88 against after the Reserve Bank of India (RBI) in a widely expected move cut key interest rates by 0.25 percentage point. On a weekly basis, the local unit slumped by 32 paise. |
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LIC pips private insurers in first-year premium growth during April-August
Posted on 13th September 2019 |
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In the first five months of the current financial year, first-year premiums of life insurance companies grew by 39.84% (year-on-year) at Rs 1.05 lakh crore as compared to Rs 75,588.35 crore in April-August of 2018-19. Life Insurance Corporation of India (LIC) continued to grow at a faster pace compared to private insurance players, shows the data from the Insurance Regulatory and Development Authority of India (Irdai). |
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Apollo Hospitals rules out further stake sale
Posted on 13th September 2019 |
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Apollo Hospitals Enterprise (AHEL) has ruled out further dilution of promoters’ stake in the company. The company also said its Rs 1,337-crore stake sale of Apollo Munich Health Insurance with mortgage major HDFC will be concluded by October. Following these stake sales, the promoters’ pledged position will come down from a high of 76% to 54% by October and eventually to 20% by November or December, company sources said here. |
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World trusts India on Kashmir, not us: Pakistan minister Ijaz Ahmed Shah
Posted on 13th September 2019 |
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In a major embarrassment for Pakistan and its Prime Minister Imran Khan, the country's Interior Minister Ijaz Ahmed Shah, a retired brigadier, said the international community didn't believe Pakistan's narrative on Kashmir; instead it is India whose version is trusted. |
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