India Infrastructure Finance Company (IIFCL) reported a 121% growth in net profit to R579.62 crore for the first half of 2012-13 on a 28% growth in revenues despite the slowdown in infrastructure sector. The company's infrastructure loan book grew by 42% to R21,622 crore as at the end of September 2012 while net non-performing assets were just 0.06% of advances. IIFCL launched credit enhancement product in partnership with ADB as risk-sharing partner to the extent of 50%, which will help lure insurance and pension funds in infrastructure bond market.
HDFC ERGO gen launches new plan
Private insurer HDFC ERGO General Insurance today launched 'Health Suraksha Top Up' plan allowing a customer a larger sum insured limit at lower cost. The policy comes into action once the sum insured of the existing policy is exhausted, giving an additional sum insured to cover the medical expenses beyond a threshold limit of the existing health insurance plan to a customer, HDFC ERGO General Insurance said in a release.
Jet, AmEx launch co-branded card
Private carrier Jet Airways on Monday launched a co-branded credit card in partnership with American Express that offers the members six JPMiles for every R100 spend besides a host of other benefits. JPMiles is Jet Airways loyalty programme. The Jet Airways American Express Platinum Credit Card offers card members the quickest way to earn free travel with Jet Airways. The card also offers a 5% discount on base fare for ticket booked on the Jet Airways and JetKonnect websites, it said.
RBI notifies hike in restructured loan
Banks have to provide 0.40% against restructured loans that are standard if the revised date of commencement of commercial operations under the restructuring mechanims is within two years from the original DCCO, the Reserve Bank of India notified on Monday. If the revised date of commencement of commercial operations is more than two years and less than four years, the provisioning required would be 2.75%, RBI said. Restructured accounts classified as non-performing advances, when upgraded to standard category will attract a provision of 2.75% in the first year from the date of upgradation instead of existing 2%, RBI notice said.
IndusInd to raise $350 m in share sale
IndusInd Bank may raise as much as $350 million in a share sale to institutions, two people with knowledge of the matter said. The so-called qualified institutional placement may begin as soon as Monday, said the people, who asked not to be named as the process is private. JM Financial Services, HSBC Holdings, Morgan Stanley and CLSA Asia-Pacific Markets are managing the sale, the people said.