In the next three to four months, State Bank Of India, the country's largest lender, expects to restructure Rs 50-60 billion ($0.9-$1.08 billion) of loan. This information was given by the bank Chairman Pratip Chaudhuri while interacting with media persons. During January-March quarter, the bank restructured Rs 80.9 billion ($1.46 billion) in loans. The bank's total rest
Category: Infrastructure Finance
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Realty sector attracts $45 mn PE deals in April
Real estate sector attracted $45 million or 4 percent of the aggregate private equity (PE) deals in the country during April 2013. During the month under consideration, the economy witnessed $1.2 billion worth of PE deals through 48 transactions compared to $605 million in April
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Canara Bank to issue bonds for funding expansion plan
In order to finance its global business expansion, Canara Bank would issue bonds worth $1 billion from the international market. The company would start the process of the bond issue by holding roadshows in Singapore, Hong Kong and London between May 27 and May 31. The state-run bank would use the fund for growth of its overseas business, which is presently spread across Lond
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SBI recasts $1.5 bn loans in March quarter
Between January and March 2013, the country's largest public sector lender State Bank of India (SBI) restructured almost $1.5 billion loans. The bank announced its first quarterly decline in net profit in two years owing to fall in interest income and increase in provisions for loan
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Microfinance sector said to be attracting funds
Microfinance sector is said to be attracting funds from investors like private equity, venture capital funds as risk appetite in the sector improved. One of the reason for the return of investor confidence in the sector is the 40 per cent growth in the gross loan portfolio of NBFC-microfinance institutions (NBFC-MFIs) during 2012-13, sources said. For a long time after the Andhra Pradesh Ordinance of 2010, credit growth of MFIs remained
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Borrowers of MFI challenge HC order
Nine borrowers of microfinance institutions (MFIs) in Medak and Warangal districts of Andhra Pradesh filed a petition in the Supreme Court in early May 2013 challenging a state high court order. In February 2013, the Andhra Pradesh high court asked the state government to review a law that restricted multiple lending by MFIs to the same borro
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Net profit of Hindustan Copper rises
Hindustan Copper announced a net profit of Rs 188 crore for the quarter ended March 31, 2013 as compared to Rs 137.4 cr in the year-ago period. Total Income declined from Rs 622 cr during Jan-Mar 2012 quarter to Rs 550 cr.For the year ended March 2013, the company posted a net profit of Rs 355.6 cr compared to Rs 323.4 cr. Total income rose from Rs 157.24 cr for the year ended March 31,
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RBI to increase forex reserves by buying dollar
Data released by Reserve Bank of India (RBI) shows the central bank bought $820 million dollar more than it sold in March, the first net purchase since 2010. This shows that RBI wants to increase its forex reserves by taking advantage of the rise in foreign fund flows in the equity and debt market in the country. A report by Bank of America Merrill Lynch estimates that the central bank has bought $1 billion since March and may buy an additional $8 billion through March
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LIC Housing Finance to raise Rs 5 bn via bonds
Media reports on May 22 said that LIC Housing Finance is planning to raise Rs 5 billion ($90.44 million) in 5-year bonds at 8.34 per cent.
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RBI head asks states to focus on fiscal consolidation
Addressing a gathering of state finance secretaries Reserve Bank of India (RBI) Governor D Subbarao asked states to focus on the quality of fiscal consolidation and also on expenditure compression. He called for the need to explore ways for better cash management and adequate dissemination of information on state finances. Considering the rise in market borrowing of states, inflation risks and banks' excess investments in statutory liquidity ratio (SLR) securities, he said managing state gove