Dena Bank expecting Rs.500 crore capital infusion

October 4th, 2009 CHENNAI - City-based Repco Bank, a cooperative society floated 40 years ago to assist repatriates from Sri Lanka and Myanmar, is now looking at transforming itself into a commercial bank to tap the benefits of the sector, its officials say. "Our board has sought the permission of the Indian government to become a proper bank governed by RBI (Reserve Bank of India)," bank managing director M.

September 16th, 2009 NEW DELHI - Stating that the revival plan for cash-strapped national carrier Air India was well on track, Civil Aviation Minister Praful Patel Wednesday said that his ministry will shortly seek cabinet approval for equity infusion into the airline. "There are two issues concerning Air India.

July 29th, 2009 NEW DELHI - Airlines should follow the law of the land while frisking passengers in India, Civil Aviation Minister Praful Patel said Wednesday. Referring to the recent controversy over former president A.P.J.

July 23rd, 2009 CHENNAI - The city-based Indian Bank closed the first quarter with a 52 percent increase in net profit and nearly 21 percent increase in total business as compared to the corresponding period in the previous fiscal, said a top bank official here Thursday. "Despite the challenging economic environment, the bank has earned a net profit of Rs.331.66 crore and did a total business of Rs.1,28,701 crore (deposits plus advances) as against Rs.217.62 crore and Rs.1,06,691 crore posted during the corresponding period of the previous year," said the bank's chairman and managing director M.S.

July 22nd, 2009 BANGALORE - State-run Canara Bank Wednesday reported a net profit of Rs.555 crore for the first quarter this fiscal, registering a whopping 353 percent year-on-year (YoY) increase over the Rs.123 crore posted in the corresponding quarter year ago. "The net profit for the quarter has shot up due to multiple factors such as net interest income growing by 27 percent YoY to Rs.1,291 crore from Rs.1,019 crore, other income increasing by 29 percent to Rs.

July 14th, 2009 MUMBAI - The country's second largest private lender HDFC Bank Tuesday said its net profit increased by about 31 percent to Rs.606 crore (Rs.6.06 billion/$123.4 million) in the first quarter this fiscal, compared to Rs.464.35 crore in the year-ago period. The bank's net income for the period under review grew 21.86 percent to Rs.5,136.75 crore from Rs.4,215.15 crore.

July 7th, 2009 NEW DELHI - Cash-strapped national carrier Air India is expected to register a loss of Rs.5,000 crore last fiscal, Civil Aviation Minister Praful Patel told parliament Tuesday. "Nacil (National Aviation Co of India Ltd, that operates Air India) is expected to register a loss of approximately Rs.5,000 crore in 2008-09, largely due to high operating expenses, which have been compounded due to the present economic recession resulting in a drop in passengers," the minister said in a reply in Rajya Sabha.

June 30th, 2009 KOLKATA - The state-run Corporation Bank is planning to raise Rs.1,000 crore this fiscal, a top official said here Tuesday. "This year we have already raised Rs.1,000 crore and we are planning to raise another Rs.1,000 crore through tier I perpetual bonds or tier II capital," J.M.

June 11th, 2009 CHENNAI - City Union Bank, an old generation private lender based in Tamil Nadu, Thursday said it will raise Rs.250 crore over the next two years to fund its expansion plans. "Our target is to have a net worth of Rs.1,000 crore in two years time.

June 4th, 2009 NEW DELHI - Frito-Lay, the food division of beverage major PepsiCo India, plans to spend about Rs.500 crore over the next three years to push Aliva, a new baked savoury cracker that it launched here Thursday. "We want the new product to get as big as Kurkure (PepsiCo's popular snack)," Gautham Mukkavilli, Frito-Lay India chief executive and PepsiCo India president told reporters.

May 24th, 2009 NEW DELHI - The board of Reliance Infrastructure, promoted by the Anil Ambani group, Sunday approved issuing up to 43 million preferential shares to its founders and other investors to raise about Rs.4,300 crore ($913 million). In a statement, the company said the equity capital would enhance its net worth to over Rs.16,000 crore and augment its borrowing capabilities to Rs.32,000 crore at a debt-equity ratio of 2:1.

April 16th, 2009 KOLKATA - Public sector lender United Bank of India (UBI) Thursday reported 27 percent growth in advances at Rs.36,000 crore and 16 percent rise in deposits at Rs.54,000 crore in 2008-09. 'Our bottomline is likely to be between Rs.150-200 crore after we close our books,' UBI chairman and managing director S.C.

March 7th, 2009 KOLKATA - The state-owned UCO Bank has decided to provide 50 basis points loan rate cut to borrowers in some sectors as incentives, a top bank official said here Friday. 'We have decided to give incentives of 50 bps to particular sectors like housing, auto and consumer loans.

March 1st, 2009 KOLKATA - City-based public sector lender United Bank of India (UBI) is hopeful that the government would approve its proposal to reduce equity capital by March 31, a top official said here Saturday. 'We believe the finance ministry will approve our capital restructuring proposal by the end of the current financial year,' S.C.

January 13th, 2009 KOLKATA - Future Generali, the joint venture with the Italian insurance giant Generali, is expecting to touch a premium income of about Rs.10 billion by 2010, a senior official said Wednesday. Future Generali is the insurance joint venture between Future Group of India and Italy-based Generali Group with a 74:26 stake.