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Online Personal Finance Magazine
No beating about the bush.
The G-Sec Portal provides an opportunity for retail investors to invest in Government securities, as an attractive alternative investment avenue.
IDBI Bank Ltd. has launched India's first online retail G-Sec Portal. This Portal provides an opportunity for retail investors to invest in Government securities, as an attractive alternative investment avenue. Government Securities are bonds issued, both by Central and State Government. IDBI Bank organized a function to launch the portal which has been christened "IDBI Samriddhi G-Sec Portal". This Portal will become operational from 17 January 2012.
The function to launch the Portal was attended by a large gathering of HNIs (high net worth individuals) and senior officials from co-operative Banks. The launch of the Portal was done in the presence of senior officials of RBI (Reserve Bank of India).
RBI during various policy pronouncements has been emphasizing the need for banks to take necessary steps for providing the infrastructure for retail investors to make investments in Government bonds. Melwyn Rego, executive director, IDBI Bank Ltd., mentioned that, "IDBI Bank has been a pioneer in introducing a number of new financial products and services. The launch of the IDBI Samriddhi G-Sec Portal is one more such pioneering initiative. Retail investors having access to the internet and a Demat account can now freely buy and sell Government Bonds at the click of a button through IDBI Bank's website, thereby making the entire transaction transparent and a seamless process. This initiative by IDBI Bank is the first organized effort to channelize retail savings into Government bonds through a dedicated Portal. Retail investors thus get a rewarding opportunity to participate in the India Growth Story."
Though growth during the month under review was not robust, it was higher than in November, when overseas shipments grew by just 3.8%
New Delhi: India's exports growth remained subdued at 6.7% year-on-year in December on account of poor demand in Europe and the US, but the government is hopeful of achieving its $300 billion target for the current fiscal, reports PTI.
Though growth during the month under review was not robust, it was higher than in November, when overseas shipments grew by just 3.8%.
In sharp contrast, imports grew at a faster pace of 19.8% year-on-year to $37.8 billion in December, translating into a trade deficit of $12.8 billion, commerce secretary Rahul Khullar told reporters here.
During the April-December period this fiscal, exports aggregated $217.6 billion, a year-on-year growth of 25.8%, thanks to the surge witnessed in the early months of the fiscal.
From a peak of 82% in July, export growth slipped to 44.25% in August, 36.36% in September and 10.8% in October.
“If you get $80 billion exports in the remaining quarter (January-March, 2012), you are looking at close to $300 billion. And imports may touch about $460 billion,” Mr Khullar said.
Experts opined that the country’s exports growth for the entire fiscal will stand at about 20%.
During the first three quarters of the current fiscal, imports were up by 30.4% at $350.9 billion. The trade deficit stood at $133.3 billion during the period.
“At current reckoning, provided that exports pick up in the next three months, you are looking trade deficit in the neighbourhood of $155-$160 billion,” he said.
Mr Khullar said exports by all major sectors are doing well. During April-December 2011, engineering and petroleum exports were up by 21.6% and 55%, respectively, at $45.3 billion and $43.9 billion.
Other sectors that registered healthy growth include gems and jewellery (38.5%), ready-made garments (23.7%), electronics (21.1%), drugs (21.5%), marine products (32.2%) and plastics (43%).
“Even today, exports have grown, taking into account all the corrections that have been made, all the deceleration that has taken place. At this rate, you are looking at a growth rate of 20% during the fiscal. It could be more,” he said.
However, iron ore exports declined by 18% to $3.2 billion.
During the first three quarters of 2011-12, petroleum imports were up by 40.4% at $105.6 billion.
Other sectors which registered growth include gems and silver (53.8%), machinery (27.7%), electronics (21.1%), chemicals (23%), coal (62%), fertilisers (35%), vegetable oil (55%), iron and steel (12.1%).
The secretary further said during the first quarter this fiscal, oil exports were up by 75% over the same period last year. However, in Q2, they went up by 70% and in Q3, they increased by just 22%.
“In Q1, oil exports were high because of prices and then the price effect was washed away (in Q2 and Q3),” he said.
Giving a forecast on India’s exports during 2012, he said: “It is going to be very difficult year, it’s too uncertain at this point of time. There are uncertainties prevailing in the Eurozone and in the US.”
South Indian Bank has posted net profit of Rs279.7 crore for the 9 months period ended 31 December 2011 as compared to Rs211.49 crore for the 9 months period ended 31 December 2010, representing an increase of 32.25%.
South Indian Bank Ltd has announced its Financial Results for the period ended 31 December 2011. The company has posted net profit of Rs102.24 crore for the quarter ended 31 December 2011 as compared to Rs77.46 crore for the quarter ended 31 December 2010, representing an increase of 31.99%.
Total income was at Rs1003.47 crore for the quarter ended 31 December 2011 where as the same was at Rs672.36 crore for the quarter ended 31 December 2010, representing an increase of 49.25%.
The company has reported an EPS of Re0.90 for the quarter ended 31 December 2011 as compared to Re0.69 for the quarter ended 31 December 2010.
The company has posted net profit of Rs279.7 crore for the 9 months period ended 31 December 2011 as compared to Rs211.49 crore for the 9 months period ended 31 December 2010, representing an increase of 32.25%.
Total income was at Rs2754.14 crore for the 9 months period ended 31 December 2011 where as the same was at Rs1878.52 crore for the 9 months period ended 31 December 2010, representing an increase of 46.61%.
The company has reported an EPS of Rs2.48 for the 9 months period ended 31 December 2011 as compared to Rs1.87 for the 9 months period ended 31 December 2010.
In the late afternoon, South Indian Bank was trading at around Rs22.90 per share on the Bombay Stock Exchange, 1.33% up from the previous close.