ECoR GM inspects railway facilities in West Odisha
BHUBANESWAR: East Coast Railway (ECoR) general manager Parmeshwar Funkwal on Saturday conducted a comprehensive inspection of critical rail infrastructure and traffic facility works across the Sambalpur-Jharsuguda railway section in western Odisha.
The inspection was conducted at Jharsuguda Road, Brundamal, Lapanga and Sarla stations with a review of ongoing projects and railway sidings that support the region's industrial growth. Key projects including BPSL siding at Lapanga, Jharsuguda Road station, Brundamal-Jharsuguda flyover, MAVB siding at Brundamal and Sarla freight examination depot were inspected.
The newly commissioned freight train examination and routine overhauling (ROH) facility at Sarla station will handle 90 to 100 train examinations and 100 wagon ROHs per month. It will reduce turnaround time for bogie tank alumina powder (BTAP) wagons by 30 per cent and enhance freight handling capacity and safety. Divisional railway manager of Sambalpur division Subash C Chaudhary was among the officials present.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
The Hindu
2 hours ago
- The Hindu
JSW Steel seeks review of Supreme Court verdict ordering liquidation of BPSL
JSW Steel has approached the Supreme Court seeking a review of its May 2 judgment, which rejected the resolution plan submitted by the company for Bhushan Power and Steel Ltd. (BPSL) and directed the initiation of liquidation proceedings. Also Read | NCLT defers hearing on Bhushan Power and Steel case, post SC status quo order on liquidation proceedings The top court had subsequently, on May 26, ordered status quo in the ongoing liquidation process before the National Company Law Tribunal (NCLT), granting JSW Steel time to file a review petition. The Bench had observed that status quo should prevail 'in the interest of justice and to avoid future complications'. JSW Steel, represented by senior advocate Neeraj Kishan Kaul, had argued that the matter was complex and should not be rushed into liquidation. Mr. Kaul had submitted that BPSL had posted an annual turnover of ₹28,000 crore in one year and had increased production capacity from 2.5 to 4.5 metric tonnes. The company, he noted, also employed approximately 25,000 workers. In its May 2 verdict, the Supreme Court had found JSW's resolution plan to be in 'flagrant violation and contravention' of the law. The Bench had held that the Resolution Professional 'had utterly failed to discharge his statutory duties contemplated under the Insolvency and Bankruptcy Code (IBC) and the Corporate Insolvency Resolution Process (CIRP) Regulations' throughout the proceedings concerning BPSL. Invoking its powers under Article 142 of the Constitution, the court had directed the NCLT to commence liquidation proceedings under the IBC framework. The court had also criticised the Committee of Creditors (CoC) for approving the resolution plan, observing that the CoC had failed to exercise its commercial wisdom adequately. 'The CoC had failed to protect the interest of the creditors by taking contradictory stands before this court, and accepting the payments from JSW without any demurrer, and supporting JSW to implement its ill-motivated plan against the interest of the creditors,' the court had noted. The CoC, represented by Solicitor General Tushar Mehta, had also expressed its intention to file a review petition against the May 2 decision.
&w=3840&q=100)
Business Standard
11 hours ago
- Business Standard
Stocks to Watch today, June 26: Vi, HUL, JSW Steel, BSE, PB Fintech, Ceat
Stocks to Watch Today, Thursday, June 26, 2025: Domestic equities are set to extend gains to the third day, with the benchmarks eyeing their highest levels this year amid mixed global cues. The early indicator of Nifty50 performance -- GIFT NIFTY -- was up 42 points or 0.16 per cent at 25,293 as of 7:45 AM. Stocks in the Asia region wavered, taking cues from a flat close on Wall Street. Last checked, Japan's Nikkei was higher by 1.1 per cent, and South Korea's Kospi was down 1.65 per cent. Traders also assess mixed comments from the US President, who said the war between Israel and Iran is over, but later warned that new fighting could start soon. Trump said the US would hold a meeting with Iran next week. Meanwhile, benchmark indices in the US closed muted despite nearing their record highs. The S&P 500 index closed flat, while the Dow Jones Industrial Average was 0.25 per cent lower. Back home, on Wednesday, the BSE Sensex settled 700.40 points or 0.85 per cent higher at 82,755.51, while the Nifty50 rose 200.4 points or 0.80 per cent to end at 25,244.75. FIIs sold shares worth ₹2,427.74 crore, while DIIs net bought equities worth ₹2,372.96 crore. Track LIVE Stock Market Updates Here Meanwhile, below are some stocks to watch during today's session: Vodafone Idea: The telecom company is in talks with lenders to borrow about $2.9 billion in loans to bolster its network and compete better with large rivals, according to a Bloomberg report. The State Bank of India will likely lead a consortium of lenders, and the debt is expected to be a mix of domestic and foreign loans with a tenor of about 10 years. Jio Financial Services: The company said it has infused ₹190 crore in its payments bank subsidiary. It has been allotted 190,000,000 equity shares of ₹10 each of Jio Payments Bank Ltd, a wholly-owned subsidiary, for cash at par, aggregating ₹190 crore. Hindustan Unilever: The Magnum Ice Cream Company HoldCo 1 Netherlands B.V. has agreed to acquire 61.9 per cent of Kwality Wall's (India) (KWI) from the Unilever Group, HUL said in a stock exchange filing. Magnum HoldCo will be required to make an open offer to the public shareholders of KWI for additional shares. JSW Steel: The steel maker filed a petition seeking a review of the Supreme Court (SC) order rejecting its resolution plan for debt-laden Bhushan Power and Steel (BPSL). Lenders of BPSL, including the State Bank of India and the Punjab National Bank, have already filed review petitions against the judgment. BSE: The securities market regulator imposed a ₹25 lakh penalty for violations of Regulation 39(3) and related circulars during February 2021–September 2022. BSE said there is no material impact on its operations or finances. JSW Energy: The company's subsidiary, Energizent Power, has signed a 25-year Power Purchase Agreement with NHPC for 300 MW ISTS-connected solar-wind hybrid capacity at ₹3.49/KWh. The project, in Rajasthan and Andhra Pradesh, will be commissioned in 24 months. Texmaco Rail: The company received a ₹535 crore order from CAMALCO SA for 560 wagons and 20-year maintenance, with potential for 1,040 additional wagons over the next five years. PB Fintech: The co-founders, Yashish Dahiya and Alok Bansal, could offload 5.05 million shares or 1.1 per cent stake at ₹1,800 apiece, according to reports. The total transaction is valued at ₹912 crore. Sun Pharmaceutical: The pharma major's European partner, Philogen S.p.A has voluntarily withdrawn its marketing authorisation application for its investigational skin cancer therapy Nidlegy in the European Union (EU). Ceat: The tyre maker announced its plans to raise up to ₹500 crore through the issuance of unsecured non-convertible debentures (NCDs) on a private placement basis. The company's Finance and Banking Committee approved the proposal at a meeting held on June 25. Union Bank of India: The state-owned lender said the bank plans to garner ₹6,000 crore through a mix of equity and debt to fund its business growth. The board approved the raising of equity capital not exceeding Rs 3,000 crore in tranches through a public issue. Coal India: The state-owned firm's coking coal production dropped by 8.7 per cent to 4.53 million tonnes in May, even as the government aims to increase the output to reduce dependency on imports. Coal India's coking coal production was 4.96 MT in May 2024. Dilip Buildcon: The company provisionally completed the Bangalore-Chennai Expressway project (Km 127–156) in Andhra Pradesh under Bharatmala. The authority issued the Provisional Completion Certificate, declaring commercial operation from May 09, 2025. ASK Automotive: The company's board has approved forming a joint venture with T.D. Holding GMBH to manufacture and market sunroof and helix cables. The company will hold 49 per cent in the JV and invest up to ₹2.45 crore. Rashtriya Chemicals and Fertilisers: The company's request for recognition of EPMC/spot gas used in Urea production for 2021–23 was rejected by DoF, causing an estimated $204.14 crore impact. The company said it is seeking reconsideration.
Indian Express
18 hours ago
- Indian Express
Bhushan Power deal rejection: JSW Steel files review petition in Supreme Court
JSW Steel has filed a review petition in the Supreme Court challenging its May 2 ruling that rejected the company's Rs 19,700-crore resolution plan for Bhushan Power and Steel Ltd (BPSL) and directed liquidation of the debt-ridden firm. In a filing to the stock exchanges on Wednesday, JSW Steel confirmed that it had submitted the petition on June 25. The move comes nearly two months after the apex court overturned the company's acquisition of BPSL, which had been completed in 2020 under the Insolvency and Bankruptcy Code (IBC) framework. Some of the lenders to BPSL have also filed separate review petitions. The court's decision has raised concerns over the finality of resolution processes under the IBC and the fate of already-implemented plans. The May 2 ruling not only nullified JSW Steel's resolution plan for BPSL but also ordered the company's liquidation, despite the transaction having been executed and the steelmaker taking operational control. While ordering the liquidation, the biggest in the corporate history, a bench of Justice Bela Trivedi and Justice Satish Chandra Sharma lambasted the delay on the part of JSW Steel to implement the resolution plan and said the Committee of Creditors (CoC) failed to exercise its commercial wisdom while approving the Resolution Plan. SC had said JSW even after the approval of its plan by the NCLAT, wilfully contravened and not complied with the terms of the said approved Resolution Plan for a period of about two years, which had frustrated the very object and purpose of the IBC, and consequently had vitiated the CIR proceedings of the corporate debtor-BPSL. 'In the instant case, JSW did not implement the Resolution Plan for about two years since its approval by the NCLAT, though there was no legal impediment in implementing the same. Such flagrant violation of the terms of the Resolution Plan, has frustrated the very object and purpose of the Code,' the Supreme Court had said. After obtaining the approval of its Resolution Plan from CoC by presenting a rosy picture, misguiding the CoC, and defeating the rights of other resolution applicants, JSW did not respect and honour the said commitments, the SC said. On the contrary, it tried its level best to delay the implementation of the Resolution Plan without any cogent reason or justification, the order said.
