V Lakshmi Narasimhan, Chief Financial Officer of Magma Fincorp expects recovery in the commercial vehicle and equipment finance segments during the second half of 2013-14. The recovery would have tangible impact on commercial vehicle and equipment finance.
Category: Infrastructure Finance
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HUDCO seeks $150 mn
In order to finance urban infrastructure projects, HUDCO sought financial assistance of $150 million from the ADB. The assistance is sought under the catalysing sustainable finance (CSF) facility, which is a leveraged finance mechanism designed as a financial intermediation loan with linked conditions for lending to sub-projects.
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RBI rate cut
Infrastructure developers and development finance companies cheered the RBI's move to cut policy repo rate in its third quarter review of monetary policy. Infrastructure developers urged banks to pass on the cut in policy rate to borrowers and thereby reduce the cost of funding for infrastructure firms. Also, these companies want the RBI to cut policy rates further in the forthcoming policy reviews.
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CII seeks steps
Through its Pre-Budget Memorandum submitted to the Union Finance Ministry, industry body CII urged government to take urgent steps to make infrastructure sector viable and capable of attracting capital. The memorandum listed some of the steps that the government should take to attract capital into the sector. For example, the body wants government to waive Minimum Alternative Tax (MAT) for infrastructure companies.
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Road contractors may be given more time to get funds
In a bid to prevent the exodus of private road contractors from highway projects, the Union government plans to extend the time required for road contractors to achieve financial closure. This is in case there is a delay in getting the required government clearances.
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DP World’s business recast may facilitate fund raising
Some analysts and industry watchers feel that DP World has restructured its India operations in order to facilitate fund raising in the country, if required in future. Some analysts feel that the restructuring exercise is intended to raise the companyÂ’s valuation with an eye to tap the local capital market for funds
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RBI survey expects 5.5% economic growth in FY13
According to a survey sponsored by the Reserve Bank of India (RBI), the Indian economy may expand at 5.5 per cent in 2012-13, lower than the government's revised annual growth estimate of 5.7 per cent. It may be noted that the RBI had earlier projected a growth rate of 5.8 per cent for 2012-13. The Indian econ
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Infra firms welcome RBI rate cut
Infrastructure developers and development finance companies cheered the Reserve Bank of India's (RBI) move to cut policy repo rate in its third quarter review of monetary policy. Infrastructure developers urged banks to pass on the cut in policy rate to borrowers and thereby reduce the cost of funding
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RBI hints at more policy easing if inflation, CAD falls
The Reserve Bank of India (RBI) Governor D Subbarao informed reporters that there would be more room for monetary policy actions if inflation eases further and the current account deficit moderates further. He said this after announcing the decision of the RBI to reduce repo rate by 25 basis points and cash reserve ratio (CRR) of scheduled commercial banks by 25 bps in the third quarter monetary policy
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Net profit of Bank of India rises 12% in Dec quarter
During October-December 2012, the net profit of state-run Bank of India rose 12 per cent to Rs 803 crore from Rs 716 crore in the year-ago period. The bank said it could not achieve a higher growth in net profit because of rise in provisioning and modest growth in advances