Larsen Toubro wins orders worth Rs 1960 crore

first_imgLarsen & Toubro’s construction arm, L&T Construction has won orders worth Rs 1,960 crore in Odisha, Andhra Pradesh and Tamil Nadu, the company said in a regulatory filing to the BSE on Tuesday. The company said that the orders in Odisha valued at Rs 1,053 crore entails engineering, procurement and construction of 34 lift irrigation schemes in various districts of the state.Besides, the contract also envisages supplying and installing 96 vertical turbine pumps of capacities ranging from 80 to 470 KW and other associated works. It added that the works have to be completed in 30 months.The company said it also secured other orders worth Rs 889 crore, including one from Chennai Metro Rail Corporation for constructing Chennai Metro line Package 3 Underground – Balance works.”The scope involves engineering, procurement and construction of 4 stations at AG-DMS, Teynampet, Nandanam, Saidapet and Saidapet ramp portion with associated tunnel works,” the company’s regulatory filing said.The project, which also includes mechanical, electrical, plumbing and architectural works at these stations, has to be completed in 20 months.The company has secured orders in Tuticorin and Chennai for for piling and diaphragm wall works.L&T Geostructure-Bauer Joint Venture has secured an order worth Rs 422 crore for the construction of a cut-off wall in the Indira Sagar dam project at Polavaram, Andhra Pradesh.last_img read more

Indian Navy on high alert for severe cyclonic storm Fani

first_imgThis is the exact position of cyclone Fani.Regional Meteorological CentreAs the cyclone storm, Fani was intensifying into a ‘Severe Cyclonic Storm’ over the south-east and adjoining south-west Bay of Bengal, the Eastern Naval Command (ENC) is on high alert to render necessary humanitarian assistance, a Navy spokesperson said on Tuesday.Indian Naval ships at Visakhapatnam and Chennai are on stand-by to proceed to the most affected areas to undertake Humanitarian Aid Distress Relief (HADR), evacuation, logistic support including providing medical aid. TwitterThese ships are embarked with additional divers, doctors, inflatable rubber boats and relief material that include food, tents, clothes, medicines and blankets.Naval aircraft are also on standby at the Naval Air Stations INS Rajali at Arakkonam, Tamil Nadu and INS Dega at Visakhapatnam, Andhra Pradesh, to undertake reconnaissance, rescue, casualty evacuation and airdrop of relief material to the stranded if required, the spokesperson added.The ENC is closely monitoring the developments in the Bay of Bengal and Flag Officer Tamil Nadu and Puducherry Naval Area (FOTNA) and Naval Officers-in-Charge (Andhra Pradesh) and (Odisha) is in constant communication with respective state administrations.As of Monday evening, Fani was about 770 km east-south-east of Chennai.last_img read more

ICICI Bank Q1 net profit down 25 on higher provisioning net NPAs

first_imgIndia’s largest private sector lender ICICI Bank reported a 25 percent fall in its net profit for the June quarter on Friday. From Rs. 2,976 crore seen last year, the bank’s net profit fell to Rs. 2,232 crore.The drop was mainly driven by higher provisioning against bad loans. It was 163 percent higher at Rs. 2,514 crore from Rs. 955 crore in the corresponding quarter previous year.The bank’s net interest income grew marginally by 0.85 percent to Rs. 5,159 crore during the period. Net interest income is the interest earned on loans minus the interest given on deposits. The total interest earned by the bank during Q1 was Rs. 13,330 crore and the interest it expended was Rs. 8,171 crore.”As companies get downgraded to non performing assets, we stop accruing income from them. This impacts the net interest income and the net interest margin,” said Chanda Kochhar, CEO & MD.ICICI Bank’s asset quality deteriorated as its gross non-performing assets (NPAs) as a percentage of gross advances increased to 5.87 percent from 5.82 percent seen in the earlier quarter of March 2016. In the same period, its net NPAs jumped to 3.35 percent from 2.98 percent.The bank’s total income for the quarter grew 6 percent to Rs. 16,760 crore from Rs. 15,802 crore seen in the corresponding quarter a year ago. However, on quarter-over-quarter period, revenues fell 11 percent from Rs. 18,590 crore seen in March quarter or Q4 of 2016.The bank’s capital adequacy ratio (CAR), which measures a bank’s capital as against its risks and liabilities, was 16.22 percent in this quarter as against 16.37 percent seen a year ago.At the close of market hours, shares of the bank were down by 3.40 percent at Rs. 262.85 in anticipation of a dull quarterly result.last_img read more

Sensex Nifty end 2016 trading with gains despite Brexit demonetisation

first_imgBombay Stock ExchangeReuters fileThe BSE Sensex and NSE Nifty — India’s benchmark stock market indices ended calendar year 2017 trading with gains of 1.94 percent and 3 percent, respectively. On Friday (December 30), the Sensex closed 260 points higher at 26,626, while the 50-scrip Nifty ended with gains of 82 points at 8,1,86.Read: Urge Indians to do 5 transactions through BHIM app till Jan 1: Modi at Digi-Dhan MelaOn December 31, 2015, the Sensex rose 157 points to close at 26,117 while the NSE Nifty was up 50 points to end at 7,946.The 1.94 percent and 3 percent gain for Sensex and Nifty respectively is a reversal of sorts, considering the indices had lost 5 percent and 4 percent in calendar year 2015.The year also saw change of guard at the Reserve Bank of India, with Raghuram Rajan paving the way for Urjit Patel’s elevation as the governor.Year of surprisesFor the stock markets, there were many negative surprises such as Brexit, Donald Trump’s surprise victory in the US presidential elections, interest rate hike by the US Fed and last but not the least, demonetisation decision announced by PM Narendra Modi on November 8, 2016.A minor setback to stock markets was also witnessed after the DGMO of the Indian Army briefed the media about surgical strike on terror launchpads located along the LoC in Pakistan-occupied Kashmir, on September 29, 2016.”This year, the performance of the markets has remained lacklustre as a host of events brought high volatility in the markets. The gains recorded by the markets until September were completely erased by the outcome of the US election and government whip on black money through demonetisation. This also impacted the positive sentiment created by this year’s normal monsoon and 7th pay commission payout,” Angel Broking had said in its note a few days ago.Bank stocks outperformed the Sensex, with the sectoral BSE Bankex index closing with gains of 7.34 percent (20,748 on December 30, 2016 and 19,328 on December 31, 2015).The IT index on the BSE ended in the red, though it gained 1.09 percent on Friday.Rupee closes with lossesThe Indian rupee was also a victim of the global and domestic headwinds, losing 2.67 percent during the year to close at 67.93 to the US dollar on December 30 in comparison to 66.16 closing on December 31, 2015. Factors that impacted the domestic currency included redemption of FCNR deposits of 2013, in addition to persistent selling by FPIs, especially in the second half of the year.Stock market outlook, triggers for 2017Investors would be cautious in the initial weeks and wait for signals from the Budget 2017, especially in direct taxes (personal and corporate tax rates) since the scope for tweaking indirect taxes is limited in view of the Goods and Services Tax (GST). The first major signal could as early as on January 2 on Lucknow where Prime Minister Narendra Modi is scheduled to address BJP workers at a rally, months before the upcoming Uttar Pradesh Assembly elections.The second big trigger would of course be Budget 2017 likely to be presented on February 1 by finance minister Arun Jaitley. The Economic Survey that precedes would give some pointers on the macroeconomic scenario.”Going ahead, we still see the demonetisation impact to keep hovering on the market gains even as the disruption caused to the Indian economy is likely to take two to three quarters to turn back. We are building high expectations from the upcoming union budget 2017-18,” Abnish Kumar Sudhanshu, Director & Research Head, Amrapali Aadya Trading & Investments, said in a note.Angel Broking said in a note that Asian Granito, Infosys, Power Grid Corporation, Alkem Laboratories and Jagran Prakashan are top picks for 2017.Gold gains, silver flat on FridayGold prices ended with gains of Rs 150 to close at Rs 28,500 per 10 gm, while silver remained unchanged at Rs 39,900 per kg.last_img read more

Snapdeal Ola drill 14 billion hole in SoftBanks pocket

first_imgA private security gurad stands at a gate of Snapdeal headquarters in Gurugram on the outskirts of New Delhi, India, April 3, 2017.REUTERS/Adnan AbidiJapan’s SoftBank Group Corporation (SBG) took $1.4 billion hit on account of its investments in two Indian start-ups — cab-hailing service Ola and e-commerce firm Snapdeal.”Loss on financial instruments at Fair Value through Profit or Loss (FVTPL) was ¥160,419 million compared to a gain of ¥114,377 million in the previous fiscal year,” SBG reported in a financial filing on Wednesday for the financial year ended March 31, 2017.”Financial instruments at FVTPL included preferred shares of Jasper Infotech Private Limited, which operates the e-commerce website in India, and ANI Technologies Private Limited, which operates the taxi booking platform Ola, also in India,” the company explained.  SBG’s investments in Snapdeal are held via its intermediary holding company Startfish I Pte Ltd., which has a stake in Jasper Infotech Private Limited that runs Snapdeal.SBG’s investments in Indian e-commerce ventures is about $2 billion. It is the biggest investor in Ola while investments in Snapdeal are to the tune of $1 billion, according to Reuters.The company is also reportedly planning to invest about $1.2 billion in Paytm, an Indian fintech company backed by Alibaba Group.SBG is believed to be in discussions with other investors of Snapdeal including Nexus Partners and Kalaari Capital for enabling Flipkart to acquire Snapdeal. Ola’s main competitor in India is Uber while both Flipkart and Snapdeal are facing a tough challenge from Amazon.SoftBank’s operating profit for the year to end-March climbed 13 percent to 1.03 trillion yen ($9 billion) on flat revenue growth.SBG intends to invest $25 billion over the next five years, making it one of the world’s largest private equity investors.  “I want to think big. The fund is designed to tap the coming gold rush era,” Reuters quoted Chief Executive Masayoshi Son as saying.  Bhavish Aggarwal, CEO and co-founder of Ola, an app-based cab service provider, poses in front of an Ola cab in Mumbai March 3, 2015.Reuters filelast_img read more

SEBI slaps Rs 2423 crore fine on PACL and its four directors

first_imgSEBIReutersThe Security and Exchange Board of India (SEBI) have heavily fined PACL (formerly Pearl Agrotech Corporation Limited) and its four directors for illegal fund mobilisation using various schemes by the company to collect more than Rs 49,000 crore from the public.The four directors — Tarlochan Singh, Sukhdev Singh, Gurmeet Singh and Subrata Bhattacharya — were asked to jointly and severally deposit the penalty amount within 45 days, Press Trust of India reported.In 2014, the market regulator had also cautioned its investors against the real estate company after it continued to collect money from investors challenging SEBI’s ban. Adding to its woes, even the Income Tax Department had also raised a massive tax demand of about Rs 24,500 crore in June.SEBI has decided to impose a monetary penalty which is equal to the profits made through the illegal mobilisation, according to the 47-page order.Investors and consumer grievances are on the rise against the real estate company on the Indian consumer complaints forum which is an online platform for consumers to register complaints.The market regulator said that the magnitude of the violation can be assessed from the fact that huge illegal mobilisation of money was made leading to consequent profits to the tune of Rs 2,423 crore in less than one year.last_img read more

Kim Ji Hyun Meet the new coach who shaped PV Sindhus World

first_img Close Kim Ji Hyun has played a big part in Sindhu’s successBWFIndian culture regards the guru or teacher with paramount reverence. A good pupil is supposed to regard his or her guru as being on par with their parents in the order of importance. So, it was wonderful to see PV Sindhu thank her coaches before everyone else after winning the BWF World Championships 2019.Pullella Gopichand has been a mentor of Sindhu for a long time but the 24-year old shuttler seems to have benefitted enormously from the guidance of another person who joined her in April this year. That person is Kim Ji Hyun – a decorated former South Korean player. With Pullela Gopichand having to look after the entire group of Indian players, her job is to focus on Sindhu and Saina Nehwal.The 44-year old was a player of great repute in her day. Her crowning achievement came in the 1994 Asian Games in Hiroshima where she won the gold. But this wasn’t the only medal that came the way of Sindhu’s newest guru.Kim had also become the World Junior Champion at the 1989 World Championship. Unfortunately for her, she couldn’t achieve the same distinction at the senior level. But she has guided her protégé Sindhu to the World Championship title and that must feel very sweet for the Korean. Kim Ji Hyun is known for being very animated on the courtsideBWFPeople who saw Sindhu’s matches would have noticed the huge contrast between the body language of her two coaches. While Gopichand remained calm and stoic, Kim looked highly animated and seemed to be deeply invested in every point that Sindhu played.This intensity on the courtside from the former South Korean champion may be a sign of her strong drive for success. Her comments about Sindhu before the tournament are a case in point.”The way she plays, I feel it’s not smart enough. I mean, at the top level, you have to be smart. It has to be a combination, like your technique, and hitting and mentality,” Kim told the official website of the BWF World Championship.These comments may appear a tad harsh coming from a coach but they probably show her desperation to turn Sindhu into a world beater. In the mid-games and inter-game intervals, she could be seen and heard not only telling the Indian badminton queen what to do but also motivating her and boosting her confidence. She talked about this aspect of coaching in her interview as well. Kim Ji Hyun has been a coach for a long time and has worked with the likes of Sung Ji HyunBWF”The no.1 factor is trust in each other. If you don’t trust each other, what’s the point? You have to believe in yourself, and you have to believe in your player. Always stay positive. No matter what, you have to create a positive (atmosphere) for your player.”Kim also outlined the areas that need to be worked on for her ward to become better in the same interview. “Sindhu’s powerful and has a good physique, but I feel she has to develop more skills.”There are so many skills she has to work on, especially net skills and deception. Step by step. We’re working on skills, and changing tactics, as you can’t use the same tactics over and over again. If you play the same kind of game, you won’t have a chance,” she added in her interaction with BWF website.And Kim didn’t just talk the talk but walked the walk as well. In the BWF World Championships this year, Sindhu’s net game looked flawless and played a key role in her victory over Tai Tzu Ying, Chen Yufei and eventually, Nozomi Okuhara. One could also see a clear improvement in her tactical acumen. The way she made Okuhara run around the court and dominated the front court herself is an example of that. IBTimes VideoRelated VideosMore videos Play VideoPauseMute0:00/1:12Loaded: 0%0:00Progress: 0%Stream TypeLIVE-1:12?Playback Rate1xChaptersChaptersDescriptionsdescriptions off, selectedSubtitlessubtitles settings, opens subtitles settings dialogsubtitles off, selectedAudio Trackdefault, selectedFullscreenThis is a modal window.Beginning of dialog window. Escape will cancel and close the window.TextColorWhiteBlackRedGreenBlueYellowMagentaCyanTransparencyOpaqueSemi-TransparentBackgroundColorBlackWhiteRedGreenBlueYellowMagentaCyanTransparencyOpaqueSemi-TransparentTransparentWindowColorBlackWhiteRedGreenBlueYellowMagentaCyanTransparencyTransparentSemi-TransparentOpaqueFont Size50%75%100%125%150%175%200%300%400%Text Edge StyleNoneRaisedDepressedUniformDropshadowFont FamilyProportional Sans-SerifMonospace Sans-SerifProportional SerifMonospace SerifCasualScriptSmall CapsReset restore all settings to the default valuesDoneClose Modal DialogEnd of dialog window. COPY LINKAD Loading … PV Sindhu creates history, becomes first Indian to win BWF World Championship The training style of Kim is also not run of the mill. The former Asian Games champion described the unique way in which she gets her players to practice.”I devise some funny exercises, so it’s not the same things over and over again. I have to integrate more skills. I create more exercises that make the players think. Sometimes we have lunch or dinner together.”It was in 2001 that Kim ended her career with a silver medal on her home soil in the Korean Open. Since then, she has been a leading coach and has even been with her country’s national team.Earlier in the year, Sindhu had seemed listless and unwilling to fight hard in her matches against top players. Perhaps, it’s the combination of motivation and skill training provided by Kim that she has regained her form and reached a new level of success.last_img read more