Vijaya Bank move
Vijaya Bank has signed a memorandum of understanding with SME Rating Agency of India Limited to enable small and medium enterprise borrowers to get their units rated. The rating will prove beneficial to SME units as it will enable them identify their strengths and their weakness and bargain for a better rate of interest on loans. The bank has already prepared an action plan to double its SME credit by March 2010 and has also identified 100 potential branches for increasing SME advances.
State Bank of Travancore has registered a net profit of Rs 163.50 crore in the first nine months of the current fiscal. The operational profit stood at Rs 425.56 crore with the increase in interest rates by 5.05 per cent. Total business turnover of the bank crossed Rs 43,326 crore. The non-performing assets have come down to Rs 582.51 crore from Rs 625.78 crore.
London-based Hythe Securities Ltd will invest $12 million in the global depository receipts of GV Films, the company has informed the Bombay Stock Exchange. The company's board of directors has approved the proposed investment of Hythe Securities. GV Films has floated a GDR issue to mop up between $20-25 million. It has filed for the listing of the GDRs at the Luxemburg Stock Exchange.
Fitch has assigned ICICI Prudential Life Insurance Co. Ltd a national insurer financial strength rating of AAA (Ind) with stable outlook. The rating took into account the operational and capital support from the company's shareholders, its capitalisation and market position.
Alembic Glass Industries Ltd has approved the merger of Shreno Ltd with itself. Pursuant to the share exchange ratio decided for the merger, the company will issue one equity share of Rs 100 each for every six equity shares of Rs 10 each held by the shareholders in Shreno Ltd, the company has informed the bombay stock exchange.
Sitel India has decided to increase its headcount and create new niche verticals. The joint venture between the US-based Sitel Corporation and Tata group has inaugurated its 50,000 sq ft facility in Bangalore with an investment of Rs 25 crore. It's planning to hire over 7,00 professionals as part of the expansion.
Express Leasing will issue 82.50 lakh shares on rights basis and 2.5 lakh preferential shares to investors. The shareholders of the company have approved the rights issue in the ratio of 3:1.
Credit Suisse has launched its new brand and logo worldwide. The new logo represents the tradition of investment banking and pioneering the navigation.