mumbai-based

Struggling with 2G Scam DB Realty Defers Announcement of Financial Results

by Paul Joseph May 31, 2011

With its promoters facing probe in the 2G telecom scam, DB Realty has deferred the board meeting to announce the financial results for the year ended March 31, 2011, citing delay in the audit process and consolidation of the financial statements. On May 21, the company had announced the board meeting would be held today to approve audited financial statements for the year ended March 31, 2011. In a filing to the Bombay Stock Exchange, D B Realty said that the company’s Audit Committee members reviewed and took stock of the compilation and consolidation of accounts and the audit process. “Based on the review, and given some delay in compilation of the consolidated financial statements and the audit referral process from component auditors, the Audit Committee members felt that it was fair for the primary auditors of the company Deloitte to get few more days to review the consolidated financial statements and complete their audit process,” the filing said. The board meeting would be now held in about 10 days, the company said, adding that the revised date would be announced separately. Shahid Balwa and Vinod Goenka, the promoters of Mumbai-based realty firm, have been arrested by the CBI in connection with 2G telecom scam. They are in jail.

Tagged as: approve-audited, audit-committee, audit-referral, board, compilation, consolidated, delhi, financial, mumbai, mumbai-based, real estate, real estate developers, review, shahid-balwa, year

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Mumbai Based Patel Realty Plans to Launch Projects worth Rs 300 cr

by Paul Joseph May 27, 2011

Patel Realty India Ltd, a wholly-owned subsidiary of Mumbai-based publicly-held Patel Engineering Group, plans to launch 3-3.5 million sq ft of projects valued around Rs 300 crore during the present financial year across the country. Presently, around 7 million sq ft of real estate space is under construction across verticals like residential, commercial and retail space by the company. “The total project cost for these upcoming project is around Rs 300 crore this fiscal, which will be funded from internal accruals and cash flow from clients,” a top company official said on the sidelines of launching a new project here. Patel Realty has around 1,100 acres of land in various parts of the country,which has been transferred to the company from parent group. “As we don’t have to invest in land parcels, which is around 70 per cent of the total project cost, our investments are less in comparison to other real estate companies,” he added. He, however, said that it was difficult to give a sales figure as the company was working in all verticals of real estate market. Patel Realty, which has a total sales income of around Rs 700 crore in last two financial year, is also planning to launch an integrated township project in Mauritius. The company will commit around $500 million in this project in a phased manner. The real estate company also aims to launch more projects in Bangalore, Hyderabad, Mumbai and Chennai in the near future.

Tagged as: financial-year, mumbai, mumbai-based, projects-valued, property prices, pune, real estate, real estate india, realty, these-upcoming, various-parts

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HDFC to Hike Lending Rates by 55 bps and Deposit Rates by 125bps

by Paul Joseph May 12, 2011

In line with the industry trend, HDFC Bank has decided to hike lending rates by 55 basis points (bps) and deposits rates by up to 125 bps. Base rate or the minimum lending rate would go up by 55 bps to 9.25 per cent. Even, the benchmark prime lending rate (BPLR) will be revised by 50 bps to 17.75 per cent from existing 17.25 per cent. Deposit rates across select maturities will be revised upward between 25-125 bps effective tomorrow, PTI reported, citing sources. The Mumbai-based bank last raised its base rate by 50 bps to 8.70 per cent on March 13. Several banks like Punjab National Bank, ICICI Bank and Oriental Bank of Commerce raised base rate by 50 bps after the Reserve Bank hiked short-term key rates in its annual credit policy on May 3. On Tuesday, the country’s largest lender SBI raised base rate and BPLR by 75 bps to 9.25 per cent and 14 per cent, respectively. As far as fixed deposits are concerned, HDFC Bank is likely to raise rates between 25-125 bps on select maturities. Fixed deposits below Rs 15 lakh with maturity between 46-60 days will earn 6.25 per cent interest rate, up by 125 bps, highest increase among all the maturity slabs. Interest rate for term deposits between 7-14 days will go up by 50 bps to 3.5 per cent from the prevailing 3 per cent, while maturity slab of 30-45 days will give 5 per cent, 100 bps higher than the existing rate. At the same time, the interest rate of fixed deposits with the tenor of 15-29 days has been increased by 75 bps to 4 per cent while 61-90 days term deposit to earn 6.5 per cent, an increase of 100 bps. It is to be noted that RBI raise short-term key rates including the repo and reverse repo by 50 bps in its Annual Credit Policy on May 3. The repo rate and reverse repo rate now stand at 7.25 per cent and 6.25 per cent, respectively.

Tagged as: banking and finance, cent-on-march, country, deposits-below, fixed-deposits, industry, largest-lender, maturity, mumbai-based, policy-on-may, prevailing, property prices, reserve, reserve-bank

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