SJVN board approves plan to raise up to Rs 2,000 cr via bonds, debentures
State-owned power producer SJVN on Tuesday said its board has approved a proposal to raise up to Rs 2,000 crore via bonds or debentures. "The Board of Directors approved the proposal of raising of funds through issue of unsecured/secured nonconvertible bonds/debentures through private placement, up to an amount of Rs 2,000 crore, in one or more tranches," a BSE filing said. The funds will actually be raised from time to time with the approval of a competent authority as per the powers delegated in this regard by the company's board, it added.
Toyota Kirloskar Motor lifts lock-out at Karnataka plant after 2 months
After nearly two months of lock-out, Toyota Kirloskar Motor has resumed operations at its Bidadi plant located in Karnataka with over 1,200 employees on board, said the Japanese carmaker on Tuesday. These employees had expressed their intention to work with discipline, through a simple undertaking of good behaviour, it added. The 432-acre plant with two facilities was operational with minimum staff but with the lockdown being lifted, it will restart two shifts at the campus, said a company spokesperson. The company had been operating with skeleton staff, rolling out less than 100 units a day, compared to the customary 450-500 units a day, after the lockout was announced
Cement manufacturers accuse builders of misleading govt, cartelisation
After builders accused cement manufacturers of indulging in cartelisation to jack up prices, cement manufacturers have hit out at builders saying they were misleading the government and that the government should look into their margins. The development comes a day after Union Road Transport Minister Nitin Gadkari said that the cement industry was trying to raise prices through cartelisation and there was an urgent need for a regulator. Industry players from the South have created a new body South India Cement Manufacturers Association (SICMA), which will be headed by N Srinivasan, vice chairman ánd managing director, India Cements.
Bajaj Allianz Life AUM grows 79% in 10 years to cross Rs 70,000 cr
Private sector life insurer Bajaj Allianz Life on Tuesday said its assets under management have crossed the Rs 70,000-crore milestone by the end of December. "With value-add products and meaningful improvements across customer services, our AUM has grown 79 per cent in the past 10 years to touch Rs 70,295 crore as of December 31," the company said in statement. It shows that the pandemic has not impacted the company's growth much instead it could maintain a steady growth, the insurer said.
Karnataka Bank third quarter net profit rises 10% to Rs 135 crore
Private sector lender Karnataka Bank on Tuesday reported a 10 per cent increase in net profit at Rs 135.38 crore for the December quarter on account of a decline in bad loans. The Mangalore-headquartered bank had reported a net profit of Rs 123.14 crore in the year-ago period, it said in a regulatory filing. However, total income of the bank declined to Rs 1,868.62 crore from Rs 1,993.68 crore in the same quarter a year ago. The gross non-performing assets (NPAs) of the bank eased to 3.16 per cent of assets from 4.99 per cent in the year-ago period. Similarly, net NPA ratio declined to 1.74 per cent from 3.75 per cent during September-December period of previous fiscal. Provisions (other than tax) and contingencies fell to Rs 214.18 crore from Rs 314.70 crore in the third quarter of the previous fiscal.
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