Mumbai-based Hindustan Port received government approval to receive foreign funds worth Rs 440 crore for investment in downstream companies. The above plan is part of the 14 foreign direct investment (FDI) proposals worth about Rs 1,311.60 crore approved by the government recently based on the reco
Category: Infrastructure Finance
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Grameen Koota in talks to raise capital
Bangalore-based micro-finance company Grameen Financial Services (Grameen Koota) is reportedly in talks with a few financial institutions to raise around $10 million capital. According to media reports, the company may raise the fund through private equity investors. It may be recalled that Grameen Koota raised capital earlier from Aavi
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Additional provisioning may hit PSBs
The earnings of public sector banks (PSBs) may take a beating in Oct-Dec 2012 quarter because of an additional provisioning of 0.75 per cent, as directed by the Reserve bank of India (RBI), analysts feel. Analysts expect private sector banks to post better earnings results during the quarter as compared to their public
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Magma expects recovery in equipment finance in H2 of FY14
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 segments. Owin
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C’batore faces funds crunch to maintain its roads
Coimbatore City Municipal Corporation has exhausted funds earmarked for repairing roads that were dug up to lay UGD pipelines. Work on more than 100 km of roads is pending in the city. So the mess on city roads due to the underground drainage (UGD) work is unlikely to be cleared in the near future.
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Ministry gets request for full tax break on provisioning
At a pre-Budget meeting with Finance Minister P Chidambaram, several banks have sought full deduction for income-tax purposes on the provisions made by them for bad and doubtful debts. If the request is accepted by the government, it would benefit banks in a big way at a time when non-perfo
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DGS says financially strained Pratibha may trim fleet size
Citing financial difficulties, shipping firm Pratibha Shipping considers to reduce its fleet size. According to the Directorate General of Shipping (DGS), as part of the plan, the company, which owns nine oil tankers, plans either to sell or scrap five vessels. The company anchored a total of three vessels — Koyna at a port in Bahrain, and Chandrabhaga and Narmada in Chinese shipyards in foreign shores, with owne
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Cabinet clears proposal to inject Rs 125 bn into banks
Union cabinet cleared the proposal to inject Rs 12,517 crore capital into about ten state-run banks during 2012-13. The recapitalisation will help banks maintain their Tier-I capital at a comfortable level, and hence remain compliant with the stricter capital adequacy norms unde
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RBI takes steps to develop corp bond market
Reserve Bank of India (RBI) has taken two key steps to develop corporate bond market in the country. One among them is that these bonds are made eligible for repo (repurchase agreements) transactions in the money market. The repo deals can be struck on commercial pape
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Report suggests HPCL may post losses in 2012-13
State-run oil marketing company (OMC) Hindustan Petroleum Corporation (HPCL) may report losses in the financial year 2012-13 owing to poor refining margins, forex losses and increasing interest costs, research firm Antique said recently. The company may be able to improve its realisation only if the government raises diesel, kerosene prices, repo