Mumbai: US bank Citigroup Inc. doesn’t plan to sell its stake in Housing Development Finance Corp. (HDFC), said Keki Mistry, managing director of the Indian company, citing talks held last month with Citigroup executives.
At least four funds have expressed interest in buying the stake if Citigroup opts to sell its holding, Mistry said in Mumbai on Thursday.
Meanwhile, HDFC, India’s biggest mortgage provider, forecast loan growth of 20% for the fiscal year starting 1 April.
Indian property developers are selling homes in new residential projects at prices that are 20- 40% lower than last year’s levels, Mistry said.
Satyam seeks more time to report Q3 results
Bangalore: Software services provider Satyam Computer Services Ltd, at the centre of India’s biggest corporate fraud inquiry, has sought time beyond the 31 March deadline to report results for the fiscal third quarter. “We have sought extension to 30 June in a request letter to the stock exchanges,” Sridhar Maturi, a Hyderabad- based spokesman for Satyam said by telephone. “We are awaiting their approval to report earnings for the three months ended 31 Dec,” he said.
Indonesian mines are profitable: Tata Power
Mumbai: Tata Power Co Ltd’s 30% stake in two Indonesian coal mines continues to be profitable despite correction in coal prices, the country’s largest private sector power generator said on Thursday. “While there has been a steep correction in coal prices in the recent past, the prevailing coal price at around $60 per tn for benchmark coal is still higher than the coal price that was prevailing when Tata Power made the investment (at $45-$50 per tn) in March 2007,” the company.
Correction in coal prices had triggered speculations that Tata Power may hike its stake in the two mines to lower the average cost of acquisition.On the other hand, recently, rumours suggested that Tata Power may exit.
ONGC, Teri to bid for $3 bn Kuwait order
New Delhi: The country’s biggest exploration company, Oil and Natural Gas Corp., and a partner plan to jointly submit a technical bid on 1 April for a $3 billion (Rs15,240 crore) contract to clean up oil spills in Kuwait created during the 1991 Gulf war, a company official said.
ONGC and The Energy and Resources Institute (Teri), headed by R.K. Pachauri, chairman of a Nobel-prize winning global-warming panel, may also bid for the $2.8 billion second phase of the United Nations-funded project, A.K. Hazarika, chairman of ONGC-Teri Biotech Ltd., said by telephone from New Delhi on Thursday. ONGC owns 49% in ONGC-Teri Biotech, Teri, owns 47% and financial institutions 4%. The entire project may be valued at $40 billion, the ‘Business Standard’ newspaper reported on Thursday.
Maruti Suzuki: sales momentum to continue
New Delhi: The country’s largest carmaker by volume, Maruti Suzuki India Ltd, expects sales growth momentum it witnessed in February to continue this month, Mayank Pareek, executive officer-marketing and sales, told NewsWire18 on Thursday.
“It’s (sales) still good so far this month...the growth is continuing,” Pareek said. In February, the company had witnessed a 24% year-on-year surge in sales to 79,190 cars. “We expect the sales growth to be similar this month,” Pareek said. In March 2008, the company’s sales were 70,296 units.