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Design of Event Central project Sheffield Council has paused work on a venue and events space due to “astronomic” cost increases – just weeks before Willmott Dixon was due to start on site. The costs of the project have now almost quadrupled. Last week the contractor announced it had been appointed for Event Central, a £14.4m overhaul of a former retail building into a 200-person music venue, which also has four storeys of co-working space as well as a ground-floor cafe and bar.  Willmott Dixon said work was due to begin by the end of August, with construction set to include a new atrium, strengthening works to accommodate revised loadings, a facade upgrade and complete fit-out.  However, the project has been halted by Sheffield Council’s finance and performance policy committee, which queried why the cost of the project had increased from £3.8m in its original outline business case. Councillor Martin Smith asked council officers why the “astronomic” price increase had happened and whether the project’s business case had been reviewed to ensure the investment was still a “wise use” of public money.  He added the council had already developed a similar music venue on Cambridge Street that it was now struggling to lease.  Council officers admitted that the original price tag for the building works was “an incorrect estimate of what the project would cost”, explaining that a range of assumptions had been made and “they proved to be incorrect assumptions”. They also said a not-for-profit organisation was in advanced discussions to operate Event Central but admitted they were unsure whether an updated appraisal of the outline business case had taken place.  Councillors have now voted to defer a decision on signing off the capital spending until the council’s regeneration team has answered its queries on an updated business case.  A decision over whether the project should be signed off is expected to be made at a meeting of Sheffield Council’s finance and performance committee on 28 August.  Willmott Dixon was contacted for comment.  Read More

Dartmoor building at Derriford Hospital in Plymouth The opening of a £34.4m urgent hospital care centre in Plymouth has been delayed by two weeks as last-minute changes are being made to comply with building regulations. Main contractor Nevada Construction started work on Derriford Hospital’s new urgent treatment centre in April 2024, with the facility originally due to open in spring this year. However, the opening was delayed until August, and has now been pushed back again to September.  The project’s client, University Hospitals Plymouth NHS Trust, said that checks on the completed building found an issue that needed to be resolved, according to the Tavistock Times Gazette. A spokesman said: “University Hospitals Plymouth NHS Trust would like to inform the public of a revised opening date for the new urgent treatment centre located in the new Dartmoor Building at Derriford Hospital. “Our final checks on the urgent treatment centre have found a modification is required to ensure compliance with building regulations, and therefore the opening date has been moved from the previously announced Thursday, August 21, to Wednesday, September 3. “We appreciate your understanding as we work to ensure the new urgent treatment centre is fully ready to receive patients.” The three-storey facility has two wings and will provide a total of 6,450 square metres of new healthcare space, which will be used to treat fractures and minor injuries between 8am and 8pm. In 2022, MWD Healthcare, a joint venture between Willmott Dixon and Mace, was appointed to build a 17,000 square metre emergency care building at Derriman Hospital after being chosen via the NHS ProCure23 framework.  Nevada Construction was contacted for comment. Read More

Mount Anvil’s scheme at Royal Eden Docks in east London Revenue from selling completed homes in developments in east and west London have boosted turnover at Mount Anvil Group, but pre-tax profit fell 37 per cent. The London housebuilder posted turnover for the 15 months ended 31 March 2025 at £359.7m, compared with £257.8m in the 12 months to the end of December 2023. The company, which was ranked 92nd in the 2024 CN100, has changed its financial reporting year to 31 March, bringing it in line with its joint venture partners, which include the capital’s largest housing associations and local councils. The turnover figure was comprised of a £113.5m share of joint venture developments, £227.6m from contracting and construction revenues and £18.5m from property development income. All of which resulted in a pre-tax profit of £10.6m for the 15-month period, which was down from £16.9m in the 12 months ended 31 December 2023. Nonetheless, Mount Anvil reported a stronger cash position at the end of March this year at £48.9m, compared with the end of December 2023 at £45.2m. Mount Anvil noted that the group’s turnover derived in no small part from the sale of homes at its £460m Verdean development in Acton in west London and at Royal Eden Docks, just to the east of Canary Wharf in east London. “Our results for the year have been driven largely by 190 private home completions at our Royal Eden Docks scheme, being developed in joint venture with London International Exhibition Centre (LIEC) and 160 private home completions at our Verdean scheme, which is being developed in joint venture with Peabody,” the company said in its accounts. In July this year, Mount Anvil submitted plans to build 274 homes on a brownfield site on Lots Road South in Chelsea in partnership with Kensington and Chelsea Council. The plans provide for almost half the development to be affordable housing. The average selling price of Mount Anvil’s private homes was £592,000 in the 15-month period, up from £553,000 during 2023, in what the company described as a “difficult sales market”. “As the market has demonstrated in the last three years, build cost inflation is not necessarily covered by sales price inflation,” the company added. “A key strength of the group is our ability to collaborate with a wide range of stakeholders and offset a large element of build inflation through optimisation of our schemes.” By early July this year, Mount Anvil had already exchanged 95 per cent of its 2025/2026 sales completions and 89 per cent of the sales target across its five-year plan. Its staff costs increased to £31m from £24.3m but its number of employees dropped slightly from 210 to 207. At CN Intelligence you can view and filter seven years’ worth of detailed financial information on the top UK construction firms via our interactive dashboards. Access in-depth written analysis of the numbers along with targeted data and analysis on specialist contractors. Read More

Lawyers acting for six ISG subcontractors have threatened the Ministry of Justice (MoJ) with legal action over unpaid money they say is owed on former ISG prison projects. Hill Dickinson is representing a group of subcontractors who say they were left out of pocket on three project bank accounts (PBAs) in operation at HMP Birmingham, HMP Liverpool and HMP Guys Marsh. On 11 August, the law firm sent a pre-action letter to the department on behalf of six firms, demanding payment of unpaid money that was expected in August last year – the month before ISG’s collapse. Hill Dickinson partner Kate Kenneally, who is working on the case, said: “As the ultimate client and a party to the PBA Trust Deed, the MoJ is contractually obliged to ensure these payments are made. The failure to do so constitutes a breach of both the PBA and the associated contractual framework.” A PBA is a ringfenced bank account from which payments are made directly and simultaneously to a lead contractor and members of the supply chain. A 2012 guide to PBAs by the Cabinet Office – in place at the time that the contracts were signed, but since withdrawn – is clear: PBAs are “intended to allow payment to named suppliers to continue in the event of the insolvency of the contractor”. The firms say they had expected to receive money for work – signed off by quantity surveyors – that was carried out in the months running up to ISG’s collapse. But the MoJ has repeatedly said no funds are available, instead referring the subcontractors to ISG’s administrators at accounting firm EY. The MoJ refused to comment on the case when approached by Construction News. However, business minister Lord Timpson said in a parliamentary written answer in June: “Subcontractors have been made aware that the department is not able to underwrite debt owed by ISG as a result of their administration, and that they should engage with the joint administrators (Ernst & Young) with regard to any claims arising from their contracts with ISG.” Hill Dickinson partner Sarah Emerson said: “Under the PBA’s trustee status, the department owes a duty in law, which is quite distinct from the normal employer-contractor relationship. When you assume a trustee role, they are supposed to protect and ultimately look after that money.” About 350 firms were employed on PBAs across the three prison contracts, as well as on court construction projects. Iain McIlwee, chief executive of sector association the Finishes and Interiors Sector, is involved in the case, and has estimated that 40 subcontractors he is in contact with are short of some £20m from the three prison PBAs. McIlwee told CN: “Hardworking SMEs from across the supply chain entered into an agreement with our government with the clear understanding that they would benefit from the protection of a PBA in the event of an insolvency event. This protection has to date failed them.” Read our analysis on the ISG prisons PBAs here Read More

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HomeMarket NewsSensex Today | Stock Market LIVE Updates: Nifty rises towards 25,150; SBI Life, Bajaj Finserv among gainers By CNBCTV18.COM |  Aug 21, 2025 10:22 AM IST (Updated) Sensex Today | Stock Market LIVE Updates: Nifty trades below the 25,100 mark while trading with gains of just about 30 points. The Sensex trading with gains of 130 points. Bajaj Finance, Reliance, Trent and SBI Life are among the gainers. Sensex Today | Stock Market LIVE Updates: The Nifty index is continuing on its path to recovery, as the 50-stock index is trading around the 25,100 mark, with marginal gains of 20 points. The Sensex index is inching towards the 81,200 mark.  Some of the major movers are Jupiter Wagons, trading with a surge of about 10%. The New Indian Assurance and Happiest Mind are also trading with gains of about 7%. When we look at the broader markets, the lukewarm movement continues as the banking index and the mid-cap and smallcap indices are trading with limited change. The smallcap index is trading with gains of 0.32%. The shares of Clean Science fell a major 7% after the company witnessed a large trade in the early hours of the day’s trade. Later on the company surged 7%. The shares of India Cements rose by over 3% after reports of sthe ale of stakes by Ultratech. Meanwhile, the Ultratech shares dipped marginally. Experts believe that as long as the Nifty preserves the 20-DMA between 24,750 – 24,800 levels, the uptrend remains intact. Broader markets have continued their outperformance. Watch this space for all the live updates. Read More

The fund will be managed by Karthik Kumar and Hitesh Das, and aims to provide investors with low-cost and transparent exposure to 50 high-quality companies selected from the Nifty 500 universe. By Anshul   August 21, 2025, 9:10:47 AM IST (Published) Axis Mutual Fund has announced the launch of the Axis Nifty500 Quality 50 Index Fund, an open-ended index fund that tracks the Nifty500 Quality 50 TRI. The New Fund Offer (NFO) will remain open from August 21 to September 4. The fund will be managed by Karthik Kumar and Hitesh Das, and aims to provide investors with low-cost and transparent exposure to 50 high-quality companies selected from the Nifty 500 universe. The minimum investment amount during the NFO is ₹100, with subsequent investments in multiples of ₹1. The fund has an exit load of 0.25% if redeemed within 15 days of allotment; no exit load applies thereafter. The Nifty500 Quality 50 Index selects companies based on factors such as return on equity, financial leverage, and earnings stability, using a rules-based approach. This methodology seeks to reduce human bias and ensures consistent portfolio construction. According to Axis Mutual Fund, the index has historically shown resilience during market downturns, including the Global Financial Crisis and the COVID-19 correction, while also delivering competitive long-term returns. Over the 15 years ending July 2025, it generated a compounded annual growth rate of 15.6%, compared with 12.1% for the Nifty 50, alongside lower volatility. Commenting on the launch, B. Gopkumar, MD & CEO, Axis AMC, said the fund offers investors a disciplined and transparent way to gain exposure to India’s strong companies. He added, “Quality is a time-tested investment factor that has shown resilience in uncertain markets and an ability to capture upside in growth cycles.” Ashish Gupta, CIO, Axis AMC, said the strategy focuses on companies with robust earnings potential, strong balance sheets, and sustainable advantages. “By investing in businesses across different sectors and market caps, this fund offers investors a portfolio designed to weather downturns and participate in growth phases,” he said. The Axis Nifty500 Quality 50 Index Fund will be rebalanced semi-annually and maintain stock weight caps to ensure balanced representation. The product offers diversified exposure across large, mid, and small caps as well as multiple sectors. Read More

HomeMarket NewsAurobindo Pharma Exclusive: CFO says Zentiva fits into strategic plans, but talks in ‘early stage’ Aurobindo Pharma CFO Santhanam Subramanian said that while Zentiva fits into Aurobindo Pharma’s strategic plans as it is based out of Europe, it is too premature to comment on a possible outcome due to the early stages of the discussion. Aurobindo Pharma Ltd. has entered into a Non Disclosure and Confidentiality agreement for its potential acquisition of Zentiva and talks are currently at a “very early stage,” CFO Santhanam Subramanian confirmed exclusively to CNBC-TV18 on Thursday, August 21. Subramanian said that while Zentiva fits into Aurobindo Pharma’s strategic plans as it is based out of Europe, it is too premature to comment on a possible outcome due to the early stages of the discussion. The Aurobindo CFO did highlight that in case a deal fructifies, the announcement can be made in the next two months. Aurobindo Pharma’s shares fell 4% on Wednesday after reports indicated that the company is set to acquire Zentiva at a price between $5 billion to $5.5 billion. In response to that ET report, Aurobindo replied to the exchanges that they keep pursuing growth opportunities and will make appropriate announcements as and when such a situation arises. Aurobindo Pharma currently has $140 million worth of cash on the books and 75% of its business comes from the US and European markets. Subramanian said that while there is nothing wrong in looking at a large entity for an acquisition, they will be mindful of not overpaying for any deal. He added that Aurobindo will look at paying a single-digit multiple for any deal that they do. The CFO also addressed concerns around a potential rise in debt in case the acquisition does materialise. He mentioned that debt is not a concern for them as the continue to generate healthy cash flow every quarter. This is a developing story and will be updated with more. First Published:  Aug 21, 2025 9:08 AM IST Read More

HomeBusiness NewsInfosys gives 80% bonus payout after strong Q1FY26 performance At the PL4 level, those rated “Outstanding” will receive 89% of their eligible bonus, while employees in the “Needs Attention” category are set at 80%. At PL6, top performers will receive 85% of their bonus entitlement, with the lowest band at 75%. By Moneycontrol News August 21, 2025, 9:06:43 AM IST (Published) Information technology major Infosys has issued its performance bonus payouts for the first quarter of FY2025-26, with the organisation-wide average payout fixed at 80%, according to an internal communication seen by Moneycontrol. This comes on the back of a strong quarterly earnings performance by the company. The Bengaluru-based company said payout percentages have been tied to performance ratings across different levels. For PL4 employees, bonuses range between 80% and 89%, while PL5 payouts fall between 78 % and 87%. PL6 employees will receive between 75% and 85%, depending on their performance category. At the PL4 level, those rated “Outstanding” will receive 89% of their eligible bonus, while employees in the “Needs Attention” category are set at 80%. At PL6, top performers will receive 85% of their bonus entitlement, with the lowest band at 75%. Infosys, in the communication, said individual performance bonus letters will be uploaded to employees’ e-dockets. On July 23, the IT giant’s net profit for the quarter grew 8.7% year-on-year to ₹6,921 crore, and revenue grew 7.5% to ₹42,279 crore, beating Street estimates on both metrics. The bonus is for employees in Band 6 and below, which comprises junior to mid-level staff who receive quarterly bonuses. The bonus percentage will vary based on individual performance. The average for this quarter is better than the last one, which stood at about 65% for eligible employees. Request seeking comment from the company went unanswered by the time of publication. The development comes after Tata Consultancy Services, India’s largest IT services firm, on August 6 announced a wage hike for its staff starting September 1, days after Moneycontrol reported that the company plans to lay off 12,000 employees in the current financial year. Read Also: Piramal Pharma unit infuses ₹1,626 crore into PPL Pharma via preference shares (Edited by : Juviraj Anchil) Read More

The IMD said the intensity of rainfall is predicted to reduce over Konkan and central Maharashtra. The region is expected to witness isolated heavy rainfall till August 23. Strong surface winds are very likely over the region till August 23. By CNBCTV18.com August 21, 2025, 9:05:38 AM IST (Published) The India Meteorological Department (IMD) has issued a yellow alert for Mumbai for Thursday (August 21). The financial capital, its suburbs and neighbouring districts witnessed heavy rain that triggered waterlogging, traffic and air and rail disruptions. The IMD said the intensity of rainfall is predicted to reduce over Konkan and central Maharashtra. The region is expected to witness isolated heavy rainfall till August 23. Strong surface winds are very likely over the region till August 23. No rains expected in South Mumbai & Mumbai Suburbs next few hours. Borivali & Northern MMR is on target. Passing shower over Thane. Stay tuned for live updates https://t.co/8KodSkrjRe — Mumbai Rains (@rushikesh_agre_) August 21, 2025 The weather department said light to moderate rainfall at many places is expected over the region this week. An increase in the intensity of rainfall is predicted over Konkan and central Maharashtra from August 25. Local trains are running on time after several trains were cancelled on August 19 and 20 due to flooded tracks. Schools, colleges and offices opened for regular functioning. The metropolis received an average rainfall of more than 100 mm in the 22-hour period ending at 6 am on August 20, civic officials said. The city recorded an average downpour of 131.51 mm, eastern suburbs 159.66 mm and the western suburbs 150.60 mm, they said. Read More