HDFC Bank opens 275 branches this fiscal

HDFC Bank has opened 275 branches in the current fiscal taking its total network to 2,000

In a bid to increase its footprint, the country’s second-largest lender HDFC Bank opened 275 branches in the current fiscal taking its total network to 2,000.

The bank had a distribution network of 1,725 branches in 779 cities as of March 2010 which increased to 1,780 branches by the end of December 2010. About 220 branches were added to the network in the last few months.
 
With the opening of new branches, the bank’s reach has crossed 1,000 cities. Besides, the bank has overseas presence in Hong Kong and Bahrain.As per the annual report for 2009-10, the bank opened over 300 new branches during the year. The bank’s focus on semi-urban and under banked markets continued, with 68% of the bank's branches now outside the top nine Indian cities.
 
The bank, which has over 1.8 crore customers, acquired Centurion Bank of Punjab leading to the integration of 404 branches in 2008.For the quarter ended December 2010, the bank reported a 33% growth in its net profit at Rs1,088 crore compared to the same period a year ago.Total income of the bank rose to Rs6,357.8 crore at the end of the December quarter, from Rs4,933.9 crore in the same period last year.The bank’s net interest income went up by 24.9% to Rs2,777 crore in the third quarter of the current fiscal.
 
The bank’s net interest margin (NIM) remained static at 4.2% in the third quarter. NIM, which is the difference between interest income of a bank and interest paid, was 4.4% at the end of December 2009.

On Thursday, HDFC Bank ended 0.22% up at Rs2,342.95 on the Bombay Stock Exchange, while the benchmark Sensex gained 0.80% to 19,445.22.

 

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Welspun wins pipe orders worth Rs1,182 crore

Welspun Corp has won pipe orders worth Rs1,182 crore, the majority of which are from international clients

Welspun Corp said it has won pipe orders worth Rs1,182 crore, the majority of which are from international clients.

The orders are likely to be executed over a period of one year, Welspun Corp said in a filing to the Bombay Stock Exchange (BSE).
 
“We are visualising a good traction and signs of improved demand. The company shall continue to open newer avenues and deliver superior customer value and sustained leadership position in the world markets,” Welspun Corp chairman BK Goenka said.
 
With the addition of these contracts, the current order book of the company stands at Rs6,153 crore.
 
On Thursday, Welspun ended 4.14% up at Rs206.40 on the BSE, while the benchmark Sensex gained 0.80% to 19,445.22.

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L&T divests stake in L&T-CASE JV

Larsen & Toubro (L&T) has sold its stake in L&T-CASE Equipment Pvt Ltd to its joint venture partner CNH Global NV, a leader in the agricultural and construction equipment business

Larsen & Toubro (L&T) has sold its stake in L&T-CASE Equipment Pvt Ltd to its joint venture (JV) partner CNH Global NV, a leader in the agricultural and construction equipment business.

CNH has acquired full ownership of L&T-CASE, an unconsolidated JV established in 1999 to manufacture and sell construction equipment in India. The new company will take the name Case New Holland Construction Equipment India Pvt Ltd.
 
The company operates a production facility in Pithampur in Madhya Pradesh and a distribution network of 56 dealers and 144 outlets. The Pithampur facility currently builds backhoe loaders and vibratory compactors; the complex is spread over 40 acres and occupies over 28,000 sq m of covered area. JP Nayak, member of L&T Board and president, said, “Our decision to exit the JV is part of our ongoing portfolio review and streamlining process. We have an excellent relationship with our partner, and wish them all success in India”.

Harold Boyanovsky, president and CEO CNH Global NV said, “This is an important step in our long term commitment to consolidate our construction equipment business in India and in other export markets and to develop a manufacturing base in India fully integrated in the CNH worldwide industrial footprint. The Pithampur plant will be in a position to make the most of the opportunities for growth that the sector offers today and in the future.”

On Thursday, L&T ended 0.21% down at Rs1,653.25 on the Bombay Stock Exchange, while the benchmark Sensex gained 0.80% to 19,445.22.

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