Mutual Funds Commodities Research Tax Planning IPO Our Team Contact Us    
Google
Web www.equitybulls.com
Stock Report

| More

SPML Infra Ltd. wins Rs. 475 million arbitration award against Jharkhand Urja Utpadan Nigam Ltd.

Posted On: 2018-11-19 09:44:38

SPML Infra Ltd. wins Rs. 475 million arbitration award against Jharkhand Urja Utpadan Nigam Ltd.The leading infrastructure development Company, SPML Infra Limited has won Rs. 475 million Arbitration Award Against Jharkhand Urja Utpadan Nigam Ltd. The Arbitration order was passed by Sole Arbitrator, Hon'ble Mr. Justice D.G.R. Patnaik (Retd. Judge, Jharkhand High Court), and Jharkhand Urja Utpadan Nigam Ltd. was asked to pay it immediately. Jharkhand Urja Utpadan Nigam Ltd. will have to pay interest @18% on the amount if it is not paid immediately as per award.

The need for the arbitration arose due to cost over-run during construction, delayed payment, and additional expenses incurred due to delay and claims of the company were upheld by the Arbitrator. The proceedings of the arbitration were held for five years starting 2013 and all pleadings and arguments by both the parties were completed in 36 sittings.

Mr. Subhash Sethi, Chairman, SPML Infra commented, "Construction companies face difficulties during project execution due to a combination of issues from unforeseen changes in land conditions to materials price increases, non-approval of drawing or inordinate delay in approval, land and environmental clearances and payment delays etc. All these factors add risk and can ultimately lead to claim and arbitration. We are happy that our legitimate claims have been upheld in the arbitration. The arbitration award is encouraging and will help us strengthening our financials."

Shares of SPML Infra Limited was last trading in BSE at Rs.51.6 as compared to the previous close of Rs. 55.15. The total number of shares traded during the day was 8994 in over 116 trades.

The stock hit an intraday high of Rs. 56.4 and intraday low of 51.15. The net turnover during the day was Rs. 479409.


Source: Equity Bulls

Click here to send ur comments or to feedback@equitybulls.com





Other Headlines:

Cochin Shipyard board recommends final dividend of Rs. 13 for 2018-19

Bharti and Vodafone Group Plc. Announces Proposed CEO and CFO for Merged Entity

Karnataka Bank opens its 13th Regional office at Ahmedabad on 21-05-2019

Sintex Plastics Technology Ltd board to explore sale of auto division

KIOCL Limited - Q4, FY19 results

Mukta Arts Ltd Board recommends Final Dividend of Rs. 1.25

Somany Ceramics Ltd Board recommends Dividend of Rs. 2 for 2018-19

TIMKEN India Ltd Board recommends Dividend of Rs. 1 for FY2018-19

Surya Roshni Ltd Board recommends Dividend of Rs. 2 for FY19

West Leisure Resorts Ltd Board approves Dividend of Rs. 0.10

Spice Mobility Limited Board recommends Dividend of Rs. 0.45

Subros Ltd Board recommends Final Dividend of Rs. 1.30 for 2018-19

Prataap Snacks Ltd Board approves Dividend of Rs. 1 for 2018-19

Arthur J. Gallagher & Co. to acquire minority stake in Edelweiss Insurance Brokers Limited

J B Chemicals & Pharmaceuticals Ltd Board approves Dividend of Rs. 5 for 2018-19

Jamna Auto Industries Ltd Board recommends Final Dividend of Rs. 0.45

Tech Mahindra Ltd board recommends dividend of Rs. 14 for 2018-19

Global Treasure Bank in Myanmar Implements Finacle Core Banking to Power its Digital Banking Strategy

Century Enka Ltd Board recommends Dividend of Rs. 7 for 2018-19

National Fertilizers Ltd board to consider final dividend on June 4, 2019

UFO Moviez India Ltd Board approves Dividend of Rs. 27.50

Morganite Crucible India Ltd Board recommends Final Dividend of Rs. 12

Hindustan Hardy Spicer Ltd Board recommends Dividend of Rs. 1.20

Nila Infrastructures Ltd board reports Q4, FY19 results

KIOCL Ltd Board approves Dividend of Rs. 1.33

Prakash Industries Ltd announces Q4, FY19 results

Dhanuka Agritech Ltd board recommends dividend of Rs. 0.60 for 2018-19

Bright Brothers Ltd board recommends dividend of Rs. 2 for 2018-19

Morganite Crucible India Ltd announces FY19 results

Rane Engine Valve Limited announces FY19 results

V-Guard Industries Ltd Board to consider FY19 results & Dividend on May 29, 2019

Vidhi Specialty Food Ingredients Ltd board recommends final dividend of Rs. 0.20 for FY19

Sinclairs Q4 PAT Up 105%

Bosch Ltd board recommends dividend of Rs. 105 for 2018-19

Prakash Industries Ltd Board recommends dividend of Rs. 1.20

Senior talent joins STL's Network Software business to drive deep customer engagement

Dhampur Sugar Mills Ltd enhances distillery capacity

Magnet360 named a Leader in Professional Services for Salesforce Sales and Service Cloud by ISG

BHEL Commissions two more units of Kaleshwaram Lift Irrigation Scheme Package-6 in Telangana

Steel Strips Wheels Ltd receives export order for over INR 20 Crs

TCS named Adobe Customer Success Partner of the Year

Allsec Technologies Ltd fixes May 31, 2019 as record date for interim dividend

West Coast Paper Mills Ltd board to consider dividend, FY19 results on May 29, 2019

Pilani Investment and Industries Corporation Ltd Board to consider Dividend on May 30, 2019

Madhav Marbles & Granites Ltd calls for board meeting on May 28, 2019

Palred Technology Services Pvt Ltd signs an agreement with Amazon India to sell 'Xmate' brand of products

Cox & Kings owned MEININGER Hotels signs contract for hotel in Marseille; fourth in France

Alembic Pharmaceuticals receives USFDA Approval for Solifenacin Succinate Tablets, 5 mg and 10 mg

Glenmark Pharmaceuticals receives ANDA approval for Solifenacin Succinate Tablets, 5 mg and 10 mg

Sharda Motor Industries Ltd Board to consider Final Dividend on May 27, 2019







Website Created & Maintained by : Chennai Scripts
West Mambalam, Chennai - 600 033,
Tamil Nadu, India

disclaimer copyright © 2005 - 2019