SBI to get Rs 700 crore from Harshad shares
New Delhi: A few banks, led by the State Bank of India, are set to add lustre to their bottomlines, thanks to the realisation of a good part of their outstanding dues from the sale of assets - especially shares of several blue chip companies seized from 'Big Bull' Harshad Mehta and a couple of other stock brokers after the 1992 securities scam.The sale of the securities and other assets attached by the Special Court is being handled by the Office of the Custodian appointed by the court. The court was set up to dispose of the cases relating to the 1992 securities scam and help banks realise their outstanding dues aggregating to over Rs 3,000 crore from the 'Big Bull' and other brokers, pending for a decade now.
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J&K Bank2002-03 net rises 30 per cent to Rs 338 crore
Mumbai: Jammu and Kashmir Bank (J&K Bank) has reported a rise of 30.31 per cent in its net profit to Rs 337.75 crore for the fiscal 2002-03 as compared to Rs 259.80 crore last fiscal. Total income has gone up by Rs 103.70 crore to Rs 1714.56 crore and non-interest income grew by 12 per cent to Rs 287 crore during the fiscal, the bank said in a statement on Monday. The board on Monday recorded the results and proposed a dividend of 60 per cent, subject to approval of shareholders and the Reserve Bank of India. Total aggregate deposits grew by 14 per cent to Rs 14,675 crore and advances rose by 25 per cent to Rs 8,010 crore in 2002-03.
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Union Bank clocks 76 per cent higher net at Rs 553 crore
Mumbai: Union Bank of India has reported a 75.94 per cent growth in its net profit to Rs 552.69 crore for the fiscal 2002-03, as against Rs 314.13 crore in the preceding fiscal. Net profit for the quarter ended March 31, 2003 was at Rs 201.84 crore as compared to Rs 112.59 crore in the corresponsding period of the preceding fiscal. The bank's earnings per share was at Rs 13.95 on a capital base of Rs 460.12 crore as against Rs 9.29 last fiscal with a capital base of Rs 338 crore. Capital Adequacy Ratio (CAR) as on end-March 2003 was at 12.41 per cent, up from 11.07 at the end of March 2002, post-capital infusion by way of an initial public offering last year.
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Sundaram Finance completes maiden securitisation deal
Chennai: Chennai-based Sundaram Finance Ltd (SFL), part of the TVS group, has completed its maiden securitisation deal of receivables aggregating Rs 50 crore. Citibank was the sole structurer and arranger of the issue. The pass-through certificates (PTCs) rated MAAA (SO) by Icra, were placed on private placement basis with mutual fund investors and banks. "The deal was oversubscribed and the PTCs were placed at the lowest yield recorded till date for any such securitisation, thus setting a new pricing benchmark for asset-backed securitisation issuances in India", said Varun Batra, head-corporate finance and capital markets, Citibank India in a statement.
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Mahindra Fin looks beyond M&M
Mumbai: Mahindra & Mahindra Financial Services Ltd (Mahindra Finance), the finance arm of Mahindra & Mahindra (M&M), is in talks with Maruti and Hyundai to act as a preferred financier for their cars in rural areas as part of its plan to finance other manufacturers' products, non-competitive with those of M&M. The company which already enjoys the preferred financier status of Hindustan Motors and Tata Engineering (Telco) has financed 10,000 cars of other manufacturers like Maruti, Hyundai and Telco, contributing about 15 per cent of company's total disbursement during 2002-03.
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Canara Bank revises floating rates on deposits
Bangalore: Canara Bank has revised the rates on its floating rate deposit scheme. The rates on this scheme are linked to the 91-day Treasury Bill yield. The new rates are 5.15 per cent for six months to less than one year, 5.20 per cent for one year and 5.25 per cent for two years, according to a Canara Bank release. These rates take effect from May 1, the release added.
The product which was introduced at the behest of the Reserve Bank of India is available in 60 branches across the country.
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BoB reduces lending rates
Mumbai: Bank of Baroda (BoB) has cut its prime lending rates by 25 basis points and realigned its deposit rates. The new PLR of the bank will be 10.75 per cent per annum. The short-term PLR applicable for advances up to 180 days maturity will be 10 per cent per annum and the term PLR applicable for loans with maturity of more than one year will be 11.50 per cent per annum, said a press release. The bank has cut interest rates on domestic term deposits. For deposits with a maturity of 1 year to less than 2 years, the new rate is 5.25 per cent, for two years to less than three years, 5.5 per cent and for 3 years and above, 6 per cent.
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Canara Bank board meet
Bangalore: The board meeting of the public sector Canara Bank is to be held on the May 12. A Canbank release said here that the board would meet to approve the audited accounts of the bank and declare the dividend for the year-ended March 31, 2003.
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NHB can specify debt-equity ratio for HFCs post-buyback
New Delhi: National Housing Bank (NHB), the regulator for housing finance companies (HFCs), has been empowered to specify the post-buyback debt-equity ratio for such companies. This means that private and unlisted housing finance companies resorting to buy back of securities will need to conform to the debt-equity ratio prescribed by NHB and not as stipulated under the Companies Act, 1956 (i.e., 2:1 debt-equity ratio).
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TCI puts off merger share allotments
Hyderabad: The Board of Directors of TCI Finance Ltd, which recently obtained approvals from the High Court to merge five of its group companies with itself, has decided to adjourn the meeting without taking a decision on allotment of shares to these companies. According to TCI Finance, the board met here to allot shares to the shareholders of the transferor companies but had to adjourn the meeting in view of non-receipt of certified copy of the court order.
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TN co-operative bank staff to stage dharna
Chennai: Cooperative bank employees in the State have proposed to stage a dharna before Valluvar Kottam in Chennai on Tuesday to press their demands, which include provision of a pension scheme and job security.
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