
US Steel names Kevin Lewis as CFO, Infra News, ET Infra
US Steel said on Tuesday Kevin Lewis would replace CFO Jessica Graziano effective immediately, days after the steelmaker closed its sale to Japan's Nippon Steel.Graziano, who has spent nearly three years at the company, would stay on as a special advisor until July 18 to aid with the transition, US Steel said.Lewis who joined the Pittsburgh-based steelmaker 17 years ago, has held key positions across finance, strategy and investor relations.The company also appointed Scot Duncan as senior vice president, general counsel and secretary, effective immediately.The move comes after Nippon Steel completed its $14.9-billion acquisition of US Steel last week, marking the end to an 18-month regulatory battle.
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Hindustan Times
20 minutes ago
- Hindustan Times
Mumbai's Sri Lotus Developers, backed by SRK, Amitabh Bachchan, and Hrithik Roshan, to launch ₹792 crore IPO next week
Mumbai-based Sri Lotus Developers and Realty Ltd, backed by Shah Rukh Khan's family trust, Amitabh Bachchan, Hrithik Roshan, and investor Ashish Kacholia, is set to launch its Initial Public Offering (IPO) next week. The company aims to raise around ₹792 crore to fund three ongoing real estate projects in Mumbai. Mumbai real estate update: Sri Lotus Developers and Realty Ltd, backed by Shah Rukh Khan's family trust, Amitabh Bachchan, Hrithik Roshan, and investor Ashish Kacholia, is set to launch its Initial Public Offering (IPO) next week.(Sri Lotus Developers) The developer will continue to focus on prime city locations, with an emphasis on redeveloping old buildings to deliver luxury apartments priced between ₹10 crore and ₹50 crore. As of June 30, 2025, the company had completed 0.93 million sq ft of developable area, spanning both residential and commercial assets, with a future pipeline exceeding 1.8 million sq ft. Its portfolio includes four completed projects, five ongoing ones, and 11 upcoming developments located in areas such as Andheri, Juhu, Bandra, and South Mumbai. The firm also plans to expand further into South and Central Mumbai locations like Nepean Sea Road and Prabhadevi, as well as eastern suburbs including Ghatkopar. According to the statement, the company has four completed projects, five ongoing projects, and 11 upcoming projects in areas such as Andheri, Juhu, Bandra, and South Mumbai. The company plans to expand its reach in southern and central regions of Mumbai, such as Nepean Sea Road and Prabhadevi, and eastern suburbs of Mumbai, such as Ghatkopar, it said in a statement. Also Read: Shah Rukh Family Trust-backed Sri Lotus Developers gets SEBI nod for ₹792 crore IPO The company's developments focus primarily on ultra-luxury residential and commercial properties. It constructs and develops 2BHK and 3BHK flats with a price range of ₹ 3 crores to ₹ 7 crores and 3BHK, 4 BHK, and 4+ BHK flats and penthouses with a price range above 7 crores. Anand Pandit, the Chairman and Managing Director of Lotus Developers, said, "Going further, our plan is to focus on products in the ₹10 crore to above ₹50 crore price range. We want to focus on luxury and ultra-luxury projects, considering that is what our focus has been. We do not have any debt as such right now to raise an IPO, but considering we are in the redevelopment space and luxury projects, having an IPO and listing it adds value to our brand." Also Read: Mumbai society where Shah Rukh Khan owns sea-facing flat to be redeveloped by IPO-bound Sri Lotus Developers Bollywood connection of the company In December 2024, Sri Lotus Developers had raised approximately ₹400 crore through a private placement of 26.61 million shares at ₹150 per share. Among the investors, Bollywood star Amitabh Bachchan purchased around 6.7 lakh shares for ₹10 crore, while the Shah Rukh Khan Family Trust acquired about 6.75 lakh shares for ₹10.1 crore. Shree Amrit Society on Carter Road in Mumbai's Bandra, where Shah Rukh Khan owns a sea-facing terrace apartment, had in June 2025, appointed IPO-bound Sri Lotus Developers and Realty Limited for its redevelopment. Also Read: Why do some Bollywood stars prefer renting over buying homes in Mumbai? Shah Rukh Khan purchased the apartment in the Shree Amrit building after his marriage, making it his first property acquisition in Mumbai. As such, it holds significant sentimental value. Although Khan does not live there and hasn't rented it out, the apartment has been well maintained.


Time of India
21 minutes ago
- Time of India
SES awaits security nod, says new MEO satellites to boost Reliance Jio's enterprise business
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Business Standard
an hour ago
- Business Standard
Indian Bank posts 24% rise in Q1 net profit, asset quality improves
State-run Indian Bank posted a 24 per cent rise in net profit during the first quarter of 2025-26 (Q1FY26) to ₹2,973 crore, up from ₹2,403 crore during the same period in FY25. The Chennai-based lender's total income also increased to ₹18,721 crore in Q1FY26, up 10.5 per cent year-on-year (Y-o-Y). Interest earned by the bank rose to ₹16,283 crore in the quarter, compared to ₹15,039 crore in Q1FY25. The bank's asset quality showed signs of improvement with gross non-performing assets (NPA) dipping by 76 basis points (bps) Y-o-Y to 3.01 per cent in June 2025 from 3.77 per cent a year ago. Similarly, its net NPA also reduced by 21 bps to 0.18 per cent in June 2025 from 0.39 per cent in June 2024, according to Binod Kumar, managing director & chief executive officer (MD & CEO), Indian Bank. Its provision coverage ratio (PCR) improved by 154 bps Y-o-Y to 98.20 per cent in June 2025 from 96.66 per cent in June 2024. Slippage ratio was also contained to 0.94 per cent in Q1FY26, in comparison to 1.50 per cent in Q1FY25. Indian Bank's operating profit improved by 5.97 per cent Y-o-Y to ₹4,770 crore in June 2025, from ₹4,502 crore in June 2024. Its net interest income also increased by 2.93 per cent to ₹6,359 crore in Q1FY26. Further, the bank's return on assets (RoA) was up by 14 bps to 1.34 per cent, from 1.20 per cent last year. The return on equity (RoE) increased by 50 bps to 20.26 per cent. During the quarter under review, the bank's gross advances rose by 11.50 per cent Y-o-Y to ₹601,147 crore. Retail, agriculture and MSME (RAM) advances grew by 15.93 per cent Y-o-Y to ₹363,221 crore. The RAM contribution to gross domestic advances increased to 65.34 per cent. Individually, retail, agriculture and MSME advances grew by 16.56 per cent, 16.40 per cent and 14.45 per cent Y-o-Y respectively. Home loans (including mortgage) grew by 10.65 per cent Y-o-Y. Meanwhile, total deposits were up by 9.26 per cent Y-o-Y and reached ₹744,289 crore in Q1FY26. Domestic Casa ratio stood at 38.97 per cent, as on June 30.