Ahluwalia Contracts shares jump over 7% after ₹2,089-crore DLF order win
In a regulatory filing, Ahluwalia Contracts confirmed that the project has been awarded by a domestic entity and falls under the residential housing category. The contract is valued at ₹ 2,089 crore, excluding GST, and is scheduled to be executed over 44 months, marking one of the largest recent wins for the company in the real estate construction space.
The latest DLF order comes close on the heels of a series of sizeable wins by Ahluwalia. On June 27, the company had announced two significant orders worth a combined ₹ 1,103.56 crore. These included an ₹ 821 crore contract from Whiteland Corporation for residential towers in Gurugram and a ₹ 282.56 crore project from Nestled Haven Estates and Maia Estates for The Beacon development in Bengaluru.
The addition of the DLF project to its order book not only boosts Ahluwalia's total project portfolio but also enhances its standing in the high-value residential construction segment. With this contract, the company continues to strengthen its association with marquee real estate developers and underlines its ability to execute large-scale projects with high-quality standards.
In its exchange filing, Ahluwalia Contracts also clarified that the project is a non-related party transaction and that there is no promoter group involvement in the awarding entity, DLF Limited.
Following the order announcement, Ahluwalia Contracts' share price surged as much as 7.4 percent to touch a day's high of ₹ 1,115 on the BSE. However, the stock is still over 25 percent below its 52-week high of ₹ 1,491.55, recorded in July 2024. On the downside, it hit a 52-week low of ₹ 620.65 in February 2025.
Over the past year, the stock has corrected around 29 percent, mainly due to broader market volatility and sectoral pressures. Nevertheless, it has shown signs of a steady recovery in recent months. In June, the stock gained 9 percent, marking its fifth consecutive monthly rise. It was up 4 percent in May, 14.7 percent in April, 3.5 percent in March, and 27 percent in February, following declines of 24.5 percent in February and 16.5 percent in January.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Time of India
6 hours ago
- Time of India
'Sumitomo Mitsui Banking Corp awaiting RBI call to buy 25% in Yes Bank'
Mumbai: Sumitomo Mitsui Banking Corp (SMBC) has already applied to India's banking regulator to buy up to a 25% stake in Yes Bank , giving the Japanese lender sufficient headroom to immediately increase its ownership, one person directly aware of the details told ET. In May SMBC had said it will buy 20% from a clutch of local banks for which it had signed an agreement. "The SMBC application pending with the Reserve Bank of India seeks to buy up to a 25% stake in Yes Bank. That is different from the binding agreement it had signed in May to buy a 20% stake from the State Bank of India (SBI) and others," said this person, on the condition of anonymity. "It means that if the RBI approval comes through, SMBC can go up to 25% after buying stakes from other investors in the bank," this person said on the condition of anonymity. Emails sent to Yes Bank , SMBC and the RBI did not elicit any response until the publication of this report. Yes Bank shares rose 2.40% to ₹20 apiece on the BSE on Tuesday. Earlier on Tuesday, news outlets citing unnamed sources had said that SMBC sought RBI approval to acquire an additional 4.9% stake in Yes Bank to take its total ownership in the bank to just under 25%. SMBC is exploring an additional investment of $1.1 billion in Yes Bank, media reports said. The person cited above told ET that SMBC always had plans to buy 25% in the Indian lender . In May, SMBC had entered into a binding agreement to take 20% ownership in Yes Bank from SBI (13.19%), and Axis Bank , Bandhan Bank , Federal Bank , HDFC Bank , ICICI Bank , IDFC First Bank and Kotak Mahindra Bank (together, 6.81%).
Indian Express
7 hours ago
- Indian Express
MTNL defaults on loans worth Rs 8,585 crore from 7 public sector banks
Public sector telecom company Mahanagar Telephone Nigam Ltd (MTNL) has defaulted on loan repayments worth Rs 8,585 crore to seven public sector banks, namely, the Union Bank of India, Bank of India, Punjab National Bank, State Bank of India, UCO Bank, Punjab and Sind Bank, and Indian Overseas Bank. The default amount includes Rs 790.59 crore in overdue interest and Rs 1,868.61 crore in unpaid principal, according to a stock exchange filing. MTNL's total financial liabilities, including both short-term and long-term borrowings, currently stand at Rs 34,484 crore, the company said. The telco's loan default and losses have added to the government's financial burden, especially at a time when Vodafone Idea, in which the government holds a 49 per cent stake, reported a massive loss of Rs 27,442 crore for FY25. The mounting losses at both telecom companies underscore the challenges the government faces in reviving struggling public-sector and semi-public-sector enterprises in the highly competitive telecom sector. MTNL's financial health remains poor. For the financial year ended March 2024, it reported a net loss of Rs 3,302 crore and an operating income of just Rs 728.47 crore. The company acknowledged in its FY24 annual report that it has accumulated heavy losses, its net worth has been fully or substantially eroded, and it has faced net and cash losses in both the current and previous financial years. Additionally, the company's current liabilities exceed its current assets, according to the report. MTNL's shares fell 4.22 per cent to Rs 49.92 on the BSE on Tuesday. The total market value of its shares stood at Rs 3,145 crore and the government holds 56.25 per cent stake in the company. The earlier plan to merge MTNL with Bharat Sanchar Nigam Ltd (BSNL) now appears unlikely. Instead, the government has approved a 10-year service agreement under which BSNL will manage MTNL's operations, especially in Delhi and Mumbai. This arrangement is designed to address the complexities of a full merger, including MTNL's high debt burden. The agreement can be renewed or terminated with mutual consent or by giving six months' notice. BSNL has already taken over the operation and maintenance of MTNL's mobile services, effective from April 1, 2021 in Delhi and from September 1, 2021 in Mumbai. The government has also extended the additional charge of Chairman and Managing Director of MTNL to A. Robert J. Ravi, who is also the CMD of BSNL, for another three months, until October 14, 2025. In an effort to improve its financial position, MTNL has taken steps to better utilise its physical assets. It has signed a Memorandum of Understanding (MoU) with BSNL to share network and infrastructure to enhance service quality. The company is also renting out its buildings in Delhi and Mumbai to generate additional revenue, with potential plans to use these assets for advertising and brand-building, the Annual Report says. MTNL has been mandated to monetise surplus land and building assets to reduce debt and fund capital expenditure, in line with a Cabinet-approved revival plan. To this end, the National Land Monetization Corporation (NLMC), established under the Department of Public Enterprises (DPE), has taken over responsibility for monetising assets of central public sector enterprises (CPSEs), following a government decision to transfer this function from the Department of Investment and Public Asset Management (DIPAM) to the DPE. MTNL has restarted its monetisation programme under NLMC, submitting four properties valued at over Rs 100 crore each, which are now in the process of being monetised. Simultaneously, the company is working to monetise smaller properties — valued below Rs 100 crore — through approvals from its board of directors and the Group of Ministers overseeing the revival of MTNL and BSNL. Transaction advisors have been appointed for the monetisation of seven properties, each valued under Rs 10 crore.
Mint
7 hours ago
- Mint
Short-seller Viceroy accuses Vedanta promoters of hidden stake via welfare trust
The entity under scrutiny is PTC Cables Pvt. Ltd (PTCC), which holds a 1.91% stake in Vedanta Ltd, a company with a market capitalization of ₹ 1.75 trillion, according to BSE data. PTCC is owned by Bhadram Janhit Shalika Trust (BJST), which Viceroy alleges is controlled by the Agarwal family, founders of the Vedanta Group. According to Viceroy, PTCC received ₹ 1,500 crore in dividend income from Vedanta over the past five years, and the capital was "upcycled" to promoter-linked entities. 'PTCC exists for one purpose: to quietly recycle Vedanta's cash into promoter-controlled vehicles while maintaining the illusion of independence," the Viceroy report said. Vedanta denied the allegations. 'These assertions are baseless," a spokesperson for the company said, adding that the company was compliant with the disclosure norms as stipulated by the Securities and Exchange Board of India (Sebi) and the Companies Act, 2013. 'Neither BJST nor PTCC are part of the promoter group as defined under applicable regulations, and their shareholding has been transparently disclosed in public filings," the spokesperson added. A day after Viceroy released its report, JP Morgan had issued a note, telling investors not to get distracted by the allegations on corporate governance and financial management, and that the global brokerage had an Overweight rating on both Vedanta Resources Ltd and Vedanta Ltd. Viceroy's claims are based on publicly available records. In a 2009 income-tax case, BJST's correspondence address was listed as Anil Agarwal's personal residence in Mumbai. In another case, the trust's address was that of Todarwal & Todarwal, a firm linked to Arun Todarwal, who currently serves as a director on the board of Sterlite Power Grid Ventures, a Vedanta subsidiary. Todarwal has also previously served as a director on the boards of Hindustan Zinc Ltd, Sterlite Technologies, MALCO, and BALCO. The report acknowledged that no conclusive documentation of current control was available, noting that Indian trusts are subject to less stringent disclosure obligations compared to companies. Viceroy also cited unnamed former Vedanta employees who claimed that the Agarwal family's control over PTCC was an "open secret" within the company. In addition to alleging hidden promoter ownership, the report flagged governance concerns at PTCC. The company was incorporated in 1993 with the Agarwal family as shareholders and was transferred to BJST in 2017. Its current directors are Todarwal and Kannan Ramamirthan. Ramamirthan is an independent director of Hindustan Zinc, Vedanta's most profitable subsidiary. He has also previously served on the boards of other Vedanta group firms, including Talwandi Sabo Power Plant, BALCO, Sterlite Energy, and Sterlite Interlinks. Vedanta has not disclosed in its filings that PTCC—classified as a public shareholder—has directors with long-standing associations with the group. The company did not respond to a specific query on this issue. Calls and emails to Todarwal for a comment did not elicit a response. Mint could not reach Ramamirthan for a comment. Concerns about the independence of BJST and PTCC are not new. In a 2020 note, proxy advisory firm Stakeholder Empowerment Services (SES) had said that BJST was previously known as the SIL Employee Welfare Trust and was linked to Sterlite Industries Ltd, which was later merged into Vedanta. The trust was subsequently renamed as BJST. 'It is not clear as to who presently controls the BJST," SES had written. However, if the firm was under the control of Vedanta, then PTCC should be classified as a promoter shareholder, it said. Viceroy's first report on the Vedanta Group was published on 10 July, a day before Vedanta Ltd's annual general meeting (AGM). The initial report triggered a drop in the company's stock, though shares later recovered. At the AGM, shareholders reposed their faith in the company. Since the report's release, Vedanta shares have gained 2% to close at ₹ 449.75 on Tuesday. Also Read | Vedanta shareholders back firm after Viceroy report Viceroy has disclosed a short position in the bonds of Vedanta Resources, the unlisted holding company of the group, but said it has no exposure to Vedanta Ltd or any other listed Vedanta entities in India.
