During the December 2011 quarter, Godrej Properties has diluted 49% equity stake in Godrej Premium Builders Pvt Ltd to SUN-Apollo India Real Estate Fund, LLC
Godrej Properties said that its net profit rose to Rs28.61 crore for the December 2011 quarter, compared to Rs15.51 crore for the corresponding period last year backed by a rise in total income to Rs149.74 crore from Rs48.17 crore.
During the December 2011 quarter, the company has diluted 49% equity stake in Godrej Premium Builders Pvt Ltd to SUN-Apollo India Real Estate Fund, LLC for Rs4,500 lakh, out of which Rs1,830 lakh has been paid to Godrej Properties Ltd towards stake sale and Rs2,670 lakh has been invested in Godrej
Premium Builders Pvt Ltd. Other income includes an amount of Rs1,827.55 lakh on account of profit on sale of stake.
Gross NPAs declined at 1.03% in the December 2011 quarter versus 1.11% in a year ago period
Private sector lender, HDFC Bank said that its net profit rose to Rs1,429.66 crore for the December 2011 quarter, compared to Rs1,199.35 crore for the corresponding period last year backed by a rise in total income to Rs8,622.64 crore from Rs7,929.38 crore.
Gross non-performing assets (NPAs) declined at 1.03% in the quarter ended December FY12 versus 1.11% in a year ago period. Gross NPAs stood at Rs2,020 crore against Rs1,895 crore quarter-on-quarter.
Bharti AXA General sold over 6.5 lakh policies in 2011 and settled over 1.2 lakh claims compared to 4.86 lakh and 74,006 respectively in 2010
Private insurer Bharti AXA General Insurance reported a growth of 47% growth in premium collection in 2011 at Rs776 crore compared to 2010. The company's Gross Written Premium (GWP) for 2010 stood at Rs528 crore, Bharti AXA General said in a statement.
The company sold over 6.5 lakh policies in 2011 and settled over 1.2 lakh claims compared to 4.86 lakh and 74,006 respectively in 2010. Top six cities—Delhi and NCR, Mumbai, Ahmedabad, Hyderabad, Bangalore and Kolkata—contributed 56% of the overall retail business.
As a zone, the western region led the pack with 36% contribution to the company's GWP followed by the north with 35%. Tier II cities contribution to the overall retail business was 21% and Tier III locations contributed 23%. The motor vertical was the largest contributor with 70% to the overall company business, followed by health and personal accident at 18% and commercial lines at 12%.
Bharti AXA General Insurance offers 58 products catering to small and large customers in rural to semi-urban to urban, private individuals to commercial and from small enterprises to large industries.
The private insurance company is a joint venture between Bharti Enterprises, a leading Indian business group and AXA, a world leader in financial protection.