The new line represents a capital investment of Rs220 crore over two years
Rexam PLC, the global consumer packaging company, and Hindustan Tin Works Ltd, an Indian can maker are building a new high speed beverage can manufacturing line in Taloja close to Mumbai.
The new line represents a capital investment of Rs220 crore (£30million) over two years. It will initially produce 33cl and 50cl cans and then slim cans, increasing total capacity from the current 300 million cans per year to 850 million cans per year. Production start up is planned for the final quarter of 2012.
On Wednesday, Hindustan Tin ended 3.6% down at Rs89.30 on the Bombay Stock Exchange, while the benchmark Sensex declined 0.94% to 17,940.55.
The improved results were primarily driven by higher net interest income and higher fee income
Future Capital Holdings reported a strong rise in net profit to Rs21.86 crore in the quarter ending 30 June 2011, up 65% over the corresponding quarter last year. The improved results were primarily driven by higher net interest income and higher fee income.
The company reported a 126% jump in its net interest income to Rs50.93 crore in the quarter ending 30 June 2011, up from Rs22.58 crore last year. The company's operating profit shot up by 163 % to Rs51.90 crore from Rs19.73 crore in the corresponding quarter last fiscal.
The company witnessed a continuous improvement in asset quality through the year, and reported a gross NPA of 0.05 % and net NPA of nil for the quarter ending June 2011, compared to gross and net NPA of 2.6% and 1.08% in June 2010, on the back of improved credit performance.
The company concluded the merger of its subsidiary Future Capital Financial Services with itself and exited a Joint Venture with Centrum Capital recently. The Networth of the Company grew to Rs769 crore from Rs694 crore for June 2010.
V Vaidyanathan, vice chairman and managing director said, "The results reflect the strong fundamentals of the company and improved asset quality. We are confident of improved earnings going forward on the back of strong growth in all our businesses."
On Wednesday, Future Capital ended 2.69% down at Rs180.55 on the Bombay Stock Exchange, while the benchmark Sensex declined 0.94% to 17,940.55.
Scheme aims to cover about 250 cities and towns. A couple of programmes initiated over the past three years have reported little progress
The ministry for housing and urban poverty alleviation has launched a new scheme 'Rajiv Awas Yojana' (RAY) with a vision to 'create a slum-free India'. The first phase of this project, which will be undertaken over two years, has a budget of Rs5,000 crore.
Under the scheme, central support will provide Rs50,000 per unit, or about 25% of the cost of civic infrastructure (external and internal), whichever is lower.
The scheme is expected to be implemented in nearly 250 cities and towns by the end of the 12th Plan (2017). The selection of the location will be done by states in consultation with the Centre.
The states would be required to include all the cities already under the Jawaharlal Nehru National Urban Renewal Mission (JNNURM) programme, those with a population of more than 3 lakh in the 2001 census, and some other smaller cities.
A list of 157 cities, for which funds have been released for preparatory work under the Slum Free City Planning Scheme, contains names of metros and upcoming centres like Visakhapatnam, Ahmedabad, Shillong, Bhubaneswar and Varanasi.
Union minister of state for urban employment and poverty alleviation, Kumari Selja, informed parliament on Tuesday that 50% of in-city costs will be borne by the Centre. In the case of north-east and special category states, the share of the Centre would be 90%, which would also include the cost of land acquisition, if necessary.
The existing schemes for the urban poor, Integrated Housing and Slum Development Programme (IHSDP) and Basic Services to the Urban Poor (BSUP), have not progressed in the last three years.
IHSDP has failed to come up with any dwelling units in Gujarat since the launch of the programme in 2008, though 10,019 units have been approved. Under BSUP, which was launched in 2005, 2,624 dwelling units have been completed and 2,040 are under construction. The figures haven't changed since 2008.