LIC Housing Finance, a subsidiary of LIC, on Wednesday posted a 36% increase in net profit to R310.50 crore for the first quarter ended June 30, 2013. The company had posted a net profit of R227.75 crore in the April-June quarter of 2012-13 fiscal, LIC Housing Finance said in a filing on the BSE. The company’s Q1, 2013-14, income from operations rose by 23% to R2,149 crore from R1,767.3 crore in the year-ago period, it said. The net interest margin improved to 2.30% against 2.18% for the quarter ended June 2012. Gross NPAs in the individual segment were 0.51% as on June 30 against 0.74% as on June 30.
IOC mandates 3 banks to arrange $500-million loan
Indian Oil has mandated Mizuho Bank, State Bank of India and Sumitomo Mitsui Banking as arrangers for its $500-million three-year loan, according to a person familiar with the matter. * The three arranging banks are planning to market the loan in syndication by September, the person said, asking not to be identified because the details are private.
Appointment of SAT presiding officer: Bill tabled in House
The government on Wednesday introduced a Bill in the Lok Sabha regarding appointment of presiding officer at the Securities Appellate Tribunal (SAT). Minister of state for finance, Namo Narain Meena, introduced the Securities and Exchange Board of India (Amendment) Bill, 2013 to amend Sebi Act, 1992. The new bill will replace the ordinance regarding appointment of SAT presiding officer. The post of SAT presiding officer fell vacant in November 2011. Since suitable candidates could not be immediately found, Sebi Act was amended by an ordinance to include sitting or retired High Court judges with at least seven years’ experience as one of the qualifications for the post. SAT adjudicates upon appeals against the decisions of capital market regulator Sebi.
Leo Puri takes over as MD of UTI Mutual Fund
Asset management firm UTI Mutual Fund on Wednesday said Leo Puri has assumed office as managing director. His appointment was cleared by the company’s board on July 3 this year. Puri was earlier associated with McKinsey as director and senior advisor