Kotak Mahindra, CIMB sign business cooperation arrangement

The two financial institutions will cooperate and explore opportunities arising from cross border business

Kotak Mahindra Bank has entered a business cooperation arrangement with CIMB Group Sdn Bhd, Malaysia (CIMB).

As per a framework agreement, the two financial institutions will cooperate and explore opportunities arising from cross border business, investment and trade flows, with a focus on select countries in the India-ASEAN corridor. The cooperation would cover various businesses of mutual interest including M&A advisory, trade finance and other corporate solutions, and NRI banking & remittances, subject to relevant regulations.

CIMB Group is Malaysia's second largest financial services provider and one of ASEAN's leading universal banking groups. It offers consumer banking, investment banking, Islamic banking, asset management and insurance products and services.

On Wednesday, Kotak Mahindra ended 0.51% up at Rs458.70 on the Bombay Stock Exchange, while the benchmark Sensex declined 0.94% to 17,940.55.

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Hindustan Tin, Rexam to invest Rs220 cr in beverage can market

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.

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Future Capital Q1 net profit up 65% at Rs21.86 crore

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.

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