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Tuesday,26-October-2021

Business

Kerala’s top financial institution performs well amid Covid-19

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Despite difficult times due to the Covid-19 pandemic, the state’s premier financial institution, the Kerala Financial Corporation (KFC), has posted a net profit of Rs 6.58 crore for 2020-21.

Sanjay Kaul, KFC Chief Managing Director (CMD), said though the economy is under severe stress due to Covid-19, the KFC could position itself well.

“We were able to improve the performance in terms of all-time high loan portfolio growth, higher sanctions, disbursements and recovery. We could also significantly curb the Non-Performing Asset (NPA) levels,” Kaul said.

He was speaking after the annual accounts of the banking institution were adopted by the annual general meeting held here on Tuesday.

Data revealed that loan sanctions registered a growth of 150 per cent to touch Rs 4,147 crore, while it disbursed Rs 3,709 crore as the total income rose to Rs 491 crore.

The gross NPAs have been brought down to 3.58 per cent and net NPAs to 1.48 per cent, which makes for the banking industry’s leading performance.

The net worth of KFC has moved up by 16 per cent to Rs 678.35 crore and the capital to risk-weighted assets ratio (CRAR) stood at 22.85 per cent.

“In order to conserve the capital and to absorb losses due to the uncertainty caused by the Covid-19 pandemic, the KFC decided to hold dividends during this year,” the KFC CMD said.

As part of the pandemic relief packages, KFC announced three new loan schemes — ‘Startup Kerala Scheme’, special scheme for units in industrial estates and the revamped Chief Minister’s Entrepreneurship Scheme (CMEDP) for MSME units.

With reduced interest rates and a fast track loan processing system, KFC is targeting new loan sanctions of Rs 4,500 crore this year. Besides, it aims at exceeding the loan portfolio size to more than Rs 5,000 crore this fiscal.

Business

Equity indices trade lower; Sensex down by over 300 pts

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India’s key equity indices – S&P BSE Sensex and NSE Nifty50 – traded lower during Monday’s early-morning session.

At 10 a.m., the 30-scrip sensitive index traded at 60,504.75 points, down 316.87 points or 0.52 per cent.

The Sensex opened at 61,398.75 points from its previous close of 60,821.62 points.

Besides, the NSE Nifty50 traded at 17,989.40 points, lower by 125.50 points or 0.69 per cent.

It opened at 18,229.50 points from its previous close of 18,114.90 points.

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Nissan, Porsche face action over false emissions information

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South Korea’s antitrust regulator has decided to order Nissan Motor, Porsche AG and their two Korean units to take corrective steps for falsified information over gas emissions of their diesel cars.

Nissan Motor, Nissan Korea, Porsche and Porsche Korea are alleged to have stated false information about gas emissions of their diesel vehicles imported for sale in South Korea, according to the Korea Fair Trade Commission (KFTC).

The KFTC also decided to impose a fine of 173 million won ($146,700) only on Nissan Korea, reports Yonhap news agency.

Illegal software installed in their cars caused gas emission reduction devices to not fully operate during normal driving conditions.

The practice meant that the cars did not meet permissible emission levels, but the automakers falsified such facts in signs attached to their cars, according to the commission.

In September, the regulator fined Audi-Volkswagen Korea and Stellantis Korea a combined 1.06 billion won for similar allegations over gas emissions.

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Fuel price hike paused after 5 days of increase

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The price hike of petrol and diesel paused on Monday after increasing for the last five days to reach their highest-ever levels across the country.

Accordingly, the pump price of petrol in Delhi remained at Rs 107.59 a litre, while diesel prices also stood at Sunday’s level of Rs 96.32 a litre, according to a price notification of state-owned fuel retailers.

In the financial capital Mumbai, where petrol prices increased to Rs 113.47 per litre and diesel to Rs 104.47 a litre, the highest among all metros, there was no further hike in the retail rates on Monday.

The fuel prices remained static on October 18 and 19, but increased for a fourth straight day by 35 paise per litre previously before again rising for five consecutive days between October 20 to 24. There was no change in rates on October 12 and 13.

Diesel prices have now increased on 24 out of the last 31 days, taking up its retail price by Rs 7.80 per litre in Delhi.

Due to the sharp hike, the fuel is now available at over Rs 100 a litre in several parts of the country.

This dubious distinction was earlier available to petrol that had crossed Rs 100 a litre mark across the country a few months earlier.

Petrol prices had maintained stability since September 5 but oil companies finally raised its pump prices last week.

The rates increased on 21 of the previous 27 days taking up the pump price of petrol by Rs 6.40 per litre.

Crude price has been on a surge rising over a three-year high level of over $86 a barrel as global demand remains firm while OPEC+ continues to move s lowly on increasing production.

Since September 5, wthe price of petrol and diesel in the international market is higher by around $9-10 per barrel as compared to average prices during August.

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