Indian promoters of private banks can hold 49%
Mumbai: The Reserve Bank of India has raised the ceiling for Indian promoters equity holding in private sector banks to 49 per cent, providing them a level-playing field with foreign investors.

Seamens PF board wants relief package
Mumbai: The board of trustees of Seamens Provident Fund Organisation has forwarded three proposals to the central government for compensating the fund to the tune of Rs 93 crore, which was lost in the recent gilts scam.

IDBI surges on reconstruction plans
Mumbai: The share price of Industrial Development Bank of India has been gaining momentum in the past few days on the back of the restructuring in the institution and its plans to be a universal bank in the next 12 months.

Sundaram Finance net profit at Rs 40 cr
Chennai: Sundaram Finance Ltd (SFL) has reported a net profit of Rs 40.36 crore for the year 2001-02.

In 2000-01, the company had made a net profit of Rs 79.54 crore mainly because of a mandatory change in the method of accounting of hire-purchase finance charges, from the even spread method to the IRR method. This change resulted in an inflation of income from operations by Rs 86.31 crore in the year before last.

SFLs board of directors has recommended a dividend of Rs 6 per share (60 per cent), which consumes Rs 14.40 crore. The company has a paid-up equity of Rs 24 crore.

Last year, SFLs gross disbursements crossed Rs 1,220 crore as against Rs 1,034 crore in the year before. About 58 per cent of the disbursements were for commercial vehicles, and another 34 per cent for cars and multi-utility vehicles, says SFL managing director G K Raman.

During 2001-02, SFL undertook a clutch of initiatives. Because expenditure on diesel and tyres account for the bulk of a transport operators total costs, SFL introduced special credit delivery systems for these.

In collaboration with Indian Oil Corporation, SFL launched powerplus fleet card, which truck-drivers could use to buy diesel. It also tied up with JK Tyres for offering finance to its customers, who want to buy JKs tyres.

The company also launched a portal for freight exchange (www.infreigh.com), on which trucking capacity could be offered and bought. The portal is run by a joint venture company called InFreight Technologies India Pvt Ltd, in which SFL is a partner.