LIC Housing Finance Limited, one of the largest housing finance companies in India, has started offering home loans against the security of certain approved financial assets like bank fixed deposits, national savings certificates and life insurance policies. Called 'New Griha Laxmi', these home loans will be available up to 95 per cent of the liquid value of the security, subject to a minimum of Rs. 50,000. There is no upper limit on the amount borrowed or on the term of the loan. Repayment of loan can be through Equated Monthly Instalments (EMI), or by way of interest. This loan can be taken for purchase / construction / repairs / renovation / extension of house or flat. A one time upfront fee of only Rs 1000 will be charged to the customer, irrespective of the loan amount applied for. This product is also available in combination with the other products of the company. This product from LIC Housing Finance will offer great deal of flexibility to the home loan borrowers. It will enable them to acquire real estate assets without liquidating their financial assets. Guarantors are not required. It will also enable the customers to acquire home loans against the security of life insurance policies which are essentially long-term assets with restricted liquidity.
The Jammu & Kashmir Bank Ltd, has reported a net profit of Rs 54.98 crore for the second quarter ended 30 September, 2005, as against loss of Rs 50.03 crore during the same quarter previous year. Total Income rose to Rs 443.50 crore, up 14.36 per cent over the same quarter previous year. On a half yearly basis the net profit for the current year increased to Rs 103.42 crore from the loss of Rs 2.74 crore for the corresponding period of the previous year. Nationally, the bank continues to record a healthy growth in its business. Loans disbursed out side of J&K state stood at Rs 6517 crore on 30 September, 2005, up 33.60 per cent from a year earlier. About 50 per cent of JK Bank income comes from outside Jammu & Kashmir state. Its clients include the country's leading blue chip companies and fast growing small and mid sized businesses. The Bank has identified small and medium enterprises and Entrepreneurs as fast growing segments and expects business from these entities to grow rapidly.
Larsen & Toubro Limited (L&T) reported gross sales at Rs 3401 crore for the quarter ended 30 September 30, 2005 as against Rs 3004 crore for the corresponding quarter of the previous year. The company's revenues from international operations constituted 21 per cent of the total sales, affirming the company's strategy to expand business in the international markets. During the quarter, the company divested its stake in L&T-John Deere Private Limited, in line with its strategy to focus on its core businesses. Before considering the profits on divestitures of long term investments, Profit before tax and Profit after tax for the July-September 2005 quarter at Rs 184 crore and Rs 120 crore respectively are higher by 26 per cent and 42 per cent respectively, when compared to similar amounts for the corresponding period of the previous year. The higher growth in PBT and PAT as compared to the sales growth has been possible as a result of improvement in the operating margins across all its business segments despite the cost pressures.
This is cache, read story here
