HOME > BUSINESS > Rolta says missed interest payments due to stretched working capital

Rolta says missed interest payments due to stretched working capital

roltaRolta India Ltd said it was unable to pay bank dues and interest on some of its bonds due to a liquidity constaint caused by delays in collecting dues as well as large investment into a “prestigious project”.

Replying to a query from the BSE, the company said it has already put out an update on the same on Friday. BSE had made an inquiry on the basis of a report in Mint Newspaper titled “Liquidity Situation Critical at Rolta”. The report, in turn, was based on an update from Fitch Ratings.

“Rolta has had to continue incurring significant expenses on a very prestigious and time bound defense project, which requires considerable ongoing investment; while at the same time the Company has suffered unexpected delays in large payment collections; thereby facing working capital stress over the past few months. As a result, Rolta has been unable to meet its recent obligations towards interest payment on Bonds / ECB installment,” the company said on Friday.

Follow ULTRA.news
Cognizant says will layoff employees, close facilities this year Cognizant, one of the largest employers in India, said it will let go off some of its employees and shut down some of its facilities as part of its ongoing shift away from traditional outsourcing to 'digital transformation work'.The company said it is 'accelerating its shift...
TCS opens drone facility in the US Tata Consultancy Services said it has opened its first research lab for drones in the US at its Seven Hills Park Innovation Center located in Cincinnati, Ohio.The lab will address the rapidly expanding demand for unmanned aerial vehicles and business Solutions across industr...
Cognizant layoffs may be heading to TN labour courts as FITE preps petitions Forum for IT Employees or FITE -- an organization that claims to speak for ordinary IT workers -- said a group of employees of Cognizant Technology Solutions will approach the office of Labour Commissioner of Chennai today."Affected CTS employees file petition to the Labour ...
Larsen & Toubro Infotech changes to ‘LTI’ as it seeks an independent identity Larsen & Toubro Infotech, which started out as a unit of construction major L&T, has rebranded itself, dropping its parent's name from its own and projecting a more independent brand.The new logo reads 'LTI' in blue, bold letters with the tagline 'Lets Solve', and the new br...
Wipro rebrands itself, reveals new logo Outsourced services provider Wipro Ltd said it was undergoing a rebranding to reflect its evolving business."The new brand identity signifies a higher level of engagement and brand permission that helps clients leverage Wipro’s expertise to address their business requirement...
Bots cut Wipro employee strength by 12,000 A NASA RobotA pioneering artificial intelligence program that started getting deployed around mid-2016 has helped Wipro Ltd reduce its employee numbers by 12,000 people, the company said in its recent quarterly update."The HOLMES platform generated productivity worth ove...
Wipro refuses to reveal how many employees are being laid off Wipro Ltd, one of India's top employers, refused to confirm the exact number of people that it was laying off as part of its annual appraisal process."It is part of the internal appraisal process," company officials said, refusing to go into further details.The media ha...
Indian IT industry facing layoffs as conditions worsen, warns Assocham Trump unveiled his 'Buy American, Hire American' program yesterdayIndian IT companies are bound to see "some laying off" of their work force back home due to various negative forces impacting the industry, Assocham -- an association of various industries -- warned."With ...
After Cognizant, Wipro employees on edge as annual appraisal starts India IT growth: Nasscom Strategic Review 2016Employees of Wipro Ltd are nervous as the information technology giant has kicked off its annual appraisal process this month.The first of the several reviews, known as L1 or level 1, has been completed, and at least some emp...
WATCH LIVE – Moving towards a less visa-dependent model : TCS New TCS CEO Rajesh GopinathanTata Consultancy Services has reported Q4 revenue of Rs 29,642 cr, a decline of 0.3%, and said his company will wait and see about new US visa regulations that are scheduled to come out today.NEW VISA RULESOn new visa regulations expected...
We expected better numbers: Vishal Sikka of Infosys Infosys Chief Executive Officer Vishal Sikka said the company's performance in the January-March period was below his expectations for various reasons."It is a challenging performance," Sikka said in a post-result press conference. "We were expecting a higher number," sai...
Infosys guides for FY18 growth of 6.5-8.5% in constant currency Infosys Q4 resultsInfosys Ltd said it expects its revenue to grow by a modest 6.5-8.5%, stripped off the impact of currency movements, in the year that started this month.The street was expecting a guidance of 7-9% growth.The guidance is well below the traditional gu...
FITE urges Cognizant employees not to submit resignations FITE rose to prominence protesting layoffs at TCSForum for IT Employees or FITE, a web-based IT workers' collective, has urged employees of Cognizant Technology Solutions not to resign voluntarily if asked by the company's human resources department."If the employee resi...
Fitch withdraws ratings on Rolta India Fitch Ratings has withdrawn its ratings on India-based Rolta India Limited, after the Indian IT company said it was no longer interested in continuing with the arrangement."Fitch is withdrawing the ratings as Rolta has chosen to stop participating in the rating process. T...
Wipro buys InfoSERVER, a Brazilian IT outsourcing company Weeks after acquiring Appirio, Wipro is at it again. This time, it is buying InfoSERVER, an IT services provider focused on the Brazilian market, for $8.7 Mn (Rs 60 cr). Two-decade old InfoSERVER provides custom application development and software deployment services, th...
Tech Mahindra opens robotics, AI and digital services center in Dublin IT services provider Tech Mahindra opened a new facility in Dublin, Ireland to focus on emerging technologies such as Robotics and Automation, Business Analytics, Cloud Infrastructure and Digital Services.The new centre would employ around 150 engineers over the next three ye...
TRUMP THREAT: TCS not worried, says we’re not the villains source: NasscomTata Consultancy Services, the largest Indian-owned outsourcing company, said it is able to manage with 75% less new visas this year as it has changed its business and recruitment models in recent years. It also said that outsourcing was key to protecting US j...
N Ganapathy Subramaniam appointed new TCS COO COO N Ganapathy SubramanianTata Consultancy Services said it made two appointments in the wake of the departure of Chief Executive officer N Chandrasekaran: N. Ganapathy Subramaniam, elder brother of outgoing CEO Chandrasekaran, has been appointed as the chief operating offi...
Ramco Systems wins Rs 53 cr contract from German logistics company Ramco Systems Ltd. said it secured a 7.3 million euro order from Schenker AG for implementing its Ramco HCM & Payroll software.Schenker AG is a German logistics company and a subsidiary of Deutsche Bahn, the German railway company.DB Logistics offers land, sea, and ai...
Infosys invests TidalScale, provider of simple supercomputing software Technology provider Infosys said it made investment in TidalScale, a provider of software-defined server.No details about the financial aspects of the investment were made public.TidalScale's offering, in many ways, is the opposite of virtualization. While virtualizat...
Wipro joins the Open Banking bandwagon, releases new platform Wipro Limited launched its offerings that use Open Banking API technological platform.Open Banking platform is a Europe-based standard that lets third party developers build applications and services that tap into a bank's core services and infrastructure.For example, on...
TCS expands outsourcing deal with US Airline JetBlue Tata Consultancy Services said it will expand its three-year engagement with US Airline JetBlue to include several new projects.The initial contract covered areas such developing new platforms, quality assurance and infrastructure services.Under a new deal, TCS will now p...
L&T Infotech sets up Coupa Center of Excellence Larsen & Toubro Infotech said it will establish a Center of Excellence in partnership with Coupa, a cloud-based spend management and procurement software platform.The center will develop spend management solutions to help companies control and regulate all forms of expenditu...
Persistent Systems restructures after IBM alliance Persistent Systems, a product and outsourcing company, said it is reorganizing its business structure in four divisions.These divisions are 'digital', IBM, Services and Accelerite. It will also set up a new Corporate Operations office whose job will be to accelerate the f...
Indian cos pay half the salaries of foreign cos; IT, finance workers most unhappy The majority of Indian IT and financial sector workers are unhappy with their salary, a new survey by Monster.com said. It also found that Indian-owned companies typically pay much lower salaries than MNCs.The IT sector turned out to be the highest paying industry in India, e...