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Business Briefs

HDFC cuts lending rates

Mumbai, Nov. 13: Housing Development Finance Corporation (HDFC) has lowered its lending rates by a quarter percent. It lowered its retail prime lending rate to 10.25 per cent from 10.50 per cent starting from Thursday and announced a similar cut of 25 basis points in fixed loans across all tenures. This follows the rate cuts announced by State bank of India and ICICI Bank.

Industry leaps

New Delhi, Nov. 13: The average general Index of Industrial production in April-September 2002 rose by 5.2 per cent to 169.4 points from 161.0 a year-ago, sustaining the industrial growth witnessed since July.

FCNR options

Mumbai, Nov. 13: In a bid to develop the derivative market in India and making available hedged currency exposures to residents, an RBI-appointed committee has recommended phased introduction of foreign currency-rupee (FCNR) options.

Niko gas find

New Delhi, Nov. 13: Canadian petroleum and gas major Niko Resources Ltd has discovered natural gas in the Cambay onland area near Surat in Gujarat. This is the first gas discovery in the blocks awarded under the second round of New Exploration Licensing Policy (NELP-II).

I-flex net up

Mumbai, Nov. 13: I-flex Solutions has posted a 69 per cent growth in its net profit at Rs 45 crore for the second quarter ended September 30 compared with the previous corresponding period last year.


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