SPECIAL COVERAGE
CHANDIGARH

LUDHIANA

DELHI



THE TRIBUNE SPECIALS
50 YEARS OF INDEPENDENCE

TERCENTENARY CELEBRATIONS

B U S I N E S S

Sensex defies gravity of FM’s comments
Adds 640 points to scale Mt 19k, FIIs actively participate in rally
A passerby watches the ticker outside Bombay Stock Exchange in Mumbai on Monday. Mumbai, October 15
The bull run on the bourses gathered steam today propelling the Sensex past the 19,000 mark in record time. The index took just four trading sessions to move up from the 18,000 mark. In only today’s trading session, the Sensex gained 639 points or 3.4 per cent to close at 19,058 levels.


A passerby watches the ticker outside Bombay Stock Exchange in Mumbai on Monday. — PTI

RIL-RNRL Case
Renegotiate, Bombay HC tells Ambanis
Mumbai, October 15
The Bombay High Court today asked Mukesh Ambani-led Reliance Industries and Anil Ambani group firm Reliance Natural Resources Ltd to renegotiate within four months, a gas supply master agreement (GSMA) between them saying it has to be a "bankable" pact.


EARLIER STORIES

 

Reliance MF launches gold ETF
Mumbai, October 15
Anil Ambani Group firm Reliance Mutual Fund today launched its gold exchange traded fund, which will track the performance of gold bullion. The open-ended new fund offering, which opened today for subscription, will close on November 1, the company said.

Managing Director of Kinetic Motor Company Sulajja Firodia Motwani sits on a Kinetic-SYM Flyte scooter at the launch in New Delhi on Monday. Kinetic gearbox for Tata’s Rs 1-lakh car
New Delhi, October 15
Pune-based Kinetic Engineering Ltd, auto component manufacturing arm of the Kinetic Group today said it would set up a manufacturing unit at Singur to supply gearbox to Tata’s Rs 1 lakh car. The company, which will be finalising shortly a Rs 80 crore fund raising plan through instruments, including issue of convertible shares, plans to invest Rs 60 crore on its overall gearbox production capacity hike in the next one year.



Managing Director of Kinetic Motor Company Sulajja Firodia Motwani sits on a Kinetic-SYM Flyte scooter at the launch in New Delhi on Monday. Kinetic Flyte 125cc scooter, which is available in five attractive colours, is priced at Rs 37,499. — A Tribune photograph

ArcelorMittal buys 90 pc in Chinese Co
Brussels, October 15
ArcelorMittal, the world's largest steel maker, said today it bought 90 per cent of Chinese steel wire company Rongcheng Chengshan Steelcord for $26.6 million.

Photo taken on Monday at the Toulouse-Blagnac airport, southern France, shows the first A380 superjumbo jet to be delivered to Singapore Airlines.
Photo taken on Monday at the Toulouse-Blagnac airport, southern France, shows the first A380 superjumbo jet to be delivered to Singapore Airlines. Airbus delivered its first A380, the world’s biggest passenger plane, to the Asian company at a ceremony in southern France. — AFP

Banks’ lending norms under review
Mumbai, October 15
Weeks after finance minister P. Chidambaram asked banks to reduce interest rates to prevent the economy from slowing down, major banks in the country have begun to slash interest rates in the housing, auto and personal loan categories.

IOC arm studies refinery option in Trincomalee
Colombo, October 15
Moves are afoot to explore the possibility of setting up an oil refinery at the war-ravaged Trincomalee by Lanka IOC, the subsidiary of the Indian Oil Corporation.

Oil prices surge in London, NY
London, October 15
World oil prices surged to record peaks today, hitting $84.35 per barrel in New York, as traders feared unrest in crude producer Iraq could further tighten global energy supplies.

SAIL joins trillion-rupee league
Mumbai, October 15
Public sector steel giant SAIL today became the seventh state-run firm to attain a trillion-rupee market capitalisation, thus joining the 14-member elite club of Indian companies with market value of over Rs 1,00,000 crore.

BHEL bags order from UAE
New Delhi, October 15
Bharat Heavy Electricals Limited (BHEL) has secured an export contract for two gas turbine generating units of 42 MW each from the United Arab Emirates (UAE) worth Rs 150 crore.

Birla Plus is Ultra Tech
Chandigarh, October 15
Birla Plus will now be known as Ultra Tech Cement. The same was announced today by O.P. Puranmalka, group executive president & chief marketing officer, Aditya Birla Group (Cement Business) at a press conference, here today.

NE to be studded with more airports
New Delhi, October 15
The Airports Authority of India (AAI) plans to develop two new airports at Kokrajhar in Assam and Tawang in Arunachal Pradesh as part of efforts to expand air connectivity to the northeastern states.

CBoP plans inorganic growth
Chandigarh, October 15
The Centurion Bank of Punjab will be opening 20 new branches in Punjab in the coming year. Talking to TNS Vivek Vig, Country Head, Retail Bank, Centurion Bank of Punjab Limited who was in town today informed that the region was a very critical market for the bank and growth here was very important.

TCS nets $314 m profit
Mumbai, October 15
Tata Consultancy Services (TCS) has registered a net profit of $314 million for the quarter ending September 30, up by 22.8 per cent against last year. TCS has posted net revenues of $1.42 billion in the second quarter, an increase of 25.4 per cent year-on-year.

Bank Account
Axis Bank to deal in mutual funds
Mumbai, October 15
Axis Bank today said its July-September quarter net profit jumped over 60 per cent on strong gains from loans and other financial products and announced plans to foray into mutual fund and treasury businesses.

 

Top



 

 

 

Sensex defies gravity of FM’s comments
Adds 640 points to scale Mt 19k, FIIs actively participate in rally
Tribune News Service & PTI

Milestones
The 1,000 to 19,000 pt saga

19,000: October 15, 2007
18,000: October 9, 2007
17,000: September 26, 2007
16,000: September 19, 2007
15,000: July 6, 2007
14,000: December 5, 2006
13,000: October 30, 2006
12,000: April 20, 2006
11,000: March 21, 2006
10,000: February 6, 2006
9,000: November 28, 2005
8,000: September 8, 2005
7,000: June 20, 2005
6,000: February 11, 2000
5,000: October 8, 1999
4,000: March 30, 1992
3,000: February 29, 1992
2,000: January 3, 1992
1,000: July 25, 1990

Mumbai, October 15
The bull run on the bourses gathered steam today propelling the Sensex past the 19,000 mark in record time. The index took just four trading sessions to move up from the 18,000 mark. In only today’s trading session, the Sensex gained 639 points or 3.4 per cent to close at 19,058 levels.

In the broader markets Nifty also closed 242 points or 4.4 per cent higher at the 5,670 levels.

Today’s performance came despite Finance Minister P. Chidambaram’s warning that the markets are becoming overheated.

Market players attributed today’s rally another Friday statement by UPA chief Sonia Gandhi and Prime Minister Manmohan Singh that elections were still far away - hinting that differences with Left parties on the Indo-US nuclear deal have been addressed.Today’s big gainers were metal stocks even as across the board buying was witnessed in shares of PSU, banking and oil and gas companies.

Today’s biggest gainer was Reliance Energy, which closed 12.9 per cent higher at Rs 1,847. ONGC, Tata Steel, Maruti Suzuki, Hindalco and Bharti Airtel also surged more than 5.3 per cent each.

The BSE Metal index gained 1,358 points or 9.1 per cent and was the biggest gainer among the sectoral indices. Sterlite Industries at Rs 931 surged Rs 117 or 14.3 per cent.

The bull charge, which re-emerged after a brief pause on Friday, helped the market barometer add 640 points - the second highest gain for a single-day.

Asika Stock Brokers’ Paras Bodhra said: “Market is in a strong bull grip... has left fundamentals behind and is going forward on macro indicators, including strong IIP numbers, fall in inflation...everything is positively stacked up.” S&P CNX Nifty of NSE too flared up by 242.15 points or 4.46 per cent to close at a high of 5,670.40.

Foreign institutional investors were also in the driver’s seat, and poured in about Rs 8,425 crore (including Friday’s provisional number) during last week.

“FIIs are going strong with their investments in the Indian markets and 20,000 could be achieved by the month-end,” Premium Investments’ S P Tulsian said.

Metal shares saw an unprecedented rally, pushing its index by a whopping 1,358.74 points or 9.16 per cent in a single day.

The major gainers were Reliance Energy, ONGC, Tata Steel, Maruti, Bharti, SBI and Reliance Communications.

The market breadth was extremely strong with 1,899 gainers against 875 losers.

Top

 

RIL-RNRL Case
Renegotiate, Bombay HC tells Ambanis

Mumbai, October 15
The Bombay High Court today asked Mukesh Ambani-led Reliance Industries and Anil Ambani group firm Reliance Natural Resources Ltd to renegotiate within four months, a gas supply master agreement (GSMA) between them saying it has to be a "bankable" pact.

Reading out the operative part of the order, Justice A.V. Mohta said GSMA will have to be in-line with the family arrangement between Ambani brothers prior to demerger of Reliance group, and it has to be a "bankable agreement."

Either of the parties can come back to the court if they fail to rework the deal.

Mukesh Amabni-led Reliance Industries Limited (RIL) and Anil Ambani's Reliance Natural Resources Limited (RNRL) were locked in a legal battle over terms of GSMA, under which RIL is to supply gas from Krishna-Godavari fields to RNRL.

RNRL approached the High Court seeking amendment to GSMA, saying that present agreement did not ensure certainty regarding quantity of supply and its tenure.

Meanwhile, a lawyer representing RNRL told PTI that an earlier interim order of the High Court restraining RIL from selling gas, which was committed to RNRL, to third party will continue for a period of four months. "But we are hoping that before that a new agreement would be worked out," Manali Singhal of RNRL legal team said. — PTI

Top

 

Reliance MF launches gold ETF
Tribune News Service & PTI

Mumbai, October 15
Anil Ambani Group firm Reliance Mutual Fund today launched its gold exchange traded fund, which will track the performance of gold bullion. The open-ended new fund offering, which opened today for subscription, will close on November 1, the company said.

The units issued under the scheme would represent the value of gold held in the scheme. It is designed to provide returns that, before expenses, closely correspond to the returns provided by domestic price of gold.

Gold ETF is a security listed on the stock exchange available for trading with an intention to offer investors a means of participating in the gold bullion market without needing to take physical delivery of gold. Three domestic mutual funds already offer gold exchange traded funds — Kotak Mahindra, Benchmark and UTI Mutual.

India’s total gold collection under exchange-traded funds (ETFs) had risen to 3.38 metric tonnes at the end of September from 3.33 metric tonnes in August, primarily on account of the latest entrant - Kotak Mahindra Asset Management Co Ltd.

Meanwhile, the financial services and products distribution company of Reliance Anil Dhirubhai Ambani Group, Reliance Money, launched gold coins in the denominations of half a gram and one gram of pure gold apart from five and eight gram weight.

A coin weighing half-a-gram would cost around Rs 500 per unit and 1gram coin would cost Rs 1,000. Reliance Money also offers coins of 5 gm and 8 gm priced at Rs 5,200 and Rs 8,000 respectively, excluding taxes.

India is the world’s largest gold importer with total demand of about 800 tonnes a year, of which 10 per cent or 80 tonnes are the in the form of gold coins. Unorganised jewellery stores dominates the Rs 8,000 crore gold coin market.

Of the organised market of just four tonnes, ICICI Bank is the market leader with a share of about 2.5 tonnes, while Tata Group’s jewellery retail unit Tanishq make up for 0.75 tonnes each.

Top

 

Kinetic gearbox for Tata’s Rs 1-lakh car

New Delhi, October 15
Pune-based Kinetic Engineering Ltd, auto component manufacturing arm of the Kinetic Group today said it would set up a manufacturing unit at Singur to supply gearbox to Tata’s Rs 1 lakh car.

The company, which will be finalising shortly a Rs 80 crore fund raising plan through instruments, including issue of convertible shares, plans to invest Rs 60 crore on its overall gearbox production capacity hike in the next one year.

“We will be supplying 50 per cent of Tata Motor’s gearbox requirement for the Rs 1 lakh car, for which we will set up a new unit at Singur, besides expanding our capacity at Ahmednagar,” Kinetic Engineering Ltd Director Sulajja Firodia Motwani told reporters here.

She said the Singur plant will have a capacity of about 1.75 lakh gearboxes annually and about Rs 45 crore would be invested there alone while the remaining will be invested at the Ahmednagar plant. KEL is already supplying gearboxes to Tata Motor’s for two of its products.

On the fund raising, she said it was expected to be completed by December this year.

“Talks are already in advanced stages with investors and how much stake will promoters dilute will depend on the final structuring of the instrument,” she said, adding of the total funds raised, Rs 20 crore would be for working capital. KEL, which is already making operating profits, expects a turnover of Rs 200 crore next year while for this year it is aiming about Rs 100 crore, she said. — PTI

Top

 

ArcelorMittal buys 90 pc in Chinese Co

Brussels, October 15
ArcelorMittal, the world's largest steel maker, said today it bought 90 per cent of Chinese steel wire company Rongcheng Chengshan Steelcord for $26.6 million.

The Shandong-based business, which was privately owned, specialises in steelcord wire and bead wire used for reinforcing vehicle tyres. It expects turnover to hit $71 million this year.

China is the largest steelcord wire market in the world, supplying the world's largest tyre manufacturing base.

ArcelorMittal said the purchase was a sign of its commitment to the broader Chinese steel market.

Meanwhile, the company's bid for mid-sized steelmaker Laiwu Steel Corp, also based in Shandong, has stalled, with Chinese regulators demanding a higher price to let the deal go through, a Laiwu spokesman said in March.

Arcelor SA agreed more than a year ago to buy a 38 per cent stake in the Laiwu Steel, for $258 million.

Parent company Laiwu Steel Group would have a matching stake of 38 per cent, with most of the remainder to be sold by initial public offering on the Shanghai Stock Exchange.

China is the world's biggest steel producer and consumer, using about a third of all steel produced worldwide. — AP

Top

 

Banks’ lending norms under review
Shiv Kumar
Tribune News Service

Mumbai, October 15
Weeks after finance minister P. Chidambaram asked banks to reduce interest rates to prevent the economy from slowing down, major banks in the country have begun to slash interest rates in the housing, auto and personal loan categories.

The State Bank of India and ICICI Bank are among the banks that have slashed interest rates for loans and for deposits as well. The former had reduced interest rates on home and other retail loans by 0.5-1 per cent as part of a festival offer continuing till December 31. ICICI Bank was the latest to reduce interest rates by 0.5 per cent to 11 per cent on floating home loan rates. However, only new borrowers are likely to benefit while existing borrowers will have to continue with the older, more expensive rates, say officials.

However, the lower interest rates are coming with a review of lending norms, particularly in the personal loan segment, following allegations of harassment by collection agents.

According to sources, in banks like the SBI, ICICI, HDFC and Citibank - which are heavily into the personal loan business - lending norms are under review. Media reports are already calling this business a sub-prime lending business because personal loans are given without collateral at high interest rates for account holders with minimum income.

“Small businessmen and clerical-level employees, with accounts in these banks, are pestered for personal loans with heavy interest rates,” admits a senior RBI official.

After a surge in personal loans, default rates are said to be pinching them. The rate of default in the personal loan category is reportedly to a tune of 10 per cent. Bank officials admit that the higher rates of interest, charged on a monthly basis from borrowers availing of the personal loan facility, does not offset the loss caused by the default rates. In addition, bad publicity and compensation offered to clients hurt by collection agents is also hurting the banks.

Banks, like the SBI, are trying to skirt the problem by allowing holders of salary accounts to avail of personal loans at more attractive rates.

Some banks, like Citibank, are setting norms, which will make it impossible for small borrowers with low-credit worthiness from borrowing in the personal loans category.

Only managers of the public sector banks are smiling since many of these banks still insist on collateral before offering loans.

However, a few bank officials, who are heavily into personal loan business, are raising the bogey of borrowers resorting to moneylenders and loan sharks. 

Top

 

IOC arm studies refinery option in Trincomalee
T.V. Sriram

Colombo, October 15
Moves are afoot to explore the possibility of setting up an oil refinery at the war-ravaged Trincomalee by Lanka IOC, the subsidiary of the Indian Oil Corporation.

"There is nothing formal. We have held talks with the Indian Oil Corporation to this effect. But there is yet to be any formal application," Petroleum and Petroleum Resources Development Minister AH M.Fawzy told PTI here.

Lanka IOC is the only private oil company other than the state-owned Ceylon Petroleum Corporation (CPC) that operates retail petrol stations in Sri Lanka.

It has been incorporated to carry out retail marketing of petroleum products, bulk supply to industrial consumers, building and operating storage facilities at the Trincomalee Tank farm.

Lanka-IOC PLC Chairman Sarthak Behuria, in the annual report of the company, said that the public sector giant was interested in setting up a refinery at Trincomalee in Eastern Sri Lanka after taking into account plans to increase the country's domestic refining capacity.

The annual demand for petroleum products is 4 million metric tons with the single existing refinery having a capacity of only 2 million metric tons per year.

Fawzy said there were things such as the demand for extending appropriate fiscal incentives from the Sri Lankan government sought by IOC for setting up the refinery that needed to be looked into.

Lanka IOC PLC is not only providing energy security and supply stability for Sri Lanka, but also upgrading the overall standards of service, particularly in the retail sector, an IOC official said.

Lanka IOC is making phased investments to the tune of about Rs 450 crore to provide world-class quality petroleum products and services at the most competitive prices to the Sri Lankan customers.

It took over 100 CPC-owned petrol/diesel stations in February 2003 and commenced retailing products to customers and subsequently, it took over 59 dealer-owned franchisee retail outlets. — PTI

Top

 

Oil prices surge in London, NY

London, October 15
World oil prices surged to record peaks today, hitting $84.35 per barrel in New York, as traders feared unrest in crude producer Iraq could further tighten global energy supplies.

London Brent oil, meanwhile, soared to a fresh all-time high of $81.26 per barrel.

Prices are surging amid heightened tensions between Turkey and Kurdish rebels in Iraq, traders said.

Oil market traders “are still worried about possible tension with Turkey and Iraq on the northern borders,” explained Robert Montefusco, an analyst at Sucden brokerage in London.

He added: “There’s no lost production at the moment, so it’s only perceived that we could lose some production if any of the pipelines are affected in that region from Iraq. That is the main concern at the moment.”

Today’s historic peaks also came as solid US economic data signalled solid crude oil demand in a tightly-supplied market.

Traders are fearful of a peak in demand for heating fuel during the forthcoming winter. — AFP

Top

 

SAIL joins trillion-rupee league

Mumbai, October 15
Public sector steel giant SAIL today became the seventh state-run firm to attain a trillion-rupee market capitalisation, thus joining the 14-member elite club of Indian companies with market value of over Rs 1,00,000 crore.

The combined market value of all trillion-rupee m-cap firms, led by Mukesh Ambani-promoted Reliance Industries, today soared by about Rs 1,00,000 crore.

Shares of SAIL today soared by Rs 15.4 per cent to settle at Rs 258.75 after scaling an all-time high of Rs 267.40 earlier in the day.

This pushed the company’s market capitalisation to Rs 106,874.11 crore, making it the 14th company currently with a market cap of at least Rs 1,00,000 crore.

As of yesterday, there were 12 companies above this level. Besides SAIL, PSU banking giant SBI, which had slipped below this level last week, today regained this milestone. SBI’s market cap today rose to Rs 1,02,994.06 crore. Other PSUs with a trillion-rupee market cap include ONGC, NTPC, BHEL, National Mineral Development Corp and MMTC. — PTI

Top

 

BHEL bags order from UAE
Tribune News Service

New Delhi, October 15
Bharat Heavy Electricals Limited (BHEL) has secured an export contract for two gas turbine generating units of 42 MW each from the United Arab Emirates (UAE) worth Rs 150 crore.

The orders has been received from Al Ghail Power LLC, a company wholly owned by Ras Al Khaimah Investment Authority, Government of Ras Al Khaimah. Ras Al Khaimah is one of the seven Emirates of the UAE, located around 70 km north of Dubai and is fast emerging as one of the most attractive destinations for foreign direct investment.

In west Asia, BHEL has so far set up 14 power projects.

Top

 

Birla Plus is Ultra Tech

Chandigarh, October 15
Birla Plus will now be known as Ultra Tech Cement. The same was announced today by O.P. Puranmalka, group executive president & chief marketing officer, Aditya Birla Group (Cement Business) at a press conference, here today.

Puranmalka informed that there will now be only one national brand UltraTech. Regional brands such as Vikram Cement in North Zone and Birla Super in Bangalore, Pune and Mysore & Rajashree Cement in the West and South Zone will continue to be part of the brand portfolio.

“We opted for UltraTech as the national brand because it gives us the opportunity to strengthen common attributes of a premium brand, scale of operations and the Aditya Birla Group’s reputation.”

Ultra Tech's distribution network will be pan-India with over 14,000 dealers and 60,000 retailers. The Aditya Birla group's cement capacity is in excess of 31 million. The group is also increasing its capacities to 15 million tonnes per annum by 2008-09. This will take the total capacity to 46 million tonnes. — TNS

Top

 

NE to be studded with more airports

New Delhi, October 15
The Airports Authority of India (AAI) plans to develop two new airports at Kokrajhar in Assam and Tawang in Arunachal Pradesh as part of efforts to expand air connectivity to the northeastern states.

The AAI is also planning to develop an airport at Cheithu in Nagaland and upgrade infrastructure at Pakyong airport in Gangtok.

"The Government of India is giving special emphasis for development of airports in NE region and as per our plan, we are preparing feasibility studies for new airports in Kokrajhar, Tawang," AAI's executive director (planning) G.K. Chaukiyal said at a conference on airport development here.

To cope with the unprecedented traffic growth, the AAI is developing infrastructure at various airports across the country.

"As per the modernisation drive, we are developing 35 non-metro airports," he said adding techno-economic feasibility studies for 25 airports have been completed.

He said new terminal buildings are coming up at 14 airports and integrated cargo terminals are being developed at many airports in the country.

Chaukiyal said the AAI will invest 12,000 crore in the 11th five-year plan.

"Although 80 per cent airports under AAI are loss making, we hope to convert these airports to profit making ones," he said. The AAI manages 127 airports in the country which include 14 international airports, 79 domestic airports, eight custom airports and 24 civil enclaves.

He said the AAI is also undertaking feasibility studies for a new airport at Sriperumbudur in Tamil Nadu.

The AAI needs Rs 40,000 crore by 2012 for modernisation of airports across the country, he said. — PTI

Top

 

CBoP plans inorganic growth

Chandigarh, October 15
The Centurion Bank of Punjab will be opening 20 new branches in Punjab in the coming year. Talking to TNS Vivek Vig, Country Head, Retail Bank, Centurion Bank of Punjab Limited who was in town today informed that the region was a very critical market for the bank and growth here was very important.

Centurion Bank also plans to merge another major bank, hopefully in the coming year again. “We have already absorbed LKB and we hope for another big merger soon,” he said. — TNS

Top

 

TCS nets $314 m profit

Mumbai, October 15
Tata Consultancy Services (TCS) has registered a net profit of $314 million for the quarter ending September 30, up by 22.8 per cent against last year. TCS has posted net revenues of $1.42 billion in the second quarter, an increase of 25.4 per cent year-on-year.

It has also added 12,523 new employees during the quarter, of which 966 persons were recruited overseas. With this addition, it has become the first Indian IT firm to cross a headcount of one lakh employees. “Our strategic investments in new services as well as new markets are helping accelerate growth and diversify our revenue base, thereby reinforcing our full service capability,” S. Ramadorai, CEO and MD, said. — IANS

Top

 

Bank Account
Axis Bank to deal in mutual funds

Mumbai, October 15
Axis Bank today said its July-September quarter net profit jumped over 60 per cent on strong gains from loans and other financial products and announced plans to foray into mutual fund and treasury businesses.

The bank, previously known as UTI Bank, saw its net profit rise to Rs 227.82 crore in the quarter ended September 30, from Rs 141.98 crore in the year-ago period. Total income increased by 67.4 per cent to Rs 2,059.37 crore for the quarter under review.

The bank's board of directors at a meeting held today also decided to incorporate an asset management company, as a subsidiary of the bank, to carry out the activities of asset or fund management and advisory and other related activities.

The bank's mutual fund business plans comes amid a sharp growth in the Indian stock market and the asset size of over 30 existing AMCs in the recent past

Indian Bank

Indian Bank has recorded 37.61 per cent increase in net profit at Rs 459.62 crore for the half year ended September 30, compared to Rs 334 crore during the same period last fiscal. The bank said it has posted a growth of 27.78 per cent in operating profit during the period while net interest income grew by 10.79 per cent and non-interest income grew by 75.69 per cent.

IDBI rates

IDBI Bank has reduced its home loan floating interest rates by 0.5 per cent to 10.5 per cent.

The new rate will be applicable on fresh home loans disbursed between October 12 and December 31, the bank said. It has also launched a special “buy now, pay later” scheme wherein buyers of properties under construction can choose to avail of a moratorium period of up to 18 months for payment of equated monthly instalments. — PTI

Top

 



HOME PAGE | Punjab | Haryana | Jammu & Kashmir | Himachal Pradesh | Regional Briefs | Nation | Opinions |
| Business | Sports | World | Mailbag | Chandigarh | Ludhiana | Delhi |
| Calendar | Weather | Archive | Subscribe | Suggestion | E-mail |