RINL board approves setting up of a seamless tube mill

‘Once the project to produce 18" and above seamless tubes is completed, RINL will become the only steel plant in India to produce such high dia tubes:’ RINL CMD AP Choudhary

The board of RINL (Rashtriya Ispat Nigam Limited) has given its nod for setting up of a seamless tube mill at an estimated cost of Rs2,300 crore, a press release issued by the company said.

RINL chairman and managing director AP Choudhary told PTI that setting up of the seamless tube mill would be done either through a joint venture (JV) with a suitable partner or RINL would implement it on its own in case a JV did not materialise. He said RINL was talking to BHEL, a major consumer of tubes, to participate in the project as a JV partner.

The seamless tube mill would have a capacity of 4 lakh tonne per annum and will be completed in 30 months from the date of order placement. The company would produce seamless tubes of 5.5" to 18" with a provision to produce even less than 5.5" tubes in the existing layout of the plant. The proposed mill would have the option to produce above 18" tubes by creating additional facilities in future. Only up to 14" tubes are produced in the private sector at present.

Mr Choudhary claimed that once the project to produce 18" and above seamless tubes is completed RINL will become the only steel plant in India to produce such high dia tubes.

The seamless tube mill will cater to the needs of sectors like oil exploration & refining, gas, petro chemicals, power, fertilisers as well as engineering industries, he said. Mr Choudhary said that RINL, being a shore-based plant, would have the advantage to export seamless tubes to neighbouring nations like Malaysia, Singapore and Korea.

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Gruh Finance Q3 net up 30%

Loan disbursements during the nine month period ending December 2011 were Rs1001.19 crore as against Rs842.85 crores in the previous year, showing a growth of 19%.

Gruh Finance Ltd, a subsidiary of HDFC Ltd has registered 30% increased in the net profit at Rs64.77 crore for the nine month period ended on 31 December 2011 over Rs49.91 crore in the corresponding period last year.

The housing loan portfolio witnessed a growth of 28% amounting to Rs3761.31 crore as at 31 December 2011 against Rs2936.63 crore in the previous year. Loan disbursements during the nine month period ending December 2011 were Rs1001.19 crore as against Rs842.85 crore in the previous year, showing a growth of 19%. Cumulative loan disbursements as of 31 December 2011 were Rs6857.06 crore. The gross NPA (non-performing assets) of the company as on 31 December 2011 stood at Rs36.66 crore, which is 0.98% of the total loan portfolio of Rs3761.31 crore.

In the late afternoon, Gruh Finance was trading at around Rs576 per share on the Bombay Stock Exchange, 2.18% up from the previous close.

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Allahabad Bank revises interest rates on NRE rupee term deposits

Allahabad Bank has revised the interest rates for NRE deposits - for one year to less than two years, the revised interest rate is 9.50% for rupee term deposits.

Allahabad Bank has revised the interest rates on NRE (Rupee) term deposits with effect from 4 January 2012 for the following periods: For one year to less than two years, the revised interest rate is 9.50% vis-a-vis 7.50%, the existing interest rate. For two years to less than three years, the revised interest rate is 9.00% as opposed to 7.00%, the existing interest rate. For three years, the revised interest rate has been fixed at 8.75% as against 6.75% the existing interest rate.

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