E-insurance Getting IRDA Push
Insurance in demat form was launched by IRDA in July 2013....
For FY14, IDFC recorded marginal fall in its net profit to Rs1,803 crore even as its provisions rose 80%
IDFC Ltd, an infrastructure finance, non-banking financial company (NBFC), reported almost flattish full year net profit despite an increase of 80% in its provisions.
For the 12 month to end-March, the infrastructure lender said its net profit declined 2% to Rs1,803 crore from Rs1,836 crore while its total revenues, including interest income, grew 8% to Rs8,772 crore from Rs8,139 crore, a year ago period.
IDFC's provisions jumped 80% to Rs628 crore in FY14 compared with Rs350 crore during FY13.
IDFC said, its net interest income (NII) during FY14 increased 5% to Rs2,704 crore from Rs2,564 crore in same period a year ago. Its net interest margin (NIM) stood at 4.0% in FY14.
During FY14, IDFC's operating expenses increased 4% to Rs544 crore from Rs525 crore a year ago period. Its gross disbursement decreased by 8% to Rs16,296 crore from Rs17,695 crore a year ago.
As on 31 March 2014, IDFC's capital adequacy ratio stood at 22.32%. IDFC said, its gross non performing assets ratio (GNPAs) increased to 0.56% (Rs333 crore) compared with 0.15% (Rs85 crore) a year ago. Its net non-performing assets increased to 0.37% (Rs221 crore) from 0.05% (Rs29 crore) in a year ago period.
During the quarter to end-March IDFC's net profit plunges 51% to Rs258 crore from Rs526 crore while its total revenues, including interest income, declined 2.50% to Rs2,032 crore from Rs2,084 crore a year ago period. As in its March quarter, it made three times more provisions of Rs483 crore from Rs165 crore a year ago in same period.
Earlier in March, the RBI has granted in-principle approval for new bank licence to IDFC
IDFC declared a dividend of Rs2.60 per share.
IDFC closed Friday 2.23% down at Rs114 on the BSE, while the 30-share Sensex ended the week flat at 22,688.
For more stock results, check out this page
Citing non-clearance of votes cast during mock polls, the Commission has ordered re-poll at three booths in Mumbai and one in Ahmednagar
The Election Commission has ordered a re-poll at four booths, three in Mumbai and one at Ahmednagar in Maharahstra on 27th April. The Commission has cited non-clearance of votes casted during mock polls, as it had a bearing on the actual numbers reflected in the EVMs.
Of the three affected parliamentary constituencies, two are in Mumbai North Central and Mumbai North West which went to polls in the third phase of Lok Sabha elections in the state on 24th April. While voting for Ahmednagar seat in the second phase was held on 17th April.
Election Commission officials said votes franchised during the mock polls on the affected booths undertaken by the Commission were not cleared before the actual polls, resulting in the EVMs showing more votes cast than the actual number.
"We conduct mock polls a few hours before the actual polling starts, which are then cleared before the actual voting begins. But when we started the vote count in the affected booths, we realised that we actually had more votes than we had registered. So it was clear that the votes of the mock polls were also included in the actual poll results," an Election Commission officer said.
The re-polling will take place in Charkop area booth number 243 and Malad West booth number 242 of Mumbai North West constituency.
Re-polls will also be undertaken at Chandivali area, booth number 160 of Mumbai North Central constituency besides booth number 305 of Shrigonda area in Ahmednagar constituency.
Votes can be cast from 7am to 6pm.
This development comes days after thousands of Mumbaikars, including several prominent personalities, were left disenfranchised after their names were found missing from the electoral rolls.