Larsen &amp; Toubro Ltd is likely to start general insurance business operations in six months without roping in a partner, Chief Financial Officer YM Deosthalee has said. &ldquo;We are in the process of finalising the business plan. The funding will depend upon that,&rdquo; Deosthalee said.

L&T likely to start general insurance biz in six months

Business Standard

The Comptroller and Auditor General of India (CAG) in its report on the financial performance of the Jharkhand government for the year ended March 31, 2008, has strongly criticised the state government&rsquo;s undertakings for failure in finalising annual accounts within prescribed period. The CAG&rsquo;s report was recently tabled in the Parliament on account of President&rsquo;s Rule in Jharkhand.

CAG criticises Jharkhand PSUs

State Bank of India, the country&rsquo;s largest lender, is set to flood the market with a host of sector-specific private equity funds focused on stressed assets, real estate and small and medium enterprise in addition to a venture capital fund.

SBI to launch host of PE funds

The Orissa High Court has asked the Union government to reply on why the Central Bureau of Investigation (CBI) should not be asked to investigate an alleged Rs 25-lakh crore derivative scam.

Derivative scam: HC issues notice to Centre

Standard Chartered Bank&rsquo;s India operations is planning to increase the number of relationship managers to 1,000 by the end of 2009 from the 660 currently, according to Shyam Srinivasan, head of consumer banking at the British banking group.

Stanchart aims to double relationship managers in 18 months

Reliance Technology Venture Limited (RTVL), the venture capital arm of the Anil Dhirubhai Ambani Group, is planning to look beyond technology and invest in newer avenues.

Reliance Tech looks beyond technology for investments

International Finance Corporation, a member of the World Bank Group, has proposed to be an investor in South Asia Clean Energy Fund (SACEF) by investing $20 million (around Rs 97.6 crore), according to a company statement. SACEF aims to raise $200 million (around Rs 976 crore).

IFC proposes to invest $20 mn in Cleantech Fund

Reserve Bank of India Deputy Governor K C Chakrabarty said today the weak southwest monsoon could put upward pressure on inflation.

Poor monsoon may put pressure on inflation: RBI

The government said on Tuesday there was no plan to waive loans given to farmers in the face of poor monsoons and any spending to mitigate the effects of drought would be within the Budget target.

Spending, borrowing to be within target: Govt

The weak monsoon would have a negligible impact on ICICI Bank&rsquo;s loan book since the size of this portfolio is quite small, said Chanda Kochhar, its managing director and chief executive officer.

Weak rain to have litttle impact on ICICI loan book: Kochhar

Private sector life insurer DLF Pramerica, promoted by realty firm DLF and US-based Prudential Financial, will infuse Rs 150-200 crore by 2010 in order to maintain its solvency ratio and to develop infrastructure.

DLF Pramerica to infuse Rs 150-200 cr by next year

The dollar and the yen declined versus the euro after a government report showed the US economy shrank less than economists forecast, reducing the demand for the currencies as a refuge.

Dollar, Yen slump versus Euro

After paring their mutual fund investments in the previous fortnight to meet quarter-end capital requirements, banks pumped in Rs 40,526 crore in these instruments during the fortnight ended July 17, 2009.
According to the latest data by the Reserve Bank of India (RBI), banks&rsquo; investment in mutual funds stood at
Rs 1,29,998 crore at the end of July 17, 2009. They had withdrawn Rs 33,075 crore during the earlier fortnight ended July 3.
Generally, banks lower investments in liquid funds

Banks invest Rs 40,526 cr in MFs in last fortnight

Syndicate Bank reported an almost three-fold growth in net profit at Rs 261.57 crore in the first quarter of the current financial year compared to the corresponding quarter of the last financial year. The rise in net profit was because of a 16 per cent growth in net interest income at Rs 585.70 crore and nine-fold growth in treasury income at Rs 270 crore.

Syndicate Bank, Federal Bank Q1 result

Dhanalakshmi Bank increased its net profit to Rs 10.12 crore in Q1 compared with Rs 9.52 crore in the corresponding period of the previous financial year. The total income increased from Rs 99.95 crore to Rs135.60 crore during the period.

Dhanalakshmi, City Union Bank Q1 result

L&amp;T Finance Ltd's public offer of secured redeemable non-covertible debentures (NCDs) opened for subscription on Tuesday. The company, promoted by engineering and construction giant Larsen and Toubro Ltd, intends to raise Rs. 1,000 crore through this issue.

L&T Finance's NCD issue opens for subscription

The public sector Punjab National Bank (PNB) proposes to open 62 new branches in Orissa to expand its foot print in the state, particularly in the under-banked districts.

PNB to expand footprint in Orissa

Electrotherm Renewables - a division of Electrotherm (India) Limited, is investing between Rs 700 crore and Rs 800 crore for setting up a 40 Mw solar thermal power plant in Banaskantha. While Electrotherm is still on the lookout for a 500 acre land, the company is expecting some assistance from Gujarat Energy Development Agency (GEDA).

Electrotherm to invest Rs 700 crore for solar plant in Guj

Chennai-based Akshaya Homes is planning to invest around Rs 300 crore in 11 projects over the next 16 months.

Akshaya Homes to invest Rs 300 cr

SBI plans to roll out 600,000 points of sale

Finance News: Latest investing news and finance headlines straight from Business Standard.

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