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Indiabulls Real Estate surges 22%

Tue, 21 Oct 2008 12:20:34 +0000

Shares of Indiabulls Real Estate surged over 22% to Rs 131.15 on BSE Tuesday, while Indiabulls Financial Services climbed over 7% to Rs 105.60 after the company assured of not having any non-performing loan in its portfolio.

The financial services company reported a net profit growth of 21.4% to Rs 136 crore for the second quarter ended September and said that it does not plan to expand its loan portfolio from the current Rs 11,000 crore due to adverse market conditions.

The company saw loan repayments of Rs 2,000 crore during July-September and did not face any problems with large-ticket loans, Director Gagan Banga said.

Brokers said market sentiment has improved on positive move taken by the central banks to ease liquidity crisis that boosted the financial and realty stocks. Realty index of BSE was up 7%, while Bankex was up 4% in afternoon trading.

Unitech’s Annual Profit Loss Statement

admin — Sat, 28 Jun 2008 12:02:45 +0000

Unitech Limited, India’s foremost Real Estate Company on 27 June 08 announced its audited consolidated financial results for the FY ended 31st March 2008.
Total income rose by twenty six percent to Rs. 42,801 million, as against Rs. 33,881 million during the preceding financial year. Profit after tax (PAT) also jumped by twenty seven percent to Rs. 16,618 million, as compared to Rs. 13,058 million in the year ended March 07. Board of the company in its meeting on 27th June also suggested a dividend of 12.5% for the fiscal year ended March 2008.
The Earning per Share (EPS) stands at Rs. 10.23 on an equity base of three thousand two hundred forty seven million rupees. Total paid capital is represented by 1,623 million equity shares of the face value of rupees two each.
The company has a reserve base of Rs. 33,232 million as of 31st March 08. Total Loans outstanding as of 31st March 2008 is Rs. 85,523 million. Company has Rs. fourteen thousand eighty two million rupees in cash and bank balances as of 31st March 2008.
Mr. Sanjay Chandra, Managing Director, Unitech Limited, said, “This performance is a outcome of the high growth plans that the company has been pursuing over the preceding few years. We are at this time working on an exciting repertoire of projects and are sure of outperforming the sector in the days to come.”

RBI Limits Private And Public Sector Banks For NRI Matters

Sat, 28 Jun 2008 07:26:26 +0000

NRI loan interest rate depends a lot on the reason of borrowing. When the reason is to invest in share or commercial immovable property market, the interest rate to be paid is higher than any loan borrowed by the NRI to be invested at an employment generating project.
The RBI has recently prohibited public and private sector banks from lending more than Rs 20 Lakh against the deposits of NRIs. This ban is imposed by the apex bank on doubt that a huge part of such loans is being diverted for speculation in shares and immovable property market. These cautious steps from the apex banking body are aimed at ensuring that bank credit is streamlined towards productive sectors other than the retail sector. It will definitely squeeze the extra investment flow particularly in commercial real estate and capital markets. The hike in standard assets provisioning will lead to a raise in retail lending rates.