The recent price correction in broader markets has hit cement companies hard. So far in the current month, smallcap firms like Visaka Industries, Andhra Cements NCL Industries, Sahyadri Industries, and KCP have lost 19.7 per cent, 14.3 per cent, 13.8 per cent, 13.5 per cent, and 11.5 per cent, respectively. On the contrary, largecap companies, while registering losses for the month, have seen a softer blow.
The finance minister continues to be backed by the same policy team in charting out the broad strategy as in the few earlier Budgets.
Lenders have thrown their hat into the Haldia Petrochemicals Limited case with Industrial Development Bank of India moving the Calcutta high court against the Company Law Board order on share transfer to the TCG firm.
IDBI Bank Ltd has posted a 100.6 per cent increase in net profit at Rs 22.4 crore (Rs 224 million) for the first quarter ended June 30, 2003, compared to Rs 11.1 crore (Rs 111 million) in the corresponding quarter last fiscal.
The corporate debt restructuring programme, initiated by the Industrial Development Bank of India and 59 other banks and financial institutions in the country, has been progressing well with 29 cases being registered.
Car loans from ICICI Bank, the country's largest private sector lender, would be 50-75 basis points (bps) cheaper, while those from IDBI Bank would cost 100 bps less.
With general elections on the horizon, the government's privatisation bandwagon has almost but stalled as a government wary of being accused of selling family silver opts for minority stake sales on stock exchanges over outright privatisation. The result -- the divestment target for current fiscal year is again likely to be missed. Big ticket privatisation plans such as that of Bharat Petroleum Corporation Ltd (BPCL), Shipping Corporation of India (SCI) and CONCOR are already on the backburner and analysts feel meaningful privatisation can happen only after April/May general elections.
The board of directors would meet on September 21 to discuss the details of the scheme, a bank source told PTI in Mumbai.
State-run IDBI Bank expects interest rates, both on deposits and advances, to increase from the third quarter of the current financial year.
'Inter-ministerial coordination, information on the proposed PSUs, and due diligence are taking longer than expected to conclude the process.'
The Industrial Development Bank of India will acquire 10 per cent equity stake in the Nepal Development Bank Ltd, a private sector bank based in Kathmandu.
IDBI Bank and Bharat Petroleum Corporation Ltd have inked a business-2-business e-commerce tie up aimed at customers of the latter's Rs 8,000 crore (Rs 80 billion) industrial and commercial strategic business unit.
IDBI ranked as the 2nd most trust PSU bank.
One-time solution for IDBI, IFCI soon: FM
Industrial Development Bank of India is looking to expand its presence overseas, including through opening branches in Singapore and Bahrain, a top bank official said.
Industrial Development Bank of India and Life Insurance Corporation of India have forged an alliance to fund about Rs 35,000 crore (Rs 350 billion) worth of long gestation projects, including infrastructure.
Many of the Kannada films released last year have had a poor response at the box office. This, coupled with the fact that the global financial crisis has left its impact on the Kannada film industry as well, has seen distributors lose interest. As a result, many films -- including those financed by the IDBI -- are still awaiting release.
In a bid to strengthen the development financing character of IDBI, the United Progressive Alliance government has revived the proposal to merge two ailing institutions -- IIBI and IFCI -- with it after segregating their bad assets.
The government is working on a proposal of a mega merger of country's three leading financial institutions IDBI, IFCI and IIBI.
Finance Minister Jaswant Singh on Tuesday ruled out the merger of IDBI with IFCI in the near future and said all efforts would be made to restore the state of health of these organisations. \n\n
After a four-year tenure with IDBI Bank, its chairman M S Verma retired on Tuesday.
IDBI Homefinance will raise the floating rates on its home loans by 25 basis points with effect from Thursday.
Plans joint venture with private ATM service providers.
IDBI Bank on Thursday said that its home loan portfolio size will cross Rs 5000 crore (Rs 50 billion) by the end of this fiscal.
The National Company Law Tribunal (NCLT) on Thursday allowed the merger of Zee Entertainment Enterprises Ltd and Culver Max Entertainment (earlier known as Sony Pictures Networks India). This order by the Mumbai bench, headed by H V Subba Rao and Madhu Sinha, will pave the way for the creation of a $10-billion media company, the biggest in the country. The tribunal also dismissed all objections regarding the merger.
Capital markets regulator Sebi has kept in 'abeyance' the proposed initial share sale of securities depository NSDL. However, the Securities and Exchange Board of India (Sebi) did not clarify further. The National Securities Depository Ltd (NSDL) filed its preliminary papers with the capital markets regulator on July 7.
HDFC Bank had opened multiple demand accounts which were used for manipulation of the IPO allotment process in the last few years, but those were not held in benami names.
The Industrial Development Bank of India has sold 7.56 crore shares (Rs 10 each) of Mangalore Refinery and Petrochemicals Ltd to ONGC Ltd for about Rs 81.5 crore (Rs 815 million).
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