Power Finance Corp to raise Rs40,000 crore in FY13

PFC has set a target of disbursing Rs35,000 crore during FY12 of which Rs25,400 crore has been doled out. The state run lender also had to disburse Rs10,000 crore to NTPC by the end of this fiscal

New Delhi: State-run Power Finance Corporation (PFC) on Monday said it would raise Rs40,000 crore in the next financial year (FY13), reports PTI.

"Our fund raising target for FY13 is Rs40,000 crore," PFC Chairman and Managing Director Satnam Singh told reporters here.

The company, which provides financing to the power sector, had set a target of raising Rs30,000 crore for this fiscal. It has has raised Rs28,000 crore this fiscal so far.

PFC has set a target of disbursing Rs35,000 crore during FY12 of which Rs25,400 crore has been doled out. It plans to up the disbursal target to Rs40,000 crore in FY13.

"We will keep increasing this target in the coming financial year," Mr Singh said.

PFC would disburse the Rs10,000 crore loan signed with state-owned NTPC by the end of this fiscal. This loan agreement was signed in FY09. It has so far disbursed Rs8,000 crore.

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EIH Associated Hotels' Q3 net up at Rs10.02 crore

EIH Associated Hotels net sales increased by 5.28% to Rs58.94 crore during the third quarter of the current financial year.

Oberoi Group firm EIH Associated Hotels Ltd reported a marginal increase in net profit for the quarter ended 31 December 2011, to Rs 10.02 crore. The company's net profit for the three months ended 31 December 2010, stood at Rs 9.96 crore, it said in a filing to the BSE.
     
The firm's net sales increased by 5.28% to Rs58.94 crore during the third quarter of the current financial year from Rs55.98 crore in the corresponding period last fiscal.

In the early afternoon, EIH Associated Hotels was trading at around Rs161.80 per share on the Bombay Stock Exchange, 2.76% up from the previous close.

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Zuari Industries Q3 net down 14%

Fertiliser maker Zuari Industries Ltd has reported a 14% decline in net profit at Rs31.38 crore for the third quarter ended 31 December 2011.

The company, a part of the Adventz Group, had reported a net profit of Rs36.57 crore in the corresponding year-ago period, it said in a filing to the BSE.

Net sales of the company rose 22% to Rs1,856.19 crore from Rs1,524.06 crore for the same period in the previous year.

Zuari had last year in December announced a joint venture with Mitsubishi Corporation to form MCA Phosphates Pte Ltd. Zuari has a 30% stake in the joint venture, while the remaining 70% is with Mitsubishi.

In the early afternoon, Zuari Industries was trading at around Rs458.70 per share on the Bombay Stock Exchange, 0.97% up from the previous close.

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