Icra has assigned an LAA rating to the proposed Rs 20-crore subordinated debt programme of IDBI Homefinance Ltd (IHFL). The rating indicates high credit quality and the rated instrument carries low credit risk, Icra said in a release. Icra has also assigned an LAA rating to the Rs 60-crore and an A1+ rating to the Rs 500-crore short-term debt programme of IHFL. The rating takes into account IHFL’s parentage, funding profile, asset quality, profitability and capital adequacy.
Kotak Mahindra Mutual Fund has declared a tax-free dividend of 55 per cent or Rs 5.50 per unit of Rs 10 in Kotak 30 fund. The net asset value of Kotak 30 units as on December 19 was Rs 37.20. The company has fixed December 27 as the record date for investors to be eligible for the dividend.
ABB will acquire Mysore-based Raman Boards Ltd, a manufacturer of press boards and insulation components, to strengthen its insulation products business. The acquisition will complement ABB’s global insulation components capacity, which includes making insulation material for transformers.
Allahabad Bank’s zonal office in Calcutta has organised credit camps at strategic locations to boost retail credit disbursement. The bank has come up with retail credit products such as loans for cars and jewellery and loans against rent receivables and property.
Pidilite Industries has launched an interactive website, www.doctor-fixit.com, a portal that provides construction-related information. The site has an option called Dr. Fixit Solution, which lists under it various construction-related problems.
The RBI will soon begin circulating new ferritic stainless steel Rs 2 coins with the Unity in Diversity theme. The coins will be circular in shape, with a 27-mm diameter. The metal composition will be 17 per cent chromium and 83 per cent iron.
Shriram Transport Finance Company Ltd has launched a Small Truck Owners Contact Programme in Calcutta. The company has planned such programmes in Lucknow and Mumbai as well.
HCL Infosystems Ltd has launched HCL Beanstalk 2007 collection, which includes HCL Beanstalk Nano, HCL Beanstalk Lyfestyle, HCL Beanstalk Dominator and HCL Beanstalk Slim.
SAP India has opened a centre of excellence for retail, which will function out of its Mumbai facility.
