Data compiled by the Department of Industrial Policy and Promotion (DIPP) shows 25 per cent year-on-year growth in foreign direct investment (FDI) into India in April at $2.32 billion. In April 2012, the country received FDI worth $1.85 billion. FDI in April 2013 is said to be the highest level in the past six months. In September, 2012, foreign inflows were $4.67 billion
Tag: finance
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Net profit rises 42% for IndusInd Bank in June quarter
Net profit of IndusInd Bank rose 42 percent to Rs 335 crore during Apr-Jun 2013 from Rs 236 crore in the year-earlier period. During the quarter, the bank witnessed 27 percent growth in loan portfolio, double the growth rate of the banking industry. The bank's net interest income rose 40 percent to Rs 679 crore from Rs 484 crore in the same period last year. Further, it witnessed 48 percent growth in non-interest income to Rs 471 crore, boosted by an increase in mark-to-m
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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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Minister to woo investors, corporates in US
Finance Minister P Chidambaram went to USA to woo investors and corporates to invest in India. During his visit, the minister is scheduled to meet CEOs and other top executives of potential investors, including Microsoft Corp, Wal-Mart Stores Inc, Lockheed Martin International and Boeing International. In recent months, Chidambaram has been visiting foreign countries to invite investors and companies to inves
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Rupee depreciation to hit Indian firms badly
A note from CRISIL Research shows that only half of the foreign exchange exposure of Indian companies is hedged. As on March 31, Indian companies had $200 billion of foreign currency debt and 45 per cent of this was short-term, a study by rating agency CRISIL shows. Mukesh Agarwal, President, CRISIL Research, said a significant portion remained unprotected from the volati
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PEs invested $168 mn in microfinance firms in FY13
Data released by Microfinance Institutions Network (MFIN) shows private equity investors (PEs) invested $168 million (close to Rs 10,000 crore at current value) in the microfinance sector in 2012-13. Besides PEs, investors multilateral and government-supported funds like SIDBI and IFC also invested in the sector during the year. In fact, reports suggest that these kinds of investors contributed a large part
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Plan panel’s move irks ministries
The move by the Planning Commission to initiate the mid-term appraisal process for the Twelfth Five-Year Plan at a time when the plan document is not even fully printed has irked central and state government departments. While the Twelfth Five-Year Plan period began in April 2012, the strategy document was finalised and approved by National Development Council only in late December 2012 and Prime Minister Manmohan Singh prepared the foreword for the Plan document only
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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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KKR to invest substantial amount in Indian ventures
A large portion of the $6 billion raised by Kohlberg Kravis Roberts & Co (KKR) in its Asian II Fund could be deployed in Indian business ventures, reports suggest. It may be learnt that the American private equity (PE) fund KKR raised $6 billion through Asian II Fund and this became the largest pan-Asian PE fund raised so far. KKR invested over 25 percent of its first Asian fund in India, picking up stakes in half-a-dozen companies for $1.1
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Panel studies proposals for deep-sea port project
A high-powered committee of the Bangladesh government is studying the proposals received from various foreign governments and overseas private sector companies for funding and constructing the proposed deep-sea port at Sonadia in Cox's Bazar. The committee will examine the strengths and expertise of the companies and governments who submitted proposal for assisting the