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Promoters willing to infuse funds into McNally Bharat: Srinivas Singh, managing director SECTIONS Share Synopsis McNally Bharat is among a long list of construction companies to face the prospect of bankruptcy. However, finding buyers for such companies has been difficult under the NCLT route. At least three such companies Lanco Infratech, Punj Lloyd and IVRCL have gone into liquidation after banks took them into insolvency proceedings. Agencies The Khaitan family of Kolkata’s Williamson Magor group is willing to infuse funds into their construction company, McNally Bharat Engineering, even as the company stares at potential bankruptcy after two lenders took it to the National Company Law Tribunal (NCLT), according to a top executive. ....
Synopsis A consortium of banks that include public sector lenders, private sector banks and foreign banks are owed around ₹4,000 crore by the company. The dues comprise both long term and short term loans as well as non-fund based facilities such as letters of credit and bank guarantees. Agencies McNally Bharat had succeeded in fending off a similar threat of bankruptcy proceedings in 2019 when Tata Capital dragged it to NCLT. Engineering, procurement and construction company McNally Bharat Engineering is facing an Insolvency and Bankruptcy Code (IBC) test as two major financial creditors, Bank of India and Canara Bank, have lodged petitions at NCLT to trigger insolvency proceedings against the company, as per court filings. ....
× All eyes are on the BSE Sensex, as it is inching towards 50,000 mark. The SGX Nifty at 14,508 points a gap up opening of about 40 points, even as most Asian markets are trading marginally lower. However, the overnight closing of US stocks presents a positive signal. The Sensex on Tuesday closed with a gain of 834.0 points at 49398.0 levels, just 600 points away from historical 50,000-landmark; the Nifty gained 240 points at 14521.1 levels while the Nifty futures closed at 14,470. Going ahead, earnings and global cues would remain on the participants’ radar, said Ajit Mishra, VP - Research, Religare Broking. Besides, we’re also seeing noticeable buzz across the sectors in run up to Budget. We feel it would be prudent for the markets to spend some time around the current levels, he added. ....
0 We had mentioned in Tuesday’s closing report that Nifty, Sensex will move sideways. On Wednesday, the major indices opened high and closed with decent gains. On the NSE, there were 1,010 advances, 885 declines and 320 unchanged.
The trends of the major indices in the course of Wednesday’s trading are given in the table below:
Maruti Suzuki commenced export of compact off-roader Jimny from India and also planning to launch an upgraded Swift in Q4FY21 and an all-new Celerio in Q1FY22.
Bajaj Finance reported a 29% YoY fall in consolidated net profit at Rs 1,145.98 crore for the quarter ended December 2020. Consolidated net interest income declined 5.3% YoY to Rs 4,296 crore. ....