NCC updates on arbitration award against Sembcorp Energy India Ltd

The Ld Arbitral Tribunal adjudicating the disputes that have arisen between NCC Limited and Sembcorp Energy India Limited (SEIL) (formerly Sembcorp Gayatri Power Limited) has pronounced the award on 14th September 2023. In the aforesaid arbitration NCC had raised claims totaling to Rs.1,446.74 Crs and SEIL has raised Counter Claims amounting to Rs.1,073.56 Crs. The Ld Arbitral Tribunal has disallowed some of the major claims raised by the Company and has partially allowed some of the counter claims filed by SEIL and passed an award resulting in a net amount of Rs 197.85 Crs payable to NCC as against net receivables of Rs 606.23 Crs appearing in the Books. The Company is examining the award, including its impact on the financial statements and will take appropriate steps as may be advised.

Shares of NCC Limited was last trading in BSE at Rs. 145.30 as compared to the previous close of Rs. 146.90. The total number of shares traded during the day was 808414 in over 7893 trades.

The stock hit an intraday high of Rs. 151.95 and intraday low of 144.25. The net turnover during the day was Rs. 119910612.00.

Source : Equity Bulls

Keywords

NCC INE868B01028 ArbitrationAward