SBBJ targets business of Rs50,000 crore in 2006-07
Chennai: State Bank of Bikaner & Jaipur (SBBJ) is targeting a business volume target of Rs50,000 crore before March 2007 and has added nearly Rs18,000-crore business (deposits and advances) in the past two years. The bank had reported a profit of Rs203 crore for the nine-month period ended December 31, 2006.

The bank's treasury department has been strengthened and has become profitable. The bank also made a profit of Rs40 crore through equity trading this fiscal.
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World Bank offers $435 million loan for Nagarjuna Sagar Scheme
Hyderabad: The International Bank for Reconstruction and Development is proposing to give a loan of $435 million for reforming irrigation service delivery and management in Nagarjuna Sagar Scheme.

The loan will go a long way in enabling a long-term thorough reform of the water sector in Andhra Pradesh. The proposed project (pegged at $485 million) is expected to be the first operation of a long-term (12-18 years) engagement and partnership with Andhra Pradesh on water sector reform, the World Bank proposal said.

Besides funding the Nagarjuna Sagar Scheme, the Andhra Pradesh Water Sector Improvement Project would also support water sector institutional restructuring and capacity building activities. The project would include pilots on user-centric aquifer level ground water management and water efficient technologies.

The State Government is expected to put in $40 million for the project, the beneficiaries would contribute $10 million.

The Nagarjuna Sagar Scheme would get a major portion (91.5 per cent) of the total funds, the proposal said. This comprises six major components that envisaged active participation of water users associations in modernisation of the irrigation system. The project is aimed at strengthening and building capacities of these associations at all levels of the Nagarjuna Sagar Scheme system.

Implementation of improved water management practices — such as benchmarking, administration of water entitlements and bulk supply of water to users — is one of the components of the project.
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BoB enters into e-broking deal with India Infoline
Mumbai: India Infoline (IIL), an e-broking company has entered into an alliance with Bank of Baroda to offer e-broking services to the bank's customers. The alliance aims to provide various products and services under wealth management, along with research and analysis services to the bank's customers.

Dubbed 'Baroda e-trading', the offering includes multiple options to customers for trading in equity shares — online and off-line — on both exchanges, in the cash as well in derivatives segments. The tie-up will help IIL reach out to the large customer base of the bank in states like Gujarat and Maharashtra.

IIL has a daily traded turnover of Rs1,000 crore and annual traded turnover of about Rs2,50,000 crore. It has a client base of 2 lakh and employee strength of over 12,000.
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Indiabulls arm, Dev property raises Rs1,200 crore
Mumbai: Dev Property, a unit of Indiabulls, has raised Rs1,200 crore on London's Alternative Investment Market (AIM), solely by investing in Indiabulls' real estate projects in India.

Dev Property Development, registered in the Isle of Man, completed its maiden issue of Rs1,200 crore by offering about 15 pc of its equity stake to qualified institutional investors. Some of the investors include steel tycoon LN Mittal, Fidelity, Capital Research and Govt of Singapore. Indiabulls' director Gagan Banga said that of the funds raised by Dev, about Rs1,055 crore will be invested in its Indian projects. Since the corpus of the fund is expected to rise in the near future, the percentage of institutional stake could change. Shares of Dev are scheduled to start trading on the AIM exchange from Monday.

Dev Property's issue was managed by Deutsche Bank, Citigroup and UBS, while CLSA was the lead marketing agent.

Indiabulls had recently raised Rs437 crore by partial sale of its stake in Jupiter Mills and Elphinstone Mills development projects. Dev Property has already invested Rs618 crore in some Indiabulls' real estates projects.

Knight Frank had valued Indiabulls real estate projects at Rs21,569 crore and Indiabulls' stake in its projects at Rs15,125 crore.
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