DLF plans to launch 12 million sq ft of area this fiscal
Realty firm DLF has launched 1,300 plots at Indore, expecting a sales realisation of about Rs300 crore from the project.
The company is developing an integrated township, Garden City, spread over 192 acres. In the first phase, it had launched 500 plots and 117 houses, generating Rs180 crore.
"We consider Indore as an important market for us and we are happy to launch the second phase of Garden City, which is part of integrated township," the DLF managing director, TC Goyal, said in a statement.
In the second phase, the company has launched 1,300 plots. It would build two schools, a hospital, three convenience shopping centres and a mall in the township.
Sources said DLF is expecting a sales realisation of about Rs300 crore from the second phase of the project.
DLF had recently announced that the company would focus more on plotted development during this fiscal as it generates faster cash-flow compared to group housing.
The company plans to launch 12 million sq ft of area this fiscal, out of which 10 million sq ft will be plotted development, while the rest will be group housing projects.
Giving details about the Indore project, the company said it has all approvals and compliances in place. The development work has already started in the second phase II and the target date of completion is May 2012.
The company is offering plots in various sizes of 4,000 sq ft, 2,400 sq ft, 2,100 sq ft, 1,800 sq ft, 1,550 sq ft and 1,264 sq ft. The statement did not mention about the price of the plots.
On Tuesday, DLF ended 3.27% up at Rs238.55 on the Bombay Stock Exchange, while the benchmark Sensex gained 1.49% to 18,503.28.
During FY’11, Educomp picked up majority stake in Gateforum Education Services
Education solutions provider Educomp said its net profit more than doubled to Rs145.66 crore in the quarter ended on 31 March 2011.
The company had posted Rs64.92 crore profit after minority tax for the same period in last financial year.
Total revenue of the company for the reported quarter was up by 47.18% at Rs488.71 crore compared to Rs332.04 crore posted in the fourth quarter of 2009-10.
For year ended 31 March 2011, Educomp registered 22% growth in its net profit at Rs336.67 crore compared to Rs275.86 crore reported in FY10.
The company showed close to 30% increase in its revenue at Rs1,350.89 crore for FY'11 compared to Rs1,039.49 crore posted at the end of FY'10.
School learning solution segment contributed the highest revenue at Rs378.61 crore followed by K-12 school segment solutions at Rs42.75 crore in the reported FY'11 quarter.
Online supplemental and global segment contributed Rs39.21 crore while higher learning solutions Rs28.14 crore to the total revenue.
During FY'11, Educomp picked up majority stake in Gateforum Education Services which provides preparatory tools for Graduate Aptitude Test in Engineering (GATE).
Subsidiary of Educomp Solutions entered an agreement with Universal Learn Today, promoted of The Vasant Valley School to set up 30 Vasant Valley School across India. Educomp also announced to set up a joint venture with the US-based Zeebo to launch wireless education platform for children in India.
On Tuesday, Educomp ended 2.60% down at Rs462.95 on the Bombay Stock Exchange, while the benchmark Sensex gained 1.49% to 18,503.28.
Bank chief explains that stress will come from smaller accounts that are not able to bear the increased cost of funds
Mumbai: Central Bank of India's chairman and managing director S Sridhar has said that non-performing assets (NPAs) for the banking industry are likely to increase, as some smaller companies which had borrowed at lower rates find it difficult to service their loans on account of the hike in rates.
"Some increase in NPAs cannot be ruled out, in my view, across the industry," Mr Sridhar said today. He pointed out that different banks would adopt different strategies to deal with this problem.
The stress will emanate from smaller accounts, which "are not able to bear the increased cost of funding" and are constrained because of a "lower access" to money as compared to the past, he said.
Mr Sridhar, who retires from Central Bank today, pointed out that the stress could be traced back to the years of the global slowdown, after 2008 September, when the government announced a stimulus that resulted in high liquidity and low rates, PTI reports.
"Somebody down the chain will have to bear the stress," he Sridhar said. "The stress is inevitable."
The Reserve Bank of India (RBI) had adopted a stance of softening in policy to fuel growth in the slowdown years and then started to tighten rates, as tackling spiralling inflation gained precedence.
RBI has raised its key rates a record eight times in the last 12 months in order to control inflation. The last hike, on 3rd May, was a bigger-than-expected 50 bps, and the bank hinted that it could continue to attack inflation, even if it hurt growth in the short term.
Mr Sridhar said the Central Bank of India is installing software that would identify stress in assets at an early stage, so that action to contain this could be taken swiftly. "The idea is to be proactive, rather than reactive," he said.
Central Bank of India today announced a tie-up with brokerage firm Angel Broking, which will allow its account holders to trade in different asset classes like equities, derivatives and F&O.