M Abhyankar Elected Chairman Of Nafcub

Mukund Abhyankar has been elected the new chairman of National Federation of Urban Co-operative Banks and Credit Societies (NAFCUB) an apex institute of urban co-operative banks and co-operative credit societies. Election for the new board of directors was conducted at “NAFCUB”, headquarter in New Delhi on February 6. Abhyankar received the maximum number of 267 out of 391 votes. Vidyadhar Vaishampayan, chairman of Thane Janata Sahakari Bank received 245 votes while Ashok Soundattikar, chairman of Kallappana Awade Sahakari Bank Ltd. received 205 votes. The election was carried out for the 21 seats of the Board.

HPCL To Buy More Iraq Oil On Longer Credit Terms

Hindustan Petroleum Corp Ltd (HPCL) aims to raise crude imports from Iraq’s national oil company by 8 per cent to about 65,000 barrels per day (bpd) in 2014/15 as it takes up better terms offered by Baghdad. Iraq is offering 60 days’ credit on purchases, up from 30 days previously, HPCL’s director of refineries Bk Namdeo said in a statement. “This year we are not importing anything (from Iran). If the insurance issue is resolved, then only we will take Iranian oil in 2014/15,” he said. HPCL bought 60,000 bpd from Iraq in the year ending March 31, 2014.

LIC Picks Up 41.3% Of State Bank Qip Offering

Mumbai: Life Insurance Corporation of India (LIC) bought at least 41.3 per cent of the total shares that State Bank of India (SBI) sold as part of its qualified institutional placement (QIP) offering, the bank’s filing with exchanges showed. The share purchase has increased LIC’s share in SBI to 14.99 per cent from 12.15 per cent earlier, the lender said in its filing. LIC picked up a lion share of the offering. The filing showed LIC bought 21,208,275 shares of SBI. The bank earlier had said it sold 51,320,436 shares at Rs.1,565 apiece, implying that LIC bought 41.325 per cent of the entire offering. SBI sought to raise Rs.9,600 crore via a share sale to institutional investors in the domestic market, but managed to raise only Rs.8,032 crore, as foreign investors largely stayed away from the offering.

Tata Steel Posts Rs 503- Crore Net Profit

Tata Steel posted a consolidated net profit of Rs 503.24 crore for the October-December quarter. The company, however, said market conditions continue to be challenging in all geographies. “The market conditions continue to be challenging in all geographies with contracted spreads between steel realisations and raw material prices,” said Koushik Chatterjee, Group Executive Director (Finance and Corporate), in a statement. Tata Steel had clocked Rs 763.06 crore net loss in the October-December quarter last fiscal. However, it had logged Rs 917 crore net profits in the July-September 2013 quarter.

IFCI Profit Doubles In December Quarter

Industrial Finance Corporation of India Ltd (IFCI) said its profit almost doubled in the December quarter, helped by lower employee and borrowing costs and improvement in bad debts. IFCI, which is also a contender for a banking licence, said profit rose toRs.142.39 crore in the three months from Rs.76.31 crore in the year-ago period. IFCI, of which the government owns 55.53%, is also looking at getting concessions given to development finance institutions, including permission to issue tax-free bonds, to get easy access to long-term funds, said Malay Mukherjee, CEO and managing director of IFCI Ltd.

MCFL Q3 Net Jumps Over Three-Fold To Rs 27.95 Crore

Mangalore Chemicals and Fertilisers Ltd (MCFL) reported a five-fold increase in net profit at Rs 27.95 crore for the third quarter ended on December 31. It had clocked a net profit of Rs 5.80 crore in the same period last fiscal, the company said in a BSE filing. Total income during October-December period in the current fiscal rose to Rs 840.50 crore as compare to Rs 692.66 crore in the same period in 2012-13.

NCML Ties Up With Canara Bank For Financing Warehouse Services

Agri-infrastructure firm National Collateral Management Services Limited (NCML) has signed an agreement with Canara Bank to provide finance for collateral management and warehousing services. “The tie-up with Canara Bank will help in the spread of the agricultural finance and promote warehousing receipt financing across the country,” NCML MD and CEO Sanjay Kaul said. NCML deals in warehousing services, supply chain management solutions and testing & certification. It provides collateral risk management for lenders and also risk management of physical deliveries for commodity exchanges.

NMDC May Clock Record Sales, Production In This Fiscal

National Mineral Development Corporation Llimited (NMDC) is looking forward to clocking highest-ever production and sales to over 30 million tonne (MT) in the current financial year, ending March 31. NMDC Chairman C S Verma expressed hope of bettering on both the counts when asked if the current good spell of sales would help the state-run firm achieve the coveted mark. “We will far exceed the MoU target of 27.4 MT for current fiscal and why just 30 MT? We may end up the year with more than 30 MT both in production and sales,” he said in a statement. PSUs sign Memorandum of Understanding (MoU) with the government every year on their expected annual performance.