Public Sector lender Allahabad Bank is targeting a growth of 20 percent in its loan portfolio and 17 per cent in deposits this fiscal.

According to the bank, the loan growth will be mainly from small and medium enterprises, steel, cement and commercial real estate sectors.

Apart from this, the bank is targeting a premium income of Rs 400 crore annually from general insurance business, which would be set up in partnership with other banks and financial institutions by year 2011.

The bank also intends to maintain the net interest margin at 2.75 % and the capital adequacy ratio at 11% during the current financial year.

Navratna PSU Bharat Electronics Limited has secured an Rs 100 crore order to manufacture and supply 102,000 electronic voting machines for the forthcoming assembly elections in the states of Andhra Pradesh, Orissa, Sikkim and Parliament elections in 2009.

BEL has dispatched the first batch of 5,000 EVM yesterday, while the rest order is scheduled to be supplied in the next two months

Sterlite Technologies, a leading global provider of wire and cable solutions for the power and telecom industry, has pocketed a contract worth Rs 24 crore from Bharat Sanchar Nigam (BSNL), to supply fiber optic cables with the highest density ever to be deployed in the country.

Under the arrangement, the company would supply ribbon-liter 288F ribbon fiber optic cables to BSNL, which BSNL would initially install at nearly 100 city sites across the country. This is the first time ever that, fiber optic cables higher than 144F would be deployed in India.

Indraprastha Gas Ltd (IGL), the state-owned automotive and domestic gas retailer, intends to pump Rs 250 crore annually over the next two-three years to set up 50 new compressed natural gas (CNG) stations in the national capital region ahead of Commonwealth Games in 2010.

IGL plans to invest Rs 10 crore on each station. The company will fund the expansion from internal accruals.

India's state-run miner National Marine Dredging Company (NMDC) has signed a memorandum of understanding (MoU) with Global miner Rio Tinto to consider investment and development opportunities in India and globally.

NMDC and Rio Tinto will hold a 50% equity stake each in the proposed joint venture.

Under the arrangement, NMDC will have access to Rio Tinto's technologies. The JV company will initially mine Iron and is likely to explore and mine other mineral reserves globally as well.

NMDC has already signed an agreement with Rio Tinto to import its "high smelt technology" for iron ore mining.

State-run Gas Authority of India (GAIL) has signed a MoU with Bharat Petroleum Corporation Limited (BPCL), the country's second largest oil marketing company for cooperation in LPG pipelines, city gas projects, exploration and production, transmission and distribution as well as marketing of natural gas.

Under the arrangement, both firms will work together on sourcing natural gas from overseas, as well as developing a LPG pipeline network from existing and new production centers.

Apart from partnering in sourcing of natural gas and liquefied natural gas from overseas, GAIL also has plans to create new infrastructure.

The Union Cabinet today gave its approval to the merger of State Bank of Saurashtra with its parent State Bank of India, India's largest lender controlling more than one-fourth of banking assets.

The merger would enable State Bank of Saurashtra to up-scale in terms of footprint, manpower and other resources. It would also enable it to face competition arising from globalization of the economy, apart from augmenting efficiency and enabling better management of risk

The Boards of SBI and State Bank of Saurashtra had already given their approval for the proposed merger in August last year.

Blue Star, Country’s leading air-conditioning company has secured an order worth Rs 104 crore from Delhi Metro Rail Corporation Limited (DMRC) for total air-conditioning works of 7 metro stations.

Under the contract, the company will provide air-conditioning solutions to 7 underground stations namely Hauz Khas,

Malviya Nagar, Saket, Central Secretariat, Khan Market, JLN Stadium and Jungpura, and associated tunnel sections on Central Secretariat to Badarpur Corridor of Phase-II of Delhi MRTS Project.

Stock Holding Corporation of India Ltd. (SHCIL) has entered into a pan India arrangement with IDBI Bank Limited, one of the largest and leading banks in India to provide services for issue of stamp certificates and collection of money on its behalf as Authorised Collection Centre.

IDBI Bank Ltd. is the first bank to have an all India tie-up as an Authorised Collection Centre (ACC) for e-Stamping system with SHCIL.

State-run Oil and Natural Gas Corporation Limited (ONGC) has entered into a firm agreement for supply of gas to Calcutta Compressor and Liquifaction Limited (CC&L) from its Jharia coal-bed methane field in Jharkhand.

The agreement marks the beginning of the commercialization of coal-bed methane resources by the oil and gas major.

CC&L plans to use the gas for supply of compressed natural gas, which is a clean auto-fuel, to the towns and cities of West Bengal and Jharkhand.

ONGC has been operating in five coal-bed methane blocks in Jharkhand and one block in West Bengal. The supply will begin by end 2008.

Power plant equipment major Bharat Heavy Electricals Limited (BHEL) has secured an EPC contract worth Rs 2175 crore from Tamil Nadu Electricity Board (TNEB) for setting up a 600 MW thermal power generating unit in Tamil Nadu.

TNEB has earlier placed a similar EPC order with BHEL for setting up a 600 MW thermal power generating unit at the same power station.

New York headquartered ITT Corporation has announced that its Energy Absorption business has received a US$10,00,000 order for KONI(TM) branded dampers and shock absorbers from Indian Railways.

The order calls for more than 3,000 dampers or shock absorbers for Diesel Locomotive Works Varanasi (DLW), Chittaranjan Locomotive Works (CLW) and Rail Coach Factory (RCF) Northern Railway (NR) and Bharat Earth Movers Limited (BEML).

The KONI(TM)-branded railway dampers include features such as low friction that prevents metal-to-metal contact and reduces wear and maintenance; reduced noise for greater passenger comfort; and safer, more advanced absorbing technology that meets the rigorous demands and high standards of the Indian railway system.

Bombardier Transportation has informed that it has won a contract worth Euro 4 million from Indian Railways, to supply an advanced Traffic Management System (TMS).

The contract entails the design, supply, installation, testing and commissioning of a TMS for the Central Railway in Mumbai.

With the new system, around three million passengers using the Central Railways daily will receive a continuously updated, minute-by-minute countdown showing the exact train time arrival at the platform.

The system will manage train arrivals at each station every three minutes, and provide the information for rapid decision-making in case of disruption.

State-run Indian Oil Corporation (IOC), the country's largest oil company, has announced a standalone net loss of Rs 414.27 crore for the fourth quarter ended March 31, 2008, against a net profit of Rs 1,502.69 crore in the corresponding period last year.

Total Income grew by 33 per cent at Rs 71,792.82 crore for the quarter ended March 31 from Rs 53,818.75 crore for the corresponding quarter, last fiscal.

For the full year ended March 31, 2008 the company's standalone net profit at Rs 6,962.5 crore dipped by 7.15 per cent from Rs 7,499.4 crore for the year ended March 31, 2007.

Public Sector construction equipment company Bharat Earth Movers Ltd (BEML) has signed a 12-year long term agreement with Coal India Limited (CIL) for joint production of "Off the Road" (OTR) tyres.

The OTR tyres will be produced by Apollo Tyres and JK Tyres at a facility being created by the funding of CIL/BEML.

CIL will fund BEML up to Rs 200 crore for investing Rs 100 crore each in Apollo and JK Tyres (as a part of back to back funding for the tyre project).

The Indian government has finally approved the merger of unlisted state-run firm Sponge Iron India Limited (SIIL) with National Mineral Development Corporation (NMDC).

The proposal for merger of the two public sector enterprises under the Ministry of Steel was approved by the Union Cabinet at its meeting.
The merger will be carried out within six months through acquisition of SIIL shares by NMDC in the public interest.

Rural Electrification Corporation, the entity formed to support power sector projects, has sanctioned a term loan to NTPC Tamil Nadu Power Company for its upcoming Ennore Power plans in Chennai. REC approved a loan of Rs 3,796 crore to 50:50 joint venture between NTPC and Tamil Nadu Electricity Board for the thermal power project.

The project would be completed by 11th plan and will offer additional 1,000 MW thermal power to Tamil Nadu. The first 500 MW unit will be commissioned at Kuruvimedu village in Ennore.

State-owned exploration giant Oil and Natural Gas Corporation (ONGC) promoted ONGC Petro-additions Ltd (OPaL), has entered into a memorandum of understanding (MoU) with Ahmedabad-based Torrent Energy for supply of bulk power to OPaL.

Under the MoU, Torrent will supply 350-400 mw to ONGC’s upcoming petrochemical complex at Dahej SEZ in Gujarat. ONGC is co-developing the SEZ through a special purpose vehicle, OPaL (ONGC Petro-additions Ltd), and is working on setting up a petrochemicals complex there.

The State-run steel giant Steel Authority of India (SAIL) said on Friday that its fourth quarter’s net profit grew by 25 percent, backed by higher sales. The company has posted a net profit of Rs 2376.8 crore for the quarter ended March 31, 2008 as compared to Rs 1901.8 crore for the quarter ended March 31, 2007.

Its Q4 net sales were up at Rs 13350 crore from 10385 crore, while its Q4 other income was up at Rs 618 crore from Rs 640 crore. The company has posted a net profit of Rs 7536.8 crore for the year ended March 31, 2008 as compared to Rs 6202.3 crore for the year ended March 31, 2007.

Indian State-run Power Finance Corporation Ltd has informed that the company has signed a memorandum of understanding (MoU) with Ex-Im Bank of U.S. for financing of power projects. Under the terms of MoU, PFC will receive USD 800 million from Ex-Im Bank of US under India infrastructure facility.

Ex-Im Bank of the United States has recently approved an India Infrastructure Facility that would support US exports to Indian projects in sectors such as power and renewable energy generation.