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Sunday, October 28, 2007

SBI bottomline soars 36%

Backed by robust growth in sale of investments and commissions, State Bank of India has posted a 36 per cent growth in its net profit in the second quarter of the financial year. Profit rose to Rs 1,611.42 crore compared with Rs 1,184.49 crore in the same quarter last year.

Total income rose to Rs 13,658.22 crore from Rs 10,237 crore and interest income to Rs 11,616.28 crore as against Rs 8,799.62 crore. Interest expenses in the quarter increased sharply by 49 per cent to Rs 7,853.36 crore.

As a consequence, the net interest income grew by just 6.28 per cent to Rs 3,762.64 crore against Rs 3,540.30 crore a year ago. The other income comprising items like sale of investments/commissions rose 42 per cent to Rs 2,041.94 crore from Rs 1,437.69 crore.

The bank’s deposits grew 23.31 per cent to Rs 4,84,114 crore from Rs 3,92,615 crore. However, the share of low cost deposits (savings and current accounts) ratio declined 39.45 per cent due to higher mobilisation of term deposits. The cost of funds moved up to 5.48 per cent from 4.51 per cent due to higher term deposit mobilisation and higher interest rates.

Gross advances grew 26.21 per cent to Rs 3,63,591 crore from Rs 2,88,078 crore. Housing advances rose by 18.04 per cent to Rs 40,807 crore. It added loans of Rs 2,825 crore in April-September 2007.

Monday, October 15, 2007

Welspun Gujarat plans Rs 400cr capex

Pipe manufacturer Welspun Gujarat Stahl Rohren will invest Rs 400 crore to set up a new plant and expand the existing facilities in Gujarat.

The company will set up a new facility in Anjar, Gujarat, which will produce 300,000 tonne of pipes. The company will invest Rs 298 crore on this. The company is also planning to invest Rs 100 crore to increase its capacity, from 400,000 tonne to 550,000 tonne, at its H-saw plant in Anjar, said BK Goenka, MD, Welspun-Gujarat Stahl Rohren here today.

The company's overall capacity will increase from 1.4 million tonne to 1.7 million tonne after the capacity expansion.

The company's current orderbook stands at Rs 5,530 crore which will be completed in the next 18 months, Goenka said.

The company also bagged a order of Rs 1835 crore from Transcanada for the supply of pipes, he said. ''We are expecting a market of $5 billion of pipes in the next five years,'' he said.

Monday, October 01, 2007

DLF may build Bidadi knowledge city in Karnataka

Realty major DLF is learnt to have bagged the project for developing the 9,178-acre Bidadi Knowledge City in Karnataka. The land acquisition cost will be around Rs 3,600 crore and the total cost of the project, including development and sales, is estimated to be between Rs 50,000 crore and Rs 60,000 crore, said a source close to the development.

The project will be developed by DLF in a 50:50 joint venture with the Dubai-based firm Limitless Holdings, a part of Nakheel and Dubai World group. California-based architecture firm Berkely and design firm Calthorpe Associates have been appointed the master planners for the project.

The project is learnt to have been awarded to DLF following a global tender issued by the Bangalore Metropolitan Regional Development Authority (BMRDA). In all, 32 consortiums, formed by over 100 companies, had filed for the request for qualification (RFQ).

The project will be developed at about 30 km away from Bangalore and 15-km from Mysore. “It is aimed at supplementing the urban infrastructure of the area, and will be a world-class destination for professionals to live and work in,” sources said.

Located on the Bangalore-Mysore railway line and 30 km from the Bangalore airport, the township will have strategic connectivity advantage of being on the southern freight corridor.

The township is also likely to have a dedicated metro rail connection to Bangalore city. In order to boost existing connectivity, BMRDA is also working on a series of ring roads.

The township is set to be self-sustaining, and would be developed on the ideology of "walk-to-work." Apart from offices and residential developments, Bidadi Knowledge City will also comprise entertainment options like shopping malls, multiplexes, hotels and serviced apartments. Adequate power and water supply would also be made available to the township.

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