L&T Construction won orders valued Rs1880 crore

L & T has bagged a major order from the Government of West Bengal.

Larsen & Toubro’s (L&T) construction division has won new orders valued over Rs1880 crore across various business segments during the fourth quarter of FY2012.

The Infrastructure IC has secured new orders aggregating to Rs1048 crore from various clients. A major order has been bagged from the Government of West Bengal, State Highway Circle-I, for the Construction of four lane elevated corridor along Kazi Nazrul Islam Sarani (VIP road) from Kestopur to Zora Mandir in the district of north 24 Parganas under JNNURM scheme, GOI.

Two more orders have been secured from DMRC for design and construction of tunnels for underground works between Mandi House to Jama Masjid including three stations under Delhi MRTS - Phase III Project and for the construction of a viaduct including ramp for Badarpur-Faridabad corridor.

In the water and effluent treatment business unit, L&T Construction has secured orders worth Rs348 crore from Gujarat Water Infrastructure Limited for providing, supplying, lowering,  jointing  and  commissioning  of  bulk  water  transmission  by  MS Pipeline at Surendranagar and Junagadh Districts in Gujarat under ‘Swarnim Gujarat  Saurashtra-Kutch Water Grid’ programme.

In the power transmission and distribution IC, new orders valued at Rs263 crore have been bagged from esteemed clients. The orders include construction of e-BOP system for 2x600 MW Coal fired thermal power plant at Singhitarai in Chhattisgarh from a private developer and another order from DMRC for supply, installation, testing & commissioning of EHV cables, Receiving Cum Traction substation and Auxiliary Main substation at Jaipur for Jaipur Metro Phase-I Project.

L&T Construction has also received additional orders worth Rs221 crore from various ongoing projects.

In the late afternoon, Larsen and Toubro was trading at around Rs1364.90 per share on the Bombay Stock Exchange, 1.29% down from the previous close.

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India Cements Q3 net profit at Rs56 crore

Total income of India Cements rose to Rs944 crore.

India Cements reported a more than two-fold rise in net profit for the quarter ended 31 December 2011 at Rs56.31 crore.

The Chennai-based cement maker had clocked Rs21.47 crore net profit in the October-December quarter of the last fiscal, it said in a communique to the Bombay Stock Exchange (BSE).

Total income of the company rose to Rs944 crore against Rs783.5 crore in the year-ago period.

In the early afternoon, India Cements was trading at around Rs95.75 per share on the Bombay Stock Exchange, 1.48% up from the previous close.

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RBI cautions against Manappuram Finance accepting deposits

“The Reserve Bank advised that Manappuram Finance Limited, Thrissur, Kerala, is not permitted under the Reserve Bank of India Act, 1934, to accept/renew deposits from the public," the central bank said in a statement.

The RBI (Reserve Bank of India) said it has come across instances of acceptance of deposits by Kerala-based Manappuram Finance even after the firm converted itself into a non-deposit taking non-banking financial company, cautioning it was not permitted to do so.

"The Reserve Bank advised that Manappuram Finance Limited, Thrissur, Kerala (earlier known as Manappuram General Finance and Leasing Ltd), is not permitted under the Reserve Bank of India Act, 1934, to accept/renew deposits from the public," the central bank said in a statement.

It added that acceptance of deposits either by Manappuram Finance or by its group company Manappuram Agro Farms (MAGRO) is punishable with imprisonment.
The statement also "cautioned members of public that those who deposit money with Manappuram Finance Ltd or MAGRO do so at their own risk".

Manappuram Finance was earlier registered with the RBI as a deposit taking Non-Banking Financial Company. However, in March 2011 it became a non-deposit taking non-banking financial company.

"It has come to the notice of the RBI that Manappuram Finance has been accepting deposits from the public in its branches and offices and issuing deposit receipts in the name of Manappuram Agro Farms (MAGRO), a sole proprietary concern of VP Nandakumar who is the executive chairman of the company," the central bank said.
It added that in some cases instead of repaying the matured deposits, fixed deposit receipts are being issued in the name of MAGRO.

"In terms of Section 45-S of the RBI Act, acceptance of deposits from the public by MAGRO, which is an unincorporated body, is also prohibited," the RBI said.

In the early afternoon, Manappuram Finance was trading at around Rs47.85 per share on the Bombay Stock Exchange, 15.83% down from the previous close.

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COMMENTS

Ketan Shah

5 years ago

Shriram Transport Finance and Shriram City Union Finance have been offering on-tap unsecured debentures at their branches and via brokers for the past 5-6 years atleast. Secondly, look at DSK Associates, a partnership by the DSK promoter, raising public deposits misusing the DSK public company umbrella. Thirdly, the mushrooming co-operative societies indulging in gold loans, unsecured personal loans etc seem to have completely by-passed RBI by being 'regulated' under a different, lenient Act.

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