IDBI launches portal for retail trading in government securities

IDBI Samriddhi G-Sec portal offers two way quotes to retail investors that would provide easy entry and exit route when they invest in government securities

Mumbai: State-run lender IDBI Bank launched a market making portal for retail trading of government securities (G-Secs). The portal is named IDBI Samriddhi G-Sec Portal and is available to all investors from the lender's website.

RM Malla, chairman and managing director, IDBI Bank, said, "IDBI Bank has become the first Bank in the country to offer two way quotes to retail investors directed towards popularizing retail participation in the Government Securities market. Now with two way quotes, retail investors have an easy entry and exit route when they invest in Government Securities."

According to Melwyn Rego, executive director, IDBI Bank, investors would benefit by investing in G-Secs which are the most secured investments with liquidity and adequate returns as compared to any other investment in the country.  

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JK Paper Q4 net dips 52% at Rs11.1 crore

The paper producer said its profit has been significantly impacted due to lower receipt of link age coal and increase in raw material costs without commensurate increase in selling price

New Delhi: JK Paper on Tuesday reported 51.9% dip in net profit at Rs11.12 crore for the quarter ended March 2012 on account of increase in raw material costs, reports PTI.

"Profit for the year has been significantly impacted due to lower receipt of link age coal and increase in raw material costs without commensurate increase in selling price. However, the situation has improved during the last quarter of the year," JK Paper said.

The company had posted net profit of Rs23.12 crore for the quarter ended March 2011, JK Paper said in a statement.

Net sales of the company however increased to Rs419.33 crore for the quarter ended 31 March 2012, from Rs363.32 crore for the Q4 of 2010-11 fiscal.

For the full year its net profit of the company tumbled to Rs49.32 crore from Rs106.42 crore for the year ago period.

The Board of Directors of the company have recommended dividend of Rs1.50 per share.

Shares of JK Paper were trading at Rs33.65 in the afternoon trade on BSE, down 0.44% from its previous close.

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Mahindra Satyam set to revive Nagpur SEZ

Mahindra Satyam had approached the Ministry of Commerce to extend the validity of its project in MIHAN at Nagpur for two more years

Hyderabad: Mahindra Satyam (MSat), formerly Satyam Computer Services, is set to revive its plans for setting up a facility in the Multi-modal International Cargo Hub and Airport at Nagpur (MIHAN) special economic zone (SEZ) at Nagpur, reports PTI.

The company had approached the Ministry of Commerce to extend the validity of the project for two more years, according to a senior official of MSat.

The letter of approval for the project with an initial validity of one year had expired in June 2009 and later, on a request from the company, it was extended till July this year.

"We are planning to begin the project by constructing a compound wall. However there is long way to go," the official told PTI while refusing to provide further details about capacity and investments.

Satyam had been the first investor in the SEZ and was allotted 128 acres of land. However, after the Satyam scam broke out in 2009 the project was put in cold storage by the new management- Mahindras.

According to the information furnished to the Commerce ministry, the company has finalised the contractor for construction of compound wall. An architect has also been appointed for working out a detailed plan for its campus.

Tech Mahindra took over the scam-hit Satyam in April, 2009, and rebranded it as Mahindra Satyam. Sources indicated that the project will be taken up only after the merger process is completed.

Recently, the Andhra Pradesh High Court directed MSat to convene a shareholders' meeting on 8th June to consider merger with Tech Mahindra.

"A clear picture will emerge after the merger. Most likely next year serious work will be initiated," sources said.

Last month, MSat CEO C P Gurnani, while refusing to give a time frame for the completion of merger process, had said they don't foresee any hurdles in the way.

Board of Approvals under the Ministry will take decision on the extension of validity in a meeting slated for next week.

Meanwhile, MSat is set announce its Q4 and annual results of FY12 on May 17, according to a filing to BSE.

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