HDFC Bank Q2 net profit spurt 31%
Mumbai: HDFC Bank has reported a 30.6-per cent rise in net profit for the second quarter of fiscal 2004 to Rs 117.1 crore against Rs 89.69 crore in the corresponding period in the previous fiscal. The net profit for the half year ended September 30 rose by 30.4 per cent to Rs 224.42 crore against Rs 172.10 crore in the previous fiscal. Total income rose by 19.63 per cent to Rs 726.50 crore from Rs 607.28 crore in the previous year.

The interest earned income of the bank for the quarter rose by 33.48 per cent to Rs 640.24 crore (Rs 479.64 crore). The net interest margin increased to 3.6 per cent from 3.15 per cent the previous year. The other income of the bank for the quarter dipped by 32.41 per cent to Rs 86.26 crore as against Rs 127.764 crore.
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IDFC disbursals zoom 95% in H1
Mumbai: IDFC has reported a 95 per cent jump in its disbursements at Rs 1,069 crore in the first half of FY04 against Rs 547 crore in the corresponding period last year. Power, telecom, and transportation sectors accounted for most of the disbursals in the reporting half. The non-banking finance company's approvals skyrocketed by 295 per cent to Rs 2,817 crore in H1 of FY04 against Rs 830 crore in the corresponding year-ago period. In the reporting half, it approved loans for 34 projects and actually disbursed loans to 26 projects.

Nasser Munjee, managing director and CEO, said disbursals saw a quantum leap in the reporting half with 41 per cent being accounted for by the massive revival in the power sector, especially independent power projects; 35 per cent by the telecom sector; and 19 per cent by the transportation sector (ports and roads). "The pipeline (infrastructure projects) is looking solid. While the education, tourism and health sectors are looking good, the urban transportation sector has not really picked up."
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Rs 1,1000-crore OMO garners yields
Mumbai: The sale of government securities by the Reserve Bank of India (RBI) through open market operation had its desired impact with yields on government securities moving up. The RBI sucked out Rs 11,000 crore of surplus liquidity with banks through the OMO. The RBI's liquidity absorption measure coupled with the rise in wholesale price inflation saw the yield on the benchmark 7.27 per cent 10-year gilt edged up to finish at 5.0635 per cent from the previous close of 5.0522 per cent.

Reports say despite the OMO, the RBI received and accepted 37 bids aggregating Rs 17,805 crore at the two day repo auction. The union commerce and industry ministry said the wholesale price inflation rose to 5.03 per cent in the 12 months to 27 September, compared with 4.72 percent in the previous week. This rise in inflation is a cause for concern for the bond market as it limits the RBI's flexibility to cut signal interest rates in its mid-year review of monetary policy on 3 November.
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