Abhyudaya Bank eyes business mix of Rs11,300 crore in FY’12

The Bank plans to open 11 more branches in the year 2011-12

Abhyudaya Co-op Bank Ltd today said it is eyeing a total business mix of Rs11,300-crore in the financial year 2011-12.

"We are targeting a total business mix of Rs11,300-crore in FY’12 compared to Rs9,000 crore in FY’11," Abhyudaya Co-op Bank managing director & CEO Vijay Morye told reporters.

"We are looking at achieving deposits of Rs6,800-crore and advances of Rs4,500-crore in FY’12. The bank’s total deposits stood at Rs5,261-crore and advances at Rs3,453-crore in FY’11,” Morye said.

The bank plans to open 11 more branches in the year 2011-12, Morye said, adding that the bank plans to open new branched in New Delhi and Union Territories of Dadra and Nagar Haveli, and Daman and Diu in FY’13, to open new branches.

Over a span of 46 years, the bank has become a leading Urban Co-op bank in the country.

The Bank opened its 100th branch on the eve of its 47th foundation day today at Kandivali in Mumbai. Abhyudaya Bank has presence in Maharashtra, Gujarat and Karnataka.

"We are growing constantly with an aim to increase our market share in the coming years and fulfill our stakeholder’s expectations," Bank chairman Sitaram Ghandat said.

The bank has successfully implemented core banking solutions (CBS) allowing its consumers the facility to withdraw money without any extra charge.

It has also collaborated with 57 other banks across the country, providing pan India accessibility to its consumers from more than 75,000 ATMs through BANCS & NFS networks in India. It also offers other services like tele banking, mobile banking and internet banking services.

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Kaya Skin Clinic to focus on expansion of service portfolio

At present, there are 104 Kaya Skin Clinics, spread across 26 cities across India and in the Middle East and other South Asian countries

Beauty services provider Kaya Skin Clinic on Friday said it will focus on expanding its service portfolio and brand building while consolidating retail presence to maintain its growth momentum.

The company, which incurred a loss of Rs2.30 crore in the last fiscal, said over the last one year it has focused on enhancing overseas presence and consolidating its retail operation in India.

“This fiscal, we are focused on introducing more range of products and rolling out awareness and brand building campaigns in the country,” Kaya Skin Clinic head (marketing) Suvodeep Das told PTI.

In the recent past, the company has launched more services like lip enhancement, fairness and hair removal services as part of its portfolio expansion. Besides, it has introduced in India seven beauty care products from Derma Rx range from the Singapore based Derma Rx Asia Pacific, which it acquired last year.

"We plan to bring in more products going ahead," Das said without giving further details on the products.

He said over the last one year the company had shifted its focus on international markets by entering into new countries like Bangladesh recently.

At present, there are 104 Kaya Skin Clinics, spread across 26 cities across India and in the Middle East and other South Asian countries. In the last 18 months, the firm has opened up to 10 clinics, primarily in the Middle East and Bangladesh.

"We have relocated some of our outlets and consolidated some of them in India. We will take a mix stand of bringing in more products and retail expansion," he said.

Suvodeep said the company is currently focusing on the top eight cities in India for its retail expansion and enhancing revenues from the existing outlets.

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L&T arm wins orders worth Rs1,610 crore

Larsen & Toubro’s Metallurgical and Material Handling Independent Company has secured new orders worth Rs1,610 crore from Tata Steel, India Bulls Power and other customers during the first quarter of FY2012

Larsen & Toubro’s (L&T) Metallurgical and Material Handling Independent Company—part of its construction division—has secured new orders worth Rs1,610 crore from Tata Steel Ltd, India Bulls Power Ltd and other customers during the first quarter of FY2012. A major portion of these orders pertain to the Kalinga Nagar Project of Tata Steel in Orissa.

Tata Steel is setting up four new coke oven batteries, each of 0.75 million ton per annum (mtpa) capacity with by-product plant of a total 1,80,000 Nm3/hr of gas processing capacity. Engineering and technology for these batteries are being provided by Acre, China. Apart from constructing the coke oven and byproduct plant, L&T is also providing detailed engineering and supply of balance of plant.

L&T is already constructing a coke oven complex for Tata Steel’s Jamshedpur works and another coke oven complex for Bhushan steel’s Meramandali, Orissa works. It is also engaged in construction of a blast furnace, sinter plant, steel melting shop and other units of Tata Steel’s 6 mtpa Kalinga Nagar project.

In yet another development, the company has secured an order for Rs240 crore from India Bulls Power for civil & structural works for coal handling plants & ash handling plant for Amravati &Nashik Thermal Power Projects (Phase II) in Maharashtra. The project has to be completed in 23 months. L&T’s Bulk Material Handling Business Unit will execute this order. It is already executing the supply & erection of coal handling plant for both Phase I & II of the project.

On Friday, L&T ended 4.25% up at Rs1,739 on the Bombay Stock Exchange, while the benchmark Sensex gained 2.89% to 18,240.68.

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