New Delhi

Federal Bank net jumps 26% on better core income, asset quality

Kerala-based private lender Federal Bank on Monday reported a 26 per cent rise in its October-December net profit at Rs 260 crore, buoyed by a healthy rise in core income and a drop in dud assets.

The Aluva-headquartered bank’s its net interest income rose 20 per cent to Rs 950 crore on a 22 per cent surge in advances and stability in net interest margin, which is maintained at 3.33 per cent.

Reverses on account of a surge in yields impacted the non-interest income, which declined to Rs 230 crore against Rs 275 crore in the year-ago period.

DoT firming up plans to allow BSNL get 4G in exchange of fresh equity

The telecom department may soon approve Bharat Sanchar Nigam (BSNL)’s 4G spectrum funding proposal through additional equity to the government. The decision would be taken up by the telecom commission and before being tabled at cabinet. The department last week received the BSNL board’s proposal seeking 4G spectrum financial assistance from the government in exchange of fresh equity in the PSU.

Upcoming airport projects not sufficiently ambitious

Vistara, the joint venture carrier operated by Tata-Singapore Airlines, has completed three years in the Indian market. It has been a late entrant to the world’s fastest growing market but has caught up fast by expanding fleet and adding new cities to its network. The airline serves 22 destinations with over 700 flights a week with a fleet of 17 Airbus A320 aircraft. It is gearing up to launch international operations and may soon join the league of airlines designated by the Indian government to fly overseas.

Coal scam: SC unhappy with tardy pace of probe

The CBI’s special investigation team (SIT) on Monday told the Supreme Court that it would examine the bank account details of persons who had visited the official residence of its former chief Ranjit Sinha, who had allegedly tried to scuttle the probe in coal scam cases.

AI to be split into 4 units; at least 51% in each up for sale

A few days after clearing the decks for foreign airlines to pick up 49 per cent in Air India, the government has proposed splitting the national carrier into four parts and bid them out separately, offering at least 51 per cent stake in each of the them to private investors. Junior aviation minister Jayant Sinha on Monday said the core airline business comprising Air India and its low-cost subsidiary Air India Express would be offered as one company while its regional arm, ground handling, and engineering operations be sold separately in the same process.

UIDAI allows face recognition for Aadhaar authentication

Aadhaar will include face recognition alongside iris or fingerprint scan as a means of verifying users, helping those who face issues in biometric authentication or have worn-out fingerprints, the authority in charge of the national identity card system said on Monday.

The face authentication will be enabled by July to help people facing difficulty in biometric authentication due to old age, hardwork or worn-out fingerprints, the Unique Identification Authority of India (UIDAI) said in a statement.

Rs 5,000 crore special fund for food processing likely

The government proposes to accord top priority to development of food processing industry in the upcoming budget by announcing a special fund with a corpus of up to Rs 5,000 crore.

The proposed fund would aim at promoting investment in the food and agro-processing units coming up in mega food parks, industrial estates and export promotion parks by offering affordable credit with easier terms.

Universal health cover on lines of Obamacare on cards

The government is likely to unveil a comprehensive universal health insurance scheme on the lines of Obamacare covering the entire population, including vulnerable sections (below poverty level) and the unorganised sector. The premium would be subsidised but would differ from category to category.

The universal health insurance scheme that could subsume the current Rashtriya Swasthya Bima Yojana (RSBY) is likely to be unveiled in the budget.

FDI easing, liquidity inflows open floodgates

It has been a fast and furious ride — almost unidirectional — this January, as government reform measures on FDI rationalisation and gushing overseas and domestic liquidity has lifted all boats. For the first fortnight of trade, bulge bracket foreign portfolio investors (FPIs) have been net buyers of Indian equity to the tune of Rs 806.20 crore.

Infosys Q3 profit up 38%

Infosys on Friday posted over 38 per cent jump in third quarter net profit after it got a one-time tax benefit from US operations.