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Journalism of Courage
No bridge loans to NBFCs
MUMBAI, November 5: The Reserve Bank of India has barred banks and financial institutions from granting bridge loans to the non-banking finance companies NBFCs. It has also directed banks to obtain security for bridge loans which was in its earlier avatar an unsecured credit.
MUMBAI, November 5: Nirna Ltd has posted a net profit of Rs 79.75 crore for the six months ended September 30. Net profit in the corresponding period last year prior to the merger stood at Rs 32.29 crore. Turnover of the company went up to Rs 545.93 crore as against Rs 281.28 crore in the corresponding period last year. Gross profit before depreciation, interest and taxation increased to Rs 86.39 crore and annualised EPS stood at Rs 47.78 on an equity capital of Rs 33.38 crore.
Sivasankaran not to sell TMB stake
CHENNAI, November 5: NRI businessman C Sivasankaran today asserted he would not part with majority stake in the cash-rich Tamilnad Mercantile Bank TMB, and that he wanted to take active control in its board. Reacting to reports that the backward Nadar8217; community leaders had mobilised about Rs 50 crore in a bid to restore control of to their community, Sivasankaran said he was agreeable to issue of new shares but not for selling his stake. He said that the Essar group, which had earlier bought 67.29 per cent equity in TMB, had transferred its entire stake to his family8217; for a consideration of Rs 135 crore, after the RBI rejected Essars8217; takeover bid.
New chief for Pennzoil
MUMBAI, November 5: Vivek Chandra has been appointed as managing director of Pennzoil India Ltd. He has taken over from John Houghton who has moved to the company8217;s Asia Pacific headquaters at Singapore as Vice President Brand Development.
Leisure India trade show in city
MUMBAI, November 5: The second Leisure India Trade Show will be held in Mumbai from November 7 to 9 at the prestigious World Trade Centre. A number of exhibiting firms will be actively seeking to establish partnership arrangements with Indian business representatives and investigating prospects for joint ventures.
