Mumbai: In a bid to ease traffic congestion along a crucial stretch of the Western Express Highway (WEH), the Brihanmumbai Municipal Corporation (BMC) has revived plans to construct a flyover connecting Mahim and Bandra (East). The civic body has once again invited tenders for the long-pending project after earlier attempts failed to attract bidders.

The proposed flyover will link Machhimar Colony on Senapati Bapat Marg in Mahim to Bandra (East), providing an alternative route for motorists who currently face severe traffic snarls on the western express highway. The congestion typically begins at Mithi Chowk in Bandra (East) and extends up to Dadar, significantly slowing down traffic on the WEH.

The project is estimated to cost approximately Rs. 220.17 crore. The flyover will stretch for over one kilometre and is expected to ease pressure on existing routes between Mahim and Bandra (East), an area that already includes the Chunabhatti–BKC flyover and the old Kalanagar flyover.

This is not the first time the BMC has attempted to push the project forward. The initial tender, floated in 2022, was withdrawn due to technical issues. A second tender issued in July 2023 failed to receive any bids and eventually lapsed. The bridge department has now reissued the tender, expressing hope that contractors will come forward this time.

The project involves crossing areas near Mithi Chowk, which will require clearances from the Coastal Regulation Zone (CRZ) authorities and the Forest Department. The responsibility of securing these permissions will lie with the appointed contractor.

Once completed, the flyover is expected to streamline traffic flow between Mahim and Bandra (East) and provide relief to commuters using one of the city’s busiest arterial corridors.

Mumbai, Feb 12: Bharat Forge on Thursday reported nearly 17 per cent year-on-year decline in its standalone net profit for the quarter ended December 2026 (Q3 FY26).

On a standalone basis, the company posted a net profit of Rs 288 crore lower than Rs 346 crore reported in the same quarter last financial year (Q3 FY25), according to its stock exchange filing.

Standalone revenue from operations saw a marginal dip of 0.6 per cent to Rs 2,083.7 crore in Q3 FY26.

On a consolidated basis, the performance was stronger. Revenue rose 25 per cent year-on-year to Rs 4,343 crore, compared with Rs 3,476 crore in the year-ago period.

Net profit increased 28.2 per cent to Rs 273 crore from Rs 213 crore in the corresponding quarter last financial year.

The company said the quarterly numbers included a one-time cost of Rs 55.7 crore, which had an impact on margins.

Earnings before interest, tax, depreciation and amortisation (EBITDA) grew 20 per cent to Rs 750 crore from Rs 624 crore a year ago.

However, EBITDA margin moderated to 17.3 per cent from 18 per cent in the same quarter last financial year.

The Board of Directors also declared an interim dividend of Rs 2 per equity share of face value Rs 2 each, which translates to a 100 per cent payout on the face value.

The dividend will be paid on or before March 12, 2026, and the record date for determining eligible shareholders has been fixed as February 18, 2026.

Commenting on the performance, B. N. Kalyani, Chairman and Managing Director of Bharat Forge, said the results continued to be impacted by de-stocking in the North American commercial vehicle market.

He added that strong growth in the domestic automotive business and execution of the defence order book helped support the overall performance.

On a sequential basis, standalone revenue rose 7 per cent quarter-on-quarter to Rs 2,084 crore.

EBITDA increased 4.6 per cent to Rs 569 crore, while margins stood at 27.3 per cent. Export revenue declined 3 per cent on a sequential basis, with auto exports falling 13 per cent, even as industrial exports grew 11 per cent.

New Delhi, Feb 11: The Reserve Bank of India (RBI) has issued a compounding order of the Foreign Exchange Management Act (FEMA) violations in the case of Deccan Digital Networks Pvt Ltd, according to a statement issued by the Enforcement Directorate (ED) on Wednesday.

The compounding order was passed by the Reserve Bank on January 14 under Section 15 of the Foreign Exchange Management Act, 1999 (FEMA), “in the case of Deccan Digital Networks Private Limited, which has resulted in termination of proceedings against the company for alleged contraventions of provisions of FEMA, 1999”, the ED statement said.

The agency statement further added that the said order has been passed by the RBI after issuance of ‘No Objection’ by the ED.

In this case, based on the credible information received, an investigation was taken up by the ED under the provisions of FEMA.

After completion of the investigation, ED filed a complaint under Section 16 of FEMA before the Adjudicating Authority on December 27, 2012, against Deccan Digital Networks, pointing out several contraventions under FEMA, 1999, for which compounding has been passed by the RBI.

These contraventions are late reporting of “foreign inward payments under Para 9(1) (A) of Schedule 1 to FEMA 20/2000-RB, covering Rs 11,82,84,399 and late filing of Form FCGPR after issuing shares under Para 9(1) (B) of the same Schedule 1 to FEMA 20/2000-RB, covering Rs 11,82,84,400”.

As per the provisions of FEMA, the adjudication proceedings were initiated by the Adjudicating Authority by issuance of a Show Cause Notice under Section 16 of FEMA to the company and its Directors/officers who were in charge and responsible for the conduct of the business of the company during the relevant period of contravention.

The ED statement said that the company, later on, filed an application before the RBI for compounding of the said contraventions under FEMA as per the provisions of Section 15 of the Act. On reference from the RBI, the ED issued no objection for such compounding in line with the true spirit of the Act.

Accordingly, the RBI, on the basis of no objection issued by ED, has compounded the said contraventions vide compounding order with a one-time payment of Rs 1,03,333.

“This has resulted in termination of adjudication proceedings under the provisions of FEMA, 1999, against the company for the said contraventions as well as further litigation,” said the ED statement.