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The companys rolled products production grew by 10% year-on-year to 9.99 lakh tonnes as against 9.05 lakh tonnes. The long products production grew by 55% year-on-year to 3.09 lakh tonnes indicating growing a better growth in demand for construction and infrastructure. ....
BENGALURU: State Bank of India, the country s largest lender by assets, on Friday posted a record quarterly profit, helped by lower provisions for bad loans, and announced its first dividend in four years. Net profit rose 80% to Rs 6,451 crore ($883.09 million) for the three months ended March 31, from Rs 3,581 crore a year earlier, SBI said in a regulatory filing. Analysts had expected a profit of Rs 6,147 crore, according to Refinitiv IBES data. SBI announced a dividend of Rs 4 per share, its first payout since May 2017, when it had rewarded shareholders with Rs 2.6 per share. The lender reportedly received a windfall of nearly Rs 4,000 crore as part of dues owed by bankrupt steelmaker Bhushan Power and Steel. ....
86% insolvency cases pending over 270 days Top Searches 86% insolvency cases pending over 270 days TNN / Apr 6, 2021, 04:08 IST FacebookTwitterLinkedinEMail NEW DELHI: Over 85% of the ongoing corporate insolvency cases have dragged beyond 270 days, which was the upper limit for finalisation of the process. Latest data released by the Insolvency & Bankruptcy Board of India (IBBI) on Monday showed that up to December, 1,481 of the 1,717 pending cases had extended beyond 270 days. The four-year-old Insolvency & Bankruptcy Code which is credited with changing the debt repayment culture had provided for resolution within 180 days, with a possible extension of another 90 days. But, adjournments and multiple legal challenges in cases have meant that they usually go past the prescribed timelines. ....
JSW’s conditional acquisition plan gets the nod of Bhushan Power and Steel lenders March 06, 2021 A file photo of the Bhushan Steel plant in Odisha - STRINGER/INDIA× RELATED CoC will refund ₹19,350 crore to JSW if the ED plea to attach Bhushan Power assets is upheld by SC In a first of its kind deal, the Committee of Creditors of Bhushan Power and Steel has cleared the JSW Steel proposal to pay the bid amount of ₹19,350 crore to acquire the company even as the Supreme Court is seized of the matter. The apex court is yet to dispose of an appeal filed by the Enforcement Directorate seeking to attach the stressed assets as part of its investigation against Bhushan Power and Steel’s former owners. ....