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State-run bank, UCO Bank said on Monday that it expects to post a net profit of Rs.13 billion during the current financial year. This was said by the Executive Director of the bank, Ajai Kumar, who was talking to the shareholders today.

Ajai said that the net during the year 2009-10 stood at Rs. 10.12 billion.

The things have changed for good and looking at the current trend this time around the profit should be close to Rs. 13 billion. This amount will be supported by a good growth in both credit and deposit side.

Indian bankers sounded optimistic about achieving the Reserve Bank of India's target of 20 per cent credit growth for the year as the country is now poised for a revival in credit demand.

Talking to reporters on Monday after the banker's customary meeting with the top officials of the central bank, O. P. Bhatt, Chairman, State Bank of India said that considering the present economic conditions, credit growth would be better than last year.

In such a case achieving RBI's target would not be a very big task.

Continuing its positive trend witnessed last week after the International Monetary Fund forecasted that the country's economy might see an expansion better than 2007, Indian stock market remained buoyant on Monday.

BSE Sensex rose 103.66 points during the day's trade to close at 17,937.20. The Bombay Stock Exchange benchmark index even crossed the 18,000 mark at some point of time during the day before cooling down on profit bookings.

Heavy electrical equipment manufacturer, BGR Energy Systems is set to hit the streets to dilute its promoters holding and there by raise nearly Rs.350 crore.

Sources close to development said that the move aimed at supporting the company's capital expenditure would also bring down promoters' stake to 75% as required by the new official guidelines issued by the market regulator, Securities and Exchange Board of India.

The company is planning to dilute around five to six per cent stake and it has already began its road shows to highlight the upcoming public offer.

After posting a long string of good years, the telecom industry finally slowed down and grew by just 2.5 per cent in 2009-10. In revenue terms, the total collection during this period was Rs.1, 59,510 crore.

And the reason for this short fall is the rising competition and domestic tariff war, said a survey by the telecom industry that appeared in journal Voice & Data.

Considering the fact that the industry grew by 20 per cent in 2008-09, this is a very sharp decline.

Tata Teleservices (TTSL) said on Monday that it is terminating its membership with COAI, a powerful lobby of GSM players in India.

It called COAI a sham and said that the functioning of the body was totally undemocratic, biased, non-transparent and unethical.' Tata was amongst the core team of COAI.

In a letter sent to the Director General of COAI, Rajan Mathews, TTSL said that since it found that the functioning of COAI was not transparent and since it was just a representative body of only a few members, TTSL has decided that it will move out of it.