Icra pact to fuel growth

Icra Ltd, the Delhi-based rating firm, today signed an agreement with the Bulgarian rating agency, which will help it establish a foothold in the expanding East European market. Icra would provide technical assistance to Bulgarian Credit Rating Agency (BCRA) in designing rating methodologies, besides imparting training to Bulgarian analysts. “The tie-up highlights the growing global acceptance of India’s rating expertise,” managing director P. K. Choudhury said.

Uco Bank rates

Uco Bank has revised the interest rates on FCNR(B) deposits downwards with effect from 19 July. For dollar deposits, the interest rates have been reduced from 2.18 per cent, 3.02 per cent and 3.57 per cent to 2.06 per cent, 2.79 per cent and 3.27 per cent for one year to less than two years, two years to less than three years and three years, respectively. For pound deposits, the rates have been similarly reduced to 5 per cent, 5.08 per cent and 5.15 per cent.

AllBank payout

Allahabad Bank chairman and managing director O. N. Singh has presented a cheque of Rs 24.67 crore to finance minister P. Chidambaram as the final dividend for 2003-04. The bank has recorded a first-quarter net profit of Rs 137.65 crore against Rs 67.97 crore in the year-ago period, a jump of 102 per cent.

Bhel orders

Bharat Heavy Electricals Ltd (Bhel) has bagged a Rs 218-crore order for setting up HPCL’s 40-MW captive co-generation power plant on turnkey basis at Vishakhapatnam in Andhra Pradesh. The plant is a part of the oil major’s clean fuel project at the Vishakhapatnam refinery and would be commissioned in 21 months.

Royal Enfield

Royal Enfield, a motorcycle company, has tied up with Syndicate Bank to offer a vehicle finance scheme for its customers in south India. The Syndvahan finance scheme offers monthly instalments at Rs 1,260 and the prospective Royal Enfield customers can get loans up to 95 per cent of the vehicle price.