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SREI to acquire road, power projects

SREI to acquire road, power projects

Media reports indicate that SREI Infrastructure Finance may spruce up its portfolio of road and power projects through acquisition. It is learnt that the firm is eyeing road and power projects, the promoters of which have already undergone a credit restructuring or they are ready

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Financial strength ratings of banks downgraded

Financial strength ratings of banks downgraded

International ratings agency Moody's downgraded the bank financial strength ratings or BFSRs and the issuer ratings of some state-run banks viz. Bank of Baroda, Canara Bank and Union Bank. Moody's also downgraded by one notch their local currency deposit ratings. While it affirmed the ratings of Union Bank of India, it changed the outlook on its BFSR to n

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Ore miners want govt to relax export restriction

Ore miners want govt to relax export restriction

Iron ore miners want the government to withdraw the 30 per cent export duty on ore and removal of differential railway freight charged on ore meant for exports.Recently, Prime Minister Manmohan Singh said the government would do the needful to smoothen iron ore export to boost overall exports and bring down the curr

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Foreign exchange reserves declines $0.98 bn to $279.20 bn

Foreign exchange reserves declines $0.98 bn to $279.20 bn

For the week ended July 19, India's foreign exchange reserves stood at $279.20 billion, down $0.985 billion, data from Reserve Bank of India (RBI) shows. In the previous reporting week, the total reserves rose $21 million to $280.19 billion. Foreign currency assets, a major component of the forex reserves declined $999 millio

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Bank of Maharashtra trims base rate by 25 bps

Bank of Maharashtra trims base rate by 25 bps

Some public sector banks are reducing their lending rates following the meeting of their chiefs with Finance Minister P Chidambaram. During a recent meeting with the chiefs of state-run banks,
Chidambaram has asked them to reduce lending rates to spur credit growth and thereby reverse investment cycle. Recently, Bank of Maharashtra reduced ‘base rate’ by 25 basis points from 10.25 percent to 10.00 percent on mon

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OBC reduces base rate by 0.25%

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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State-run banks take efforts to recover bad loans

State-run banks take efforts to recover bad loans

In order to recover bad loans from borrowers, some public sector banks are putting pressure on the guarantors of wilful loan defaulters. One such incidence happened when Allahabad Bank published a public notice exposing the guarantor of a borrower who defaulted on his loan. The state-run bank published the photographs of two guarantors as well in the newspapers as part of a publi

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Indian oil and gas firms acquire assets abroad

Indian oil and gas firms acquire assets abroad

India ventured into acquiring oil and gas assets abroad at the beginning of 10th Plan (2002-07) to strengthen its energy sector and reduce its dependence on import. Public sector companies that have presence abroad include ONGC Videsh , Oil India , Indian Oil Corporation, GAIL India, Hindustan Petroleum Corporation, Gujarat State Petroleum Corporation and Bharat Petro Resources, a sub

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Bottomline of oil firms set to rise

Bottomline of oil firms set to rise

Media reports indicate that the recent hike in the price of natural gas by the government would boost the bottomline of oil and gas companies in the country. For example, the $8.4 an mBtu price approved by the CCEA, would raise the net profit of ONGC by another Rs 8,500 crore, while it would add another Rs 1,050 crore to the bottom line of Oil India (OIL), reports indicate

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