Net profit of IndusInd Bank rose 42 percent to Rs 335 crore during Apr-Jun 2013 from Rs 236 crore in the year-earlier period. During the quarter, the bank witnessed 27 percent growth in loan portfolio, double the growth rate of the banking industry. The bank's net interest income rose 40 percent to Rs 679 crore from Rs 484 crore in the same period last year. Further, it witnessed 48 percent growth in non-interest income to Rs 471 crore, boosted by an increase in mark-to-m
Author: admin (Infratructure Today)
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OBC reduces base rate by 0.25%
Following the meeting with Finance Minister P Chidambaram some of the public sector banks are reducing their base rates. The recent bank to join the club is Oriental Bank of Commerce (OBC), which trimmed its base rate by 25 basis points, or 0.25 percentage points, from 10.25 per cent to 10 per cent. The reduction in the interest rate woul
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Minister to woo investors, corporates in US
Finance Minister P Chidambaram went to USA to woo investors and corporates to invest in India. During his visit, the minister is scheduled to meet CEOs and other top executives of potential investors, including Microsoft Corp, Wal-Mart Stores Inc, Lockheed Martin International and Boeing International. In recent months, Chidambaram has been visiting foreign countries to invite investors and companies to inves
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Cabinet clears Rs 10 bn outlay for industrial infra projects
The Cabinet Committee on Economic Affairs approved the Modified Industrial Infrastructure Upgradation Scheme (MIIUS) with an approved outlay of Rs 1,030 crore for the 12th Five Year Plan period. The outlay consists of Rs 450 crore for committed liability and the remaining Rs 580 crore for taking up 14 to 16 new projects including a minimum 2 projects in the N
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Essar Projects to offer more services
Media reports indicate that the Ruias controlled Essar Projects wants to diversify its operation beyond the basic engineering, procurement and construction (EPC) services it offers to clients. As part of this strategy, the company acquires a small stake in the projects that it executes for its global client
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ADB to form company for TAPI project
By end-September 2013, the four nations involved in the Turkmenistan-Afghanistan-Pakistan-India (TAPI) pipeline project agreed to form a company for implementing this purpose. All the four nations agreed to this at a recent meeting of the Steering Committee on the TAPI gas pipeline project in Ashgabat. The meeting was attended by Petroleum and Natural Gas Minister Veerappa Moily, Rashid Meredov, Depu
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Under-recovery set to rise to Rs 1.5 trillion
According to government sources, under-recovery on the sale of fuel products by state-run oil marketing companies (OMCs) at subsidised price may be around Rs 125,000 crore and Rs 150,000 crore in 2013-14. This estimate is sharply higher than the government's earlier estimate of Rs 80,000 crore because of a considerable depreciation of rupee and the marginal rise
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Cargo volume declines in major ports
Data compiled by the Indian Ports Association (IPA) shows container cargo volumes at the 12 major ports in India declined to 1.87 million standard containers in April-June 2013 quarter at from 1.94 million a year earlier. During the same quarter, these 12 ports, which account for about 58 percent of the total cargo shipped through the countryĆās ports, handled 137 million tonne (mn
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Dredging cost may hit profitability of ICTT
The profitability of the Vizhinjam international container transhipment terminal (ICTT) is under question because of the annual maintenance requirement after every monsoon season. According to hydrographic surveyor Commander John Jacob Puthur (retd), the terminal requires dredging after each monsoon to remove at least 3 million cubic metre of silt at a minimum annual maintenance cost of Rs 3
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Major ports witness rise in coal cargo
The 12 major ports in the country witnessed 43.96 percent rise in the handling of thermal coal cargo at 19 million tonne (mn t) during Apr-Jun 2013 from the year-ago period. This include mostly the import of thermal coal for power plants in the country. At a time when growth in the general cargo volume is stagnant across all major ports, the rise in the import of coal by domestic power producers may provide relief for these ports, reports