The Financial Express -- News

Monday, May 5 1997

IFCI plans to set up banking subsidiary

Industrial Finance Corporation of India, which recently slashed its prime lending rates to 15%, has decided to set up a banking arm to provide working capital loans to corporates. IFCI has sought clearance from the Reserve Bank of India for this purpose.

Infrastructure Bond Issue

Coal India sees net profit at Rs 248 crore

Coal India Ltd has posted an unaudited profit before tax of Rs 1,044 crore during 1996-97 on a turnover of around Rs 16,750 crore. CIL sources said that the company's profit had jumped from about Rs 611 crore in the previous financial year on a turnover of about Rs 13,380 crore.

Cholamandalam to raise Rs 10 cr from CP

Cholamandalam Investments and Finance Company Ltd is in the process of placing a commercial paper for Rs 10 crore at "fine rates". Of this, a commercial paper of Rs 5 crore value has already been taken up by HDFC Bank.

Overseas contracts for civil construction dips to Rs 801 cr

I-Sec posts Rs 66 cr net loss