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Monday, April 30, 2012

India To Host ADB Annual Meet In May Next Year
India will host the Annual Meeting of the Board of Governors of the Asian Development Bank (ADB) in May next year, providing an opportunity for policy makers across 67 countries to brainstorm developmental issues. “The Annual Meeting will provide a valuable opportunity for brainstorming and cross fertilisation of ideas amongst intellectuals and policy makers from across Asia and the World," Finance Minister Pranab Mukherjee said after releasing logo of the four-day event to be held from May 2, 2013.

Official delegations from 67 countries, where Finance Ministers and Central Bank Governors usually lead the country delegations, are expected to participate in the "high profile and prestigious" meeting, an official release said.

The theme of the 46th meeting is 'Development through Empowerment'. This would be the third time that India would be hosting the Annual Meeting. Earlier, it hosted the meeting in 1990 at Delhi and then against in 2006 at Hyderabad.

IDBI Bank Aims To Be Among Top Five In The Country
State-owned IDBI Bank has set its eye to be among the country's top five banks in terms of business in the next couple of years, a top bank official said.
The bank, with a business of Rs 3.91 lakh crore in the just concluded financial year and remaining at 7th slot at present, has made a net profit of Rs 2,000 crore, which would increase to Rs 3,000 crore once the bank reached the fifth slot in two to three years, K C Jani, Executive Director, IDBI Bank, told reporters in Coimbatore. He said the 8-year-old IDBI Bank has to and would achieve 20 to 22% to be among the five top banks as against the 18-20% growth rate being achieved by other banks.

Maruti Suzuki India Q4 Net Down
Maruti Suzuki India (MSI) has said its net profit declined by 3.04% to Rs 639.8 crore for the fourth quarter ended March 31, 2012, over the same period of previous fiscal. The company had posted a net profit of Rs 659.9 crore in the same period of previous fiscal, MSI said. The company's net sales, however, rose to Rs 11,486.4 crore for the fourth quarter of 2011-12, as compared to Rs 9,796.7 crore in the corresponding period of previous fiscal.

For the year ended March 31, 2012, the company posted a net profit of Rs 1,635.1 crore, down 28.55 %, as against Rs 2,288.7 crore in the previous financial year. The company's net sales stood at Rs 34,705.9 crore for the year, as against Rs 35,849 crore in the 2010-11 fiscal.

Business Desk with inputs from PTI.

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