Ispat offers to supply steel for Tata Motor's Nano (The Economic Times 22th Jan 2008)Domestic steel maker Ispat Industries may become the first company outside the Tata fold to supply steel for Tata Motor's lakhtakia car Nano. The company has initiated talks with Tata Motors for supplying auto grade hot roll coils (HRC) for Nano scheduled for launch later this year.
“We have started dialogue Tata Motors for supplying HRC required for its small car Nano. As the company is already an established supplier of steel to Tata Motors, we are hopeful to be part of Nano project too,” Ispat Industries (IIL) executive director (marketing) Vinod Garg said. IIL is currently meeting roughly 80% of HRC requirements of Tata Motors for its Pune plant. With the addition of Nano, the company would become the single largest domestic steel supplier for Tata Motors. Apart from IIL, Tata Steel and other global players supply steel to Tata Motors. More
HDFC Bank net rises 45% to Rs 429 cr (Business Standard 22th Jan 2008)HDFC Bank, the second largest private sector bank in the country, posted a 45.2 per cent increase in net profit to Rs 429.36 crore in the quarter ended December 31, 2007 from a year earlier, driven by a strong balance sheet and assets growth.
“The growth in balance sheet, loans and deposits, fees and commissions led to a surge in profits. Margins have also improved on account of growth in current account savings account (CASA) and impact of capital raising. We have grown faster than the industry in some quarters. There has been no change in our core growth strategy. There was an opportunity and we cashed on it. Whenever we see the opportunity, we will grow faster. The market has slowed down. The competition is now less based on price and more dependant on service quality turnaround time. Banks with a similar focus are at an advantage,’’ said Paresh Sukthankar, executive director, HDFC Bank. More
Kotak Mahindra Bank net up 123 % (Business Standard 22th Jan 2008)
Kotak Mahindra Bank posted a 123 per cent rise in its net profit to Rs 101.6 crore in the quarter ended December 31, 2007 from Rs 45.4 crore a year earlier, on increased lending to individuals and small businesses.
Total income increased by 96 per cent to Rs 887.1 crore. Other income also rose by 114 per cent to Rs 204.5 crore as compared to Rs 95.4 crore in the same period last year.
“The bank’s standalone profit has seen an impressive growth driven by robust growth in the lending book particularly retail and small commercial business. The spreads have also increased,’’ said Jaimin Bhatt, chief financial officer, Kotak Mahindra Bank. More
Centurion Bank of Punjab net up 44% (Business Standard 22th Jan 2008)
The net profit of the Centurion Bank of Punjab (CBoP) increased by 44 per cent to Rs 48.3 crore in the quarter ended December 31, 2007.
The bank’s net profit in the third quarter of 2006-07 was Rs 33.6 crore. The financial results are not comparable on account of the merger of Lord Krishna Bank with CBoP.
The bank’s advances and deposits grew by 60 per cent to Rs 20,710 core and 65 per cent to Rs 15,083 crore, respectively, over the corresponding quarter last year.
Its advances to the SME sector grew by 141 per cent and retail advances grew by 39 per cent over those at the end of the corresponding quarter last year, in line with the bank’s strategy of diversifying its portfolio. More
“We have started dialogue Tata Motors for supplying HRC required for its small car Nano. As the company is already an established supplier of steel to Tata Motors, we are hopeful to be part of Nano project too,” Ispat Industries (IIL) executive director (marketing) Vinod Garg said. IIL is currently meeting roughly 80% of HRC requirements of Tata Motors for its Pune plant. With the addition of Nano, the company would become the single largest domestic steel supplier for Tata Motors. Apart from IIL, Tata Steel and other global players supply steel to Tata Motors. More
HDFC Bank net rises 45% to Rs 429 cr (Business Standard 22th Jan 2008)HDFC Bank, the second largest private sector bank in the country, posted a 45.2 per cent increase in net profit to Rs 429.36 crore in the quarter ended December 31, 2007 from a year earlier, driven by a strong balance sheet and assets growth.
“The growth in balance sheet, loans and deposits, fees and commissions led to a surge in profits. Margins have also improved on account of growth in current account savings account (CASA) and impact of capital raising. We have grown faster than the industry in some quarters. There has been no change in our core growth strategy. There was an opportunity and we cashed on it. Whenever we see the opportunity, we will grow faster. The market has slowed down. The competition is now less based on price and more dependant on service quality turnaround time. Banks with a similar focus are at an advantage,’’ said Paresh Sukthankar, executive director, HDFC Bank. More
Kotak Mahindra Bank net up 123 % (Business Standard 22th Jan 2008)
Kotak Mahindra Bank posted a 123 per cent rise in its net profit to Rs 101.6 crore in the quarter ended December 31, 2007 from Rs 45.4 crore a year earlier, on increased lending to individuals and small businesses.
Total income increased by 96 per cent to Rs 887.1 crore. Other income also rose by 114 per cent to Rs 204.5 crore as compared to Rs 95.4 crore in the same period last year.
“The bank’s standalone profit has seen an impressive growth driven by robust growth in the lending book particularly retail and small commercial business. The spreads have also increased,’’ said Jaimin Bhatt, chief financial officer, Kotak Mahindra Bank. More
Centurion Bank of Punjab net up 44% (Business Standard 22th Jan 2008)
The net profit of the Centurion Bank of Punjab (CBoP) increased by 44 per cent to Rs 48.3 crore in the quarter ended December 31, 2007.
The bank’s net profit in the third quarter of 2006-07 was Rs 33.6 crore. The financial results are not comparable on account of the merger of Lord Krishna Bank with CBoP.
The bank’s advances and deposits grew by 60 per cent to Rs 20,710 core and 65 per cent to Rs 15,083 crore, respectively, over the corresponding quarter last year.
Its advances to the SME sector grew by 141 per cent and retail advances grew by 39 per cent over those at the end of the corresponding quarter last year, in line with the bank’s strategy of diversifying its portfolio. More
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