Companies & Sectors
Manesar plant can resume operations but safety comes first: Suzuki

Suzuki, the parent of Maruti Suzuki India, is still apprehensive of the safety and security of its employees as far as reopening of its Manesar plant is concerned


Tokyo: Japanese auto maker Suzuki Motor Corp said the Manesar production facility of its Indian subsidiary Maruti Suzuki is in a condition to resume operations but will not do so as safety is yet to be restored, reports PTI.
 
While speaking to reporters after declaring quarterly results, Suzuki Motor Corp (SMC) Executive Vice President Toshihiro Suzuki said the Manesar plant is "in a condition to resume production" as there was no major damage to the plant machineries during the violence on 18th July, in which one senior executive was killed.
 
Maruti Suzuki India (MSI) had earlier claimed that 100 others employees were injured in the violence, but SMC on its website said "41 people were hospitalised and 46 people were treated in the hospital".
 
Following the violence and arson, MSI had on 21st July announced an lockout at the plant.
 
Kyodo reported that the company is still apprehensive of the safety and security of its employees as far as reopening of the plant immediately was concerned.
 
The plant "is nowhere in sight as safe working conditions have yet to be established", the report said quoting Suzuki.
 
SMC had earlier said a mob of approximately 100 workers damaged "the buildings of the plant office and the security office" but "there is no heavy damage to the plant facilities".

User

Federal Bank Q1 net profit jumps 30% on asset quality, higher advances

While Federal Bank's provisions came down by 25% to Rs156.16 crore, its advances rose 19% to Rs38,042.90 crore driven by SMEs, corporate advances and retail segments apart from gold loans


Mumbai: Kochi-based old generation private sector lender Federal Bank has reported a 30.23% growth in the June quarter net profit at Rs190.35 crore up from Rs146.16 crore a year ago on the back of an improvement in the asset quality as well as higher advances, reports PTI.
 
While provisions came down by 25% to Rs156.16 crore in the reporting quarter from Rs207.89 crore a year ago, advances rose 19% to Rs38,042.90 crore from Rs31,971.61 crore driven by SMEs, corporate advances and retail segments apart from gold loans.
 
The RBI tightening on the pure-play gold loan companies had a positive impact on the bank as its gold loan books soared 99% to Rs4,256 crore during the reporting quarter.
 
Accordingly, its asset quality too improved with the gross NPA bettering to 3.60% from 3.94% and net NPA to 0.62% from 0.74%, the fourth largest private sector bank by network said in a statement.
 
Total income grew 22% to Rs1,661.04 crore while net interest margin (NIM) stood at 3.42% while capital adequacy ratio stood at 15.45% a tad down from 15.57%.
 
Provisions, including taxes cames down by 25% to Rs156.16 crore from Rs207.89 crore. Slippages in SME/agri sector came down to 0.83%.
 
Core fee income continues its consistent upward movement registering 16.02% growth, while other income rose 6.36% to reach Rs124.33 crore from Rs116.90 crore.
 
Deposits rose 17.75% to Rs50,558 crore from Rs42,935.62 crore, while advances rose 19% to Rs38,042.90 crore from Rs 31,971.61 crore and investments rose 23% from Rs15,703.15 to Rs19,313.48 crore, the lender said.

User

EPFO seeks greater flexibility to park fund in private companies

The Provident Fund Organisation is seeking greater flexibility to park its funds in private sector debt instruments. It also wants to invest in instruments having tenure of 15 years as against 10 years currently


New Delhi: Retirement fund body Employees' Provident Fund Organisation (EPFO) managing huge corpus of over Rs3.5 lakh crore has sought greater flexibility in investing larger amounts in private sector companies and non-banking finance companies (NBFCs), reports PTI.
 
As per the proposal which would come before the EPFO's apex decision making body the Central Board of Trustees' (CBT) next week, the retirement fund also wants to invest in instruments having tenure of 15 years as against 10 years currently.
 
The EPFO is seeking greater flexibility to park its funds in private sector debt instruments as it has already exhausted the investment limits.
 
Under the existing eligibility criteria, EPFO can park funds in only seven entities which include three banks (HDFC Bank, ICICI Bank and Axis Bank) and four NBFCs like HDFC Ltd, IDFC Ltd, LIC Housing Finance and IL&FS Ltd.
 
EPFO has already exhausted the investment limit in NBFCs and can only park funds in the three private sector banks which provide lower returns than their private sector companies.
 
The PF body also wants the nod of trustees to park its funds in certificate of deposits (CDs) issued by public sector banks as they provide higher returns.
 
CDs are issued by banks to raise funds from the market and are tradeable instruments.
 
Besides, the EPFO wanted that it should be allowed to invest in fixed deposits for up to five years as against the current ceiling of one year.
 
The decision, EPFO says, will help it earn better returns. It had reduced the rate of interest on PF deposits to 8.25% for 2011-12 from 9.5% provided during 2010-11 to its over 50 million subscribers.

User

We are listening!

Solve the equation and enter in the Captcha field.
  Loading...
Close

To continue


Please
Sign Up or Sign In
with

Email
Close

To continue


Please
Sign Up or Sign In
with

Email

BUY NOW

The Scam
24 Year Of The Scam: The Perennial Bestseller, reads like a Thriller!
Moneylife Magazine
Fiercely independent and pro-consumer information on personal finance
Stockletters in 3 Flavours
Outstanding research that beats mutual funds year after year
MAS: Complete Online Financial Advisory
(Includes Moneylife Magazine and Lion Stockletter)