Dhanlaxmi Bank launches ‘Dhan’ gold coins

Dhan gold coins with a purity of 99.99% will carry Assay certification, signifying highest purity of gold as per international standards

Dhanlaxmi Bank, one of India's fastest growing mid-size private sector banks, said it has entered the gold retailing business with the launch of 'Dhan' gold coins.

The 24-carat gold coins will be available in a tamper-proof pack in two denominations of five and 10 grams at the bank's 275 branches across the country, Dhanlaxmi Bank said in a statement.

Dhan gold coins with a purity of 99.99% will carry Assay certification, signifying highest purity of gold as per international standards. The pure gold coins will be imported from Switzerland based PAMP S.A. Geneva (Produits Artistiques Metaux Precieux), one of the world's premier gold refiners, it said.

The launch of gold retailing marks the second phase of the bank's bullion business. In June 2011, the bank rolled out its wholesale initiative-24-carat gold bars weighing one kilogram.

On Monday, Dhanlaxmi ended 2.47% up at Rs118.40 on the Bombay Stock Exchange, while the benchmark Sensex gained 0.28% to 18,814.48.

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Federal Bank, UAE bourse launch Fed Flash service for faster payments

The ‘Fed Flash’ service is now available at all the 100 Al Ansari Exchange branches across the UAE

India's Federal Bank has signed a strategic new partnership with a leading UAE-based exchange house with an aim to help Indian expatriate workers to send money back home.

Under the new partnership, the bank will offer Federal Bank's 'Fed Flash' service, which that will allow Indian expatriate workers in the UAE to send money back home via their Federal Bank accounts in India through Al Ansari Exchange.

Al Ansari Exchange provides worldwide remittance and foreign exchange services. The move is part of the company's commitment to expand its current portfolio of financial services and transactions.

The 'Fed Flash' service is now available at all the 100 Al Ansari Exchange branches across the UAE. "The new Fed Flash service highlights the strong ties that India has maintained with the UAE over the years. There is a strong Indian expatriate workforce in the UAE and these workers primary concern is how to send money to their families in a faster and more convenient way," Federal Bank MD & CEO Shyam Srinivasan said.

According to Federal Bank, 'Fed Flash' will allow Federal Bank customers to remit money real-time into to their accounts through any Al Ansari Exchange branch to any of the over 750 Federal Bank branches in India. The moment the account is credited, both the remitter as well as the beneficiary will receive SMS alerts on their mobile.

On Monday, Federal Bank ended 1.37% up at Rs456.45 on the Bombay Stock Exchange, while the benchmark Sensex gained 0.28% to 18,814.48.

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Cremica plans to launch IPO in 2012

Cremica plans expansion in the ready-to-eat foods, snacks and liquid condiments section

Diversified food products company, Cremica group is planning to launch an initial public offer (IPO) in 2012.

"The company operations are doing quite well. We are looking forward to an IPO in 2012," Ludhiana-based Cremica managing director Akshay Bector told PTI in an interview.

The time is ripe to launch an IPO as the company's turnover is expected to cross Rs700 crore this fiscal, he said, adding that the turnover of Rs700-Rs1,000 crore is of a fairly good size to go in for an IPO.

The Cremica Group, which makes wide-range of products like biscuits, ketchups, toppings, breads and buns, and ice creams, wants to hit the capital market to raise funds through an IPO for expansion of its business activities.

"There is scope for further growth. There are plans to expand in the ready-to-eat market in the country," Bector said.

While biscuits continue to be the biggest contributor to the top line, Cremica plans expansion in the ready-to-eat foods, snacks and liquid condiments section.

At present, Cremica's products largely mark their presence in North India. The company hopes to spread its wings in other parts of the country, he added.

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