L&T bags order for over ₹7,000 cr. power project in Bihar
Posted on 24th June 2019 |
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Engineering and construction major Larsen and Toubro (L&T) has bagged a mega engineering, procurement and construction (EPC) order from SJVN Thermal Private Limited to set up a 2x660 MW ultra-supercritical power plant in Buxar district, Bihar.
The award bagged by L&T’s power division is over ₹7,000 crore as per the company’s classification of mega project.
Commenting on the order, Mr. Shailendra Roy, CEO & Managing Director, L&T Power & Whole-Time Director-L&T, said, “L&T is honoured to take on the responsibility of executing this prestigious project. Knowing the importance of this project for the State of Bihar, L&T shall aim to set new benchmarks in completion schedule, quality, safety and equipment/system performance.”
SJVN Thermal Private Limited is a wholly-owned subsidiary of SJVN Limited, a joint venture of the Government of India and the Government of Himachal Pradesh and a Miniratna public sector undertaking. Prime Minister Narendra Modi laid the foundation stone of the plant in March this year.
“With a majority of the equipment, including boilers, turbines, generators, being made locally in our world class manufacturing facilities at Hazira, this project will also go a long way in accomplishing the ‘Make in India’ initiative promoted by our Honourable Prime Minister,” Mr. Roy added.
The scope of work for L&T includes design, engineering, manufacture, procurement, supply, construction, erection, testing & commissioning of the Buxar project on turnkey basis.
This covers steam generator, steam turbine generator, electrostatic precipitator, NOx control system, flue gas desulphurization (FGD) system and complete balance of plant (BoP) systems, including raw water intake system, make-up water system, coal & ash handling system, ash dyke, complete E&I system, as well as switchyard and complete civil, structural and architectural works, said a company statement.
L&T shares on the BSE were trading up marginally at ₹1,543 in a weak Mumbai market on Monday morning. |
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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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