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Construction firm J Kumar Infraprojects bags Rs 1,307.8 cr order from MMRDA

Civil engineering and construction company J Kumar Infraprojects Ltd on Monday said it has bagged an order worth Rs 1,307.88 crore from the Mumbai Metropolitan Region Development Authority. In a regulatory filing the company said the order is for part design and construction of balance works of Mumbai Metro Rail project

Carlyle Group to acquire controlling stake in PNB Housing Finance

Private equity firm Carlyle Group and associates will acquire a controlling stake of over 50 per cent in PNB Housing Finance by investing in the Rs 4,000 crore preferential issue of equity and warrants of the Delhi-based mortgage lender. After the proposed transactions, expected to be completed by January 1, 2022, Carlyle will also have the right to nominate the chairperson of PNB Housing Finance (PNB HF). This right will continue as long as it holds at least 40 per cent of the share capital on a fully diluted basis. Pluto Investments, affiliate of Carlyle Asia Partners, will invest up to Rs 3,185 crore through a preferential allotment of equity shares and convertible warrants at Rs 390 per share, for a 30.2 per cent in PNB HF’s expanded capital.

Cipla says close to committing $1 billion to Moderna for booster vaccine

Seeking fast-track approvals to bring Moderna's single-dose Covid-19 booster vaccine in India expeditiously, Cipla has requested the government for indemnification and exemptions from price capping, bridging trials and basic customs duty, while stating that it is close to committing over $1- billion as advance to the US major, sources said on Monday. Commending the government for its efforts to increase the vaccine availability in the country for achieving effective protection against Covid-19, the Indian pharma giant has said its discussions with Moderna on the Covid-19 booster vaccine are nearing finalisation and for that, they are seeking the "partnership and support of the government to make this programme successful".

Order book position of road EPC firms to get better, says CRISIL

The order book position of road engineering, procurement and construction (EPC) companies, which currently stands at over three times revenue at present, is expected to improve further supported by new project awarding momentum. The sale of operational road assets through monetisation will further add to their growth. Asset monetisation in the roads sector will see an acceleration as EPC companies in this space pursue growth and is also aided by various government initiatives, according to domestic rating agency Crisil.

NBFC Magma Fincorp net loss widens to Rs 648 crore in March quarter

Non-banking finance company Magma Fincorp on Monday reported widening of its consolidated net loss to Rs 647.72 crore for the last quarter of FY21 on accelerated write-offs and provisions. The company had posted net loss of Rs 355.08 crore during the January-March period of FY20. However, there was a net profit of Rs 13 crore in the preceding quarter ended December 2020. Total income during Q4 FY21 also fell to Rs 587.14 crore as against Rs 617.62 crore earlier, Magma Fincrop said in a regulatory filing. For the full year 2020-21, the non-banking lender reported a loss of Rs 558.96 crore as against a profit of Rs 27.05 crore in 2019-20. Income during the year also fell to Rs 2,352.48 crore from Rs 2,562.88 crore. The interest income was down at Rs 2,165.68 crore as against Rs 2,324.34 crore.

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