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Friday, June 04, 2010

Food Inflation Up Again

Driven by higher prices of pulses, milk and fruits, food inflation rose to 16.55 per cent for the week ended May 22. Inflation increased by 0.32 percentage point from 16.23 per cent in the previous week, food inflation data released yesterday showed.

While potatoes and onions became cheaper by 34.09 per cent and 11.55 per cent respectively, prices of pulses, on the other hand, shot up by 30.84 per cent, that of milk by 21.12 per cent, fruits 13.7 per cent and vegetables 1.34 per cent.

Among other food items, rice and wheat turned costlier by 7.30 per cent and 3.07 per cent respectively. Although food prices have been firming up, experts feel prices will come down in the next 2-3 months. However, seasonal pressure on certain food products is expected to ease in early July.

HDFC Bank Could Double In 4 Years

HDFC Bank can double in size every four years, but it is not in a race to become the largest among all, says Deepak Parekh, Chairman of the private sector lender's parent company HDFC Ltd.

"Our bank is growing very well, we are satisfied with that. We are not planning to be State Bank of India, we are not looking to grow more than we can chew, what we can handle," he told PTI in an interview. "Yet, we (HDFC Bank) have been growing at 25-30 per cent."

Asked if this growth rate would continue, Parekh said that he was confident of 20-25 per cent growth in the medium term. He replied in the affirmative when asked if HDFC Bank saw itself doubling in size every four years.

Zenith Birla Announces Impressive Q4 Result

Zenith Birla India Ltd, the flagship company of the Yash Birla Group (YBG) announced its audited financial results for the year ended 2009-2010. Announcing the results, M S Arora Managing Director, Zenith Birla (India) Ltd., informed that the company had under gone demerger of its tool division and merger of its pipe manufacturing company (Tungabhadra Holdings P L) in the audited year and has posted profit before tax (PBT) of Rs 2,016 lakhs post demerger for the year ended March 31, 2010, as against Rs. 2,068 lakhs in the previous year.

“Looking ahead, we are confident that the desired results of the demerger/ merger will come in the year 2010 – 11 in our ability to grow revenue, and given our mix of higher-value addition business and productivity we will expand margins, grow profit, cash and EPS, and increase returns to shareholders”, he said.

Bank of Maharashtra Platinum Jubilee Celebrations

Photo caption: The Bank of Maharashtra is currently celebrating it platinum jubilee year, and on this momentous occasion, the Bank organized a special Musical Concert. Seen in the picture (L to R), Allen C A Pereira, CMD, M. G. Sanghvi, ED, and Singer Sonu Nigam.


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