LIC Housing Finance Targets Rs 33,000 Crore Business
LIC Housing Finance has set a target of generating total business of Rs 33,000 crore in the current financial year, up by 22 per cent over the same period last year. “Our business growth compared to last year has been quite healthy. We are expecting target business of Rs 33,000 crore during the current financial year,” LIC Housing Finance Ltd., Managing Director and CEO Sunita Sharma said. In the last fiscal, total business volume stood at Rs 27,000 crore, while the loan portfolio grew by 18 per cent, she said. Attributing major growth of business to the individual segment, she said her company would focus on Loan Against Property (LAP) generating more business. “LAP Share is 4 per cent. We have targeted 5 per cent this year,” she said.
Gammon Infra Projects Raises Rs 259 Cr
Gammon Infrastructure Projects said it has raised Rs 259 crore through a qualified institutional placement (QIP). “The QIP Committee of Directors at its meeting held on September 08, 2014, has approved the issue and allotment of 20,41,74,286 equity shares to eligible qualified institutional buyers at the issue price of Rs. 12.68 per equity share, aggregating to approximately Rs. 258.89 crores,” the company said in a filing to the BSE. Gammon Infrastructure Projects Limited (GIPL) is an infrastructure project development company incorporated by Gammon India Limited, to participate in the development of infrastructure projects on a public private partnership (PPP) basis.
NTPC Board Clears Over Rs 10,000 Cr Investment
The board of directors of National Thermal Power Corporation (NTPC) has approved investment of over Rs 10,000 crore for executing two thermal plants. “Investment in Tanda Super Thermal Power Project in Uttar Pradesh at an appraised current estimated cost of Rs 9,188.98 crore has been sanctioned,” NTPC said in a statement. An appraised current estimated cost of Rs 1,381.84 crore for the Rammam Hydro Electric Project in West Bengal has also been approved. The company recently signed an agreement with Andhra Pradesh government for setting up a mega solar power unit with a capacity of 1,000 MW at Ananthapur.
SBI To Open 20 More Branches
State Bank of India (SBI), the country’s most networked bank, has announced that it will open 20 more branches in the state by the end of calendar 2014. The biggest public sector lender today set up 15 new branches, taking its network to 799 in Odisha. Of the 15 branches, eight branches have come up in gram panchayats that have no access to banking services. “Eighty two per cent of our branches are located in rural and semi-urban areas. In the 19 districts, where SBI has the lead bank responsibility, 17 are affected by Left Wing Extremism (LWE). We have 32 per cent market share of the state’s overall deposits and 35 per cent share of advances. Under the Pradhan Mantri Jan Dhan Yojana, SBI has opened 155,000 bank accounts in the state,” said K M Trivedi, chief general manager, SBI.
ICICI Bank Raises $500 Million
ICICI Bank has raised $500 million (about Rs 3,000 crore) from overseas markets by selling its bonds to fund foreign expansion plans. The bank, acting through its Dubai branch, floated 5.5 year fixed rate notes under Rule 144A/Reg S format, ICICI Bank said in a statement. The 144A/Reg S status allows the bond to be sold to qualified institutional buyers in the US without the need to register the issue with the US Securities and Exchange Commission. Last year, ICICI Bank had raised $750 million in a 5.5-year overseas bond sale at a coupon of 4.80 per cent.
IOCL Plans To Automate 7,500 Retail Outlets In 2014-15
State-run Indian Oil Corporation plans to automate 7,500 outlets by 2014-15. Union Minister of State for Petroleum and Natural Gas Dharmendra Pradhan inaugurated the automation facility simultaneously at all Indian Oil retail outlets here by remote control. “Indian Oil, which has automated more than 6,200 retail outlets till August, 2014, also plans to automate 7,500 outlets by 2014-15 fiscal and more than 10,000 retail outlets by 2015-16,” the IOC chairman said. In Odisha, Indian Oil has automated 192 retail outlets and has planned to increase it to a total of 230 outlets in the financial year 2014-15, he said.
L&T Bags Rs 1,885 Crore Order
Infrastructure major Larsen & Toubro (L&T) said that it has bagged a Rs 1,885 crore contract from NTPC for setting up steam generators for Tanda Thermal Power Plant in Uttar Pradesh. “L&T through its joint venture company L&T-MHPS Boilers Private Limited (LMB) has secured an order worth Rs 1,885 crore from NTPC. The contract includes setting up of two units of 660 MW each supercritical steam generators for Tanda Thermal Power Plant Stage-II on an engineering, procurement and construction basis,” the company said in a statement. The project site is located on the banks of the Tanda canal near Bahadurpur village in the Ambedkar Nagar district of Uttar Pradesh.
AAI Asks Goair To Clear Dues
The AAI has sent a notice to GoAir, asking it to clear dues of Rs 70 crore in landing and parking charges. The manager of the nation’s airports has also sought a meeting with Jet Airways to discuss a long-pending request for increasing the amount of its bank guarantee, furnished as a cover for payments. “GoAir had been quite regular with payments but they have not paid us for the last over two months and we have sent them a notice to clear the Rs 70 crore dues as early as possible. The issue with Jet Airways is going on for quite some time now and we have called them for a meeting,” said a senior AAI official, who did not want to be identified. The official said AAI had asked Jet Airways, in which Etihad Airways acquired a stake, to increase the amount of its bank guarantee to Rs 1.2 crore from Rs 66.26 lakh.
Hero Motocorp Eyes Sales Of Six Lakh Units
Hero MotoCorp is upbeat as the world’s number one two-wheeler maker by volume expects the typically strong period to be even better this year, as consumer sentiment improves with a turnaround in the economy. “We are looking at higher sales volume during the festive season this year as compared with the last year,” said vice-chairman and managing director Pawan Munjal. Hero MotoCorp is targeting sales of 6,00,000 units in the 40 days of festival season peaking around Diwali next month. Munjal didn’t give the yearearlier number while speaking on the sidelines of an event organised by Society of Indian Automobile Manufacturers. And, to achieve the target, it has lined up a dozen launches, most of which though would be upgrades of existing models.