Briefly Business

FinMin to meet on infra debt funds on Monday

New Delhi: In order to finalise the contours of the proposed infrastructure debt fund,the finance ministry is scheduled to hold discussions on Monday with all four sectoral regulators including the Reserve Bank of India,Insurance Regulatory and Development Authority,Sebi and PFRDA. Industry players will also be attending the meeting. According to official sources,the finance ministry is likely to allow the proposed infra debt funds to be structured both as a trust and as a company. This would mean that RBI and Sebi would have jurisdiction over the funds,depending on their structure.

DBS Bank to expand operations in India

Singapore: Singapores DBS Bank has set up a factoring office in India as parts of its plan to expand its global transaction services business regionally,The Straits Times reported on Friday. DBS obtained its membership of the Factors Chain International in January,allowing it to widen factoring solutions it can offer in India. It has introduced export factoring in its Indonesian operation since last month.

Indiabulls Fin FY11 PAT up 144 per cent

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Mumbai: Indiabulls Financial Services has clocked a profit after tax of Rs 750.92 crore in FY 11,up 144 per cent over the year-agos Rs 307.48 crore. The companys consolidated total revenues stood at Rs 2,509.96 crore,up 53.5 per cent as compared to Rs 1,635.04-crore in the year-ago period,a press release issued here today stated.

Axis Bank Q4 net up 33.5 per cent

Mumbai: Private sector lender Axis Bank clocked 33.5 per cent jump in net profit at Rs 1,020.11 crore for the fourth quarter ended March 31,2011. The bank had a net profit of Rs 764.8 crore in the same quarter in the previous fiscal,Axis Bank informed the BSE. Total income of the bank rose by 48.3 per cent to Rs 5,817 crore in the January-March quarter compared to Rs 3,922 crore in the same period previous fiscal.

Samsung counter sues Apple over iPad

SEOUL: Samsung Electronics has filed patent lawsuits against Apple over the US firms iPhone and iPad in a tit-for-tat case after Apple claimed Samsungs smartphones and tablets copied its products. Samsungs lawsuit,its first against its biggest client,comes days before it launches a new product and could jeopardise business ties between the firms.