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CARE Ratings places NDTV’s bank facilities on ‘credit watch’, shares gallop

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The shares of Adani group’s takeover target satellite channel company New Delhi Television Ltd (NDTV) continued to hit the upward circuit on Monday with the price touching Rs 540.85.

The 52-week low price for the scrip was Rs 72.

Meanwhile, credit rating agency CARE Ratings has placed ratings assigned to NDTV’s bank facilities on credit watch with developing implications following takeover decision by the Adani group.

NDTV, which had postponed its 34th annual general meeting (AGM)to September 27 from the earlier fixed date of September 20, said it has completed the dispatch of notice for the shareholders meeting on September 3, 2022.

Due to change in the date of the AGM, the Register of Members and the Share Transfer Book of the Company will now remain closed September 20-27 (both days inclusive), NDTV had said.

The scrip has been on the upswing since August 23, the day on which the Adani group’s AMG Media Networks announced its subsidiary Vishvapradhan Commercial Private Ltd’s (VCPL) decision to exercise its rights to acquire 99.5 per cent of equity shares of RRPR Holding Private Ltd, the investment company of NDTV promoters – Prannoy Roy and Radhika Roy.

The VCPL holds 1,990,000 warrants of RRPR Holding entitling it to convert them into 99.99 per cent stake in the latter.

The VCPL has exercised its option in part, resulting in acquisition control of RRPR Holding — 1,990,000 equity shares or 99.50 per cent.

RRPR Holding holds 29.18 per cent stake in NDTV that has three national television channels.

This triggered the issue of open offer to acquire shares of NDTV from the public as per SEBI’s (Substantial Acquisition of Shares and Takeovers) Regulations, 2011.

Placing the credit ratings of NDTV’s bank facilities on credit watch with developing implication, CARE Ratings said it will continue to monitor the developments in this regard and will take a view on the ratings once the exact implications of the acquisition on the credit risk profile of the company are clear.

According to CARE Ratings, the ratings continue to remain constrained by high exposure towards group companies and revenue concentration risk as the company majorly generates revenue from advertisement which in turn exposes the company’s revenue profile to the business cycle of the advertisers.

“The ratings are also constrained on account of uncertainty over ongoing litigations against the company and its promoters especially pertaining to tax demand, hence the impact of the same on operational and financial risk profile of the company is not clear,” CARE Rating said.

According to CARE Ratings, NDTV had a total investment of Rs 335.13 crore in its subsidiaries/joint ventures/associates as on March 31, 2022 (Rs 325.03 crore as on March 31, 2021) as against its tangible net worth of Rs 345.09 crore as on March 31, 2022, majority of which are in NDTV Networks Limited, having an investment of Rs 315.70 crore as on March 31, 2022 (NDTV Networks Limited have a negative net worth of Rs 28.48 crore as on March 31, 2022).

“There are a number of ongoing litigations against the company especially pertaining to tax demand, the outcome of which will be crucial, particularly in the matter pertaining to transaction with Universal Studios International BV (a General Electric company) wherein a tax demand of

Rs 450 crore had been raised against the company for AY 2009-10,” CARE Ratings said.

“Further, the company had also received demand notice from SEBI for alleged non-disclosure of tax demand dated November 22, 2019, against which the company filed an appeal and matter is likely to be listed on September 12, 2022. Company also received show cause notice from the Directorate of Enforcement (ED) for the alleged contraventions under Foreign Exchange Management Act, 1999 (“FEMA”),” the credit rating agency said.

The CARE Ratings said the company also received notice dated August 20, 2018, from SEBI in regard to alleged violation of Clause 36 of erstwhile Listing Agreement for non-disclosure of loan agreements entered into by Prannoy Roy, Radhika Roy and RPRR Holding with VCPL in 2009-10.

“Further, the investigation by CBI is also pending with respect to the FIR registered against the company, promoters and other officials on August 19, 2019, in a case of alleged violation of foreign direct investment rules in one of their companies under section of Indian Penal Code, 1980 and Prevention of Corruption Act, 1988. In addition to this, there are few other investigations also pending w.r.t. income tax demand. Any adverse developments in relation to these ongoing legal cases having a material impact on the operational or financial risk profile of the company shall remain negative from the credit perspective,” CARE Ratings said.

Business

IndiGo Crisis: 75-Yr-Old Woman Waits Hours For Luggage Without Medicines At Mumbai T2 Airport

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Mumbai, Dec 05: When IndiGo’s nationwide operational meltdown began disrupting flights earlier this week, thousands of passengers were caught in chaos across the country. Among them was a 75-year-old woman whose ordeal at Mumbai’s Terminal 2 gained attention after her daughter shared a distressed post on X. Thankfully, the woman has now reached home safely, but her experience reflects the scale of frustration travellers are facing.

In her post on X, Punita Toraskar wrote that her elderly mother had been waiting at T2 since noon, and even by 4:42 pm, she still hadn’t received her luggage. The situation was more alarming because the 75-year-old needed to take her medicines but was stuck waiting on an empty stomach, stranded amid the airport chaos.

Toraskar’s post quickly resonated with passengers across India who have been struggling with severe delays, cancellations, and a complete breakdown of communication from India’s largest airline.

IndiGo is currently grappling with one of the biggest operational crises in its history. Nearly 900 flights have been cancelled since Tuesday, triggered by a mix of staff shortages and the airline’s struggle to adapt to stringent new crew duty regulations.

Passengers at major airports — Delhi, Hyderabad, Bengaluru, and Kolkata — are facing hours-long queues, mounting delays, and skyrocketing airfares as alternative flight options shrink. Hotels are filling up, tempers are rising, and social media is flooded with frustration.

IndiGo has issued public apologies and claims it is rebooting its systems and schedules to stabilise operations. But for many travellers like Toraskar’s mother, the damage is already done.

Despite the turmoil, Punita confirmed later that her mother had finally reached home safely, a small relief in a week of aviation chaos.

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Business

Rs 7,253 crore spent so far in 2025-26 on sprucing up railway stations in India: Vaishnaw

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New Delhi, Dec 5: The government has spent Rs 7,253 crore so far (up to October), of the total budgetary allocation of Rs 12,118 crore for 2025–26, on the redevelopment of railway stations across the country under the Amrit Bharat Station Scheme, Railway Minister Ashwini Vaishnaw informed Parliament on Friday.

The minister stated in a written reply to a question in the Rajya Sabha that work is in progress at a good pace for the development of stations such as Tirupati, Yesvantpur, Rameswaram, and Safdarjung station in Delhi..

So far, 1,337 stations have been identified for development under this scheme since it was launched, of which 155 stations have been completed till now.

Vaishnaw said that the station development projects under the Amrit Bharat Station Scheme are primarily conceptualised with budgetary support. However, 15 stations have been identified to be explored for development under the Public Private Partnership (PPP) mode also and based on the experience gained from the same, further evolution of the scheme is envisaged.

He further stated that the ownership of stations and operations-related activity will be with the Indian Railways. However, for some identified major stations, specific activities or groups of activities may be entrusted to outside sources for specified tenures depending upon the type of activity, requirements of the station, demand, etc. The terms of the contract are decided on a case-by-case basis.

He said that the Amrit Bharat Station Scheme for the redevelopment of stations has been launched with a long-term approach.

The scheme involves the preparation of master plans and their implementation in phases to improve the stations. The master planning includes improvement of access to the station and circulating areas, integration of the station with both sides of the city, improvement of the station building and improvement of waiting halls, toilets, sitting arrangement, and water booths.

The redevelopment plans also include provision of wider foot over bridge or air concourse commensurate with passenger traffic, provision of lifts, escalators and ramps, improvement of platform surface and cover over platforms and provision of kiosks for local products through schemes like ‘One Station One Product’.

Besides, the construction of parking areas, multimodal integration, amenities for Divyangjans, better passenger information systems, provision of executive lounges, nominated spaces for business meetings and landscaping is being taken up, keeping in view the necessity at each station, Vaishnaw said.

The scheme also envisages sustainable and environment-friendly solutions, provision of ballastless tracks, etc., as per necessity, phasing and feasibility and creation of a city centre at the station in the long term, the minister added.

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Business

India-Russia friendship steady like pole star amid global uncertainty: PM Modi

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New Delhi, Dec 5: Hailing India-Russia ties, Prime Minister Narendra Modi on Friday said that the friendship between the two countries has remained like a pole star amidst the ups and downs faced by the world in the past 80 years.

While making a joint press statement with Russian President Vladimir Putin following their talks at the Hyderabad House in New Delhi on Friday, PM Modi said that the ties between two nations have stood the test of time and thanked Putin for his friendship and unwavering commitment to India while recalling the efforts made by the Russian leadership to elevate bilateral ties.

“Today, I am delighted to welcome President Putin to the 23rd India-Russia Summit today. His visit comes at a time when our bilateral relations are experiencing several historic milestones. 25 years back, President Putin laid the foundation for our strategic partnership. 15 years ago, in 2010, our partnership was granted the status of a Special Privileged Strategic Partnership. For the past two and a half decades, he (President Putin) has nurtured this relationship with his leadership and vision.

“His (President Putin) leadership, under all circumstances, has elevated our ties to new heights. I express my heartfelt gratitude to President Putin, my friend, for this deep friendship and unwavering commitment to India. The world has seen many ups and downs over the past eight decades. Humanity has faced many challenges and crises and amidst all this, the India-Russia friendship has remained like a pole star. This relationship, founded on mutual respect and deep trust, has always stood the test of time,” he added.

Recalling recent heinous terror attacks in both countries, PM Modi said that India and Russia have stood together in the fight against terrorism.

“Today we also discussed regional and global issues. India and Russia have long cooperated shoulder to shoulder in the fight against terrorism. Whether it’s the terrorist attack in Pahalgam or the cowardly attack on Crocus City Hall — the root of all these incidents is the same. India firmly believes that terrorism is a direct attack on the values ​​of humanity and global unity against it (terrorism) is our greatest strength.”

PM Modi announced that India and Russia will cooperate to train Indian seafarers in polar waters. “We will now cooperate to train Indian seafarers in polar waters. This will not only strengthen our cooperation in the Arctic, but will also create new employment opportunities for India’s youth.”

Reiterating India’s stance on Ukraine conflict, he said, “India has advocated for peace in Ukraine from the very beginning. We welcome all efforts to find a peaceful and lasting solution to this issue. India has always been ready to contribute and will continue to do so.”

PM Modi also termed energy security as a strong and important pillar of India-Russia partnership. He stated that cooperation between India and Russia in civil nuclear energy has been crucial in realising shared clean energy priorities.

“Energy security has been a strong and important pillar of the India-Russia partnership. Our decades-old cooperation in civil nuclear energy has been crucial in realising our shared clean energy priorities. We will continue this win-win cooperation. Our cooperation in critical minerals is crucial to ensuring secure and diversified supply chains across the world,” stated PM Modi.

Earlier, taking the India-Russia Special and Privileged Partnership ahead, PM Modi warmly welcomed President Putin at the Hyderabad House to participate in the 23rd India-Russia Annual Summit.

With both countries sharing a longstanding and time-tested bond, the two leaders are holding comprehensive and detailed discussions aimed at further strengthening the bilateral relations.

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