In an interview to a leading newspaper, Union Commerce Minister Anand Sharma that the proposed changes in the definition of foreign ‘control and ownership’ would be applicable prospectively. Applying the proposed change in definition is necessary to protect the interest of foreign companies that entered into joint-ventures, partnerships or inves
Category: Infrastructure Finance
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Govt mops up over Rs 190 bn via duty on fuel
Union Minister of State for Petroleum & Natural Gas Panabaaka Lakshmi informed the Rajya Sabha that the total amount collected from Additional Excise Duty during 2012-13 (Provisional) is 19,333 crore. Lakshmi said that the amounts collected during 2011-12 and 2010-11 are Rs 18,428 crore and Rs 16,979 crore respectively
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SBI expects credit to grow a maximum of 16%
Pratip Chaudhuri, Chairman of State Bank of India (SBI) informed that the bank may achieve a deposit growth of 14 -16 per cent and a loan growth of a maximum 16 percent in 2013-14. In 2012-13, the largest public sector bank posted 15 per cent and 21 per cent growth in deposits and adva
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Work on FOB in Gurgaon awaits funds
In Gurgaon, work on constructing a foot overbridge (FOB) at Hero Honda Chowk is awaiting funds from the National Highways Authority of India (NHAI) and necessary approval to start the work. The Haryana Urban Development Authority (HUDA) has written to the NHAI about the project which the two departments have to jointly fund. A senior HUDA official said that the DPR of the project has been prepared and submitted to the NHAI for approval.
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SC delivers verdict on PIL against Cairn-Vedanta deal
The Supreme Court ruled that the central government and ONGC conducted due deliberation before taking a decision on the $8.5 billion Cairn-Vedanta deal. The court ruled this while rejecting a public interest litigation (PIL) challenging the deal on the ground that there was a loss to state-owned ONGC on account of the sale
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Assam gets Rs 125 bn outlay for FY14
For the financial year 2013-14, Assam received a plan outlay of Rs 12,500 crore which was cleared by the Planning Commission. This is 19 per cent higher than the allocation of Rs 10,500 crore in 2012-13. The outlay was agreed at a meeting of Assam Chief Minister Tarun Gogoi with Planning Commission Deputy Chairman Montek Singh Ahluwalia.
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SKS regains financial health
In 2013-14, the country's listed microlending institution SKS Microfinance expects to achieve a loan disbursal of Rs 4,800 crore, which is 50 percent more than last year. In 2012-13, the firm lent Rs 3,200 crore. The company has regained its financial position which deteriorated in the wake of the crisis in the indus
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Net profit of HDFC rises 17%
Net profit of the Housing Development Finance Corporation (HDFC) rose 17.27 per cent to Rs 1,555 crore during Jan-Mar 2013 quarter on a standalone basis. The financial institution attributes the growth in profit to rising loan book and maintaining of margins. Net interest margin of the company was 4.2 per cent while the spread was 2.3 per
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RBI fixes credit-deposit growth target for J&K
Addressing a special meeting of J&K state level bankersÂ’ committee (J&K SLBC) at SKICC, Reserve Bank of India (RBI) Governor D Subba Rao fixed a target of achieving 4 percent growth in credit deposit (CD) ratio across the state and across the banks during 2013-14. According to the fresh target the present percentage would rise from 36 percent to 40 percent by end of March 2014
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Net profit of Corporation Bank rises marginally
Corporation Bank posted a net profit of Rs 3,555.310 million for the quarter ended March 31, 2013 as compared to Rs 3,512.625 million for the quarter ended March 31, 2012. Total Income has increased from Rs 40,091.798 million for the quarter ended March 31, 2012 to Rs 46,354.956 million for the quarter ended March 31, 2013