KMFL gets banking licence
Kotak Mahindra Finance Ltd (KMFL) has received the banking licence from Reserve Bank of India, and will commence business as a private sector banking entity before March end with a focus on retail segment. “The 30 branches of KMFL will start functioning as those of Kotak Mahindra Bank Ltd from day one and greater focus will be on retail sector along with the corporate, however, in 2:1 ratio,” vice-chairman and managing director Uday Kotak said. The authorised capital would be Rs 100 crore while the paid up capital will be below Rs 60 crore.
Danzas, the logistics subsidiary of Deutsche Post World Net and the Lemuir group, has formed a joint venture company in India — Danzas Lemuir Private Limited. It would be a 51 per cent-Lemuir, 49 per cent-Danzas JV entity headquartered in Mumbai. The new company would provide businesses across the country with an easy access to a full portfolio of one-stop supply chain solutions, including air and ocean freight, less than container load consolidation to and from India and customs clearance.
Clariant (India) Limited has reported a 4.32 per cent decline in net profit at Rs 4.87 crore for the third quarter ended December 31, 2002, compared with Rs 5.09 crore in the same period of last financial year. Total income during the period under review was higher at Rs 96.19 crore against Rs 80.80 crore in the third quarter of last year, a release said.
IndusInd Bank Limited has reported a 50 per cent jump in net profit to Rs 24.83 crore in the third quarter ended December 31 against Rs 16.50 crore in the corresponding previous period. Its net profit for the nine months ended December 31 increased by 67 per cent to Rs 67.69 crore from Rs 40.53 crore in the same period last financial year.
Uco Bank had organised a walk on February 2 to strengthen the relationship of the bank with the public and generate awareness about the various services provided by the bank through its 1,706-strong branch network in India and abroad. The walk had been organised to commemorate the diamond jubilee celebration of the bank.
Bajaj Tempo has reported a 34 per cent sales growth during the first 10 months this fiscal over the same period last year. Sales of light commercial vehicles grew 41 per cent to 2,475 units during April-January 2002-03 over 1,752 units during the corresponding period last year, a company statement said.
Aided by a sparkling performance in diamond exports, the Indian gem and jewellery industry has seen a record turnover in 2002. India reached a market share of 60 per cent in the global diamond market with exports touching a record $ 6894.53 million (Rs 33,359.38 crore) in 2002. During the year, the volume of diamond exports increased to 380.96 lakh carats compared with 307.86 lakh carats in 2001.