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Economy of Trivandrum / Thiruvananthapuram

125K views 298 replies 47 participants last post by  prameesh_p_s 
#1 ·
KERALA GOVERNMENT: BUDGET 2013-14

Trivandrum's share in State budget







 
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#39 ·
NRI deposits up by Rs. 3,795 cr. in SBT

The State Bank of Travancore (SBT) has posted an increase of Rs.3,795 crore in NRI deposits till December 2014.

With this, the total NRI deposits in the bank had gone up to Rs.28,758 crore, Managing Director Jeevandas Narayan told the media here on Monday.
The SBT achieved a net profit of Rs.74.34 crore for the quarter ended December 31, 2014, registering an increase of nearly 400 per cent over the corresponding quarter of last financial year. The bank’s total deposits had grown from Rs.89,337 crore to Rs.91,440 crore over the nine-month period from March 31, 2014. Current and Savings (CASA) deposits grew to 29.31 per cent from 27.65 per cent during the period.
The bank’s total advances decreased to Rs.67,025 crore from Rs.69,404 crore during the year.

However, the yield on advances grew from 10.56 per cent to 10.59 per cent during the quarter. The bank’s priority sector loans constituted 40.17 per cent of net bank credit and stood at Rs.28,606 crore by the year end. Almost 50 per cent of the priority sector loans was to the agricultural sector.

http://www.thehindu.com/news/cities...-3795-cr-in-sbt/article6854929.ece?ref=tpnews
 
#40 ·
The State Bank of Travancore (SBT) has posted an increase of Rs.3,795 crore in NRI deposits till December 2014.

With this, the total NRI deposits in the bank had gone up to Rs.28,758 crore, Managing Director Jeevandas Narayan told the media here on Monday.
The SBT achieved a net profit of Rs.74.34 crore for the quarter ended December 31, 2014, registering an increase of nearly 400 per cent over the corresponding quarter of last financial year. The bank’s total deposits had grown from Rs.89,337 crore to Rs.91,440 crore over the nine-month period from March 31, 2014. Current and Savings (CASA) deposits grew to 29.31 per cent from 27.65 per cent during the period.
The bank’s total advances decreased to Rs.67,025 crore from Rs.69,404 crore during the year.

However, the yield on advances grew from 10.56 per cent to 10.59 per cent during the quarter. The bank’s priority sector loans constituted 40.17 per cent of net bank credit and stood at Rs.28,606 crore by the year end. Almost 50 per cent of the priority sector loans was to the agricultural sector.

http://www.thehindu.com/news/cities...-3795-cr-in-sbt/article6854929.ece?ref=tpnews




We are keeping good company
 
#47 ·
State revenue leaks through Pak. cement

Rampant smuggling to evade 14.5 per cent duty on cement imports

Large-scale tax evasion on cement imported from Pakistan is causing a substantial shortfall in the State’s revenue collection, according to Vigilance and tax enforcers.

“Pakistan cement” costs considerably less than local products despite the import duty. It arrives in large shipments at the Tuticorin port in Tamil Nadu and can be procured for Rs.300 (for 50 kg) compared to the locally manufactured cement that costs Rs.425. The price difference has made Pakistan cement particularly attractive to hundreds of “hollow brick” units that cater to the burgeoning construction sector in Kerala. According to a government estimate there are 350 such units in Thiruvananthapuram alone and apartment builders are their major clients. Officials say Pakistan cement is smuggled into Kerala much the same way as illicit spirit is, to evade the 14.5 per cent duty the State levies on all cement imports.

The State’s tax collection target for the last fiscal year fell short by an estimated Rs.8,000 crores. The fall in rubber prices was one major reason. Unchecked smuggling of consumer durables and building material are the other cases.

http://www.thehindu.com/news/cities...ough-pak-cement/article7237938.ece?ref=tpnews
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Ever heard about Green buildings ?
 
#50 ·
"India’s policy makers have long sought to curb their citizens’ rapacious appetite for imported gold — tonnes of which are believed to be stashed away under mattresses, in cupboards and in the hidden vaults of Hindu temples.
...

Although the scheme’s precise details are still being worked out, analysts say the government hopes to woo affluent families now keeping savings as gold bullion, or Hindu temples, many of which — like the Sree Padmanabhaswamy Temple in Kerala — also have large stashes of gold donated by devotees, much of it biscuit or bullion form, hidden in their vaults."

http://www.ft.com/cms/s/0/44ef61b0-003c-11e5-bc30-00144feabdc0.html#axzz3bCv9w3dd

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I think the state and temple trusts should work towards monetizing these assets.

FM/RBI has to step in - set up a Gold Treasury to undertake pledge of temple assets; And infuse corresponding capital to set up "State Development Banks"..

And Trivandrum, may be home to the world's largest bank overnight, with c.USD 100billion in Capital/Assets or may be even USD 1.0 trillion of capital!!

Easier said than done!
 
#52 ·
^^ Its a kind of a very "emotional asset" and as long the price keeps going higher, you can't convince the better half either not to buy some.

And the financing schemes for Gold assets these days does provide some liquidity for the needy.
 
#54 ·
^^ You are right. Its kind surreal...Since its a wishful dream, I conveniently attached a heritage/cultural value to it. And added the estimate for the unopened vault B. :)

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""Among the reported findings, are a three-and-a-half feet tall pure golden idol of Mahavishnu, studded with rubies and emeralds and various other kinds of precious stones.[33] Also found were an 18-foot-long pure gold chain, a gold sheaf weighing 500 kilos, a 36-kilo golden veil, 1200 'Sarappalli' gold coins, and several sacks filled with golden artifacts, diamonds, rubies, sapphires, emeralds, gemstones, and objects made out of other precious metals and stones.[34][35][36][37] Ceremonial attire for adorning the deity in the form of 16-part gold anki weighing almost 30 kilograms (66 lb), gold coconut shells studded with rubies and emeralds, and several 18th century Napoleonic era coins were found many other objects. In 2012, an expert committee had been appointed to investigate these objects, which include coins of the Roman Empire.

According to Vinod Rai, the former Comptroller-and-Auditor-General(CAG) of India, who had audited some of the Temple records in August 2014, in the already opened vault A, there is an 800-kilo hoard of Greek and Roman coins, dating to around 100 B.C, each coin priced at over INR 2.70 crores.

This revelation has solidified the status of the Padmanabhaswamy Temple as the wealthiest temple in the world It is conservatively estimated that the value of the monumental items is close to INR1.2 lakh crore or INR1.2 trillion (US$19 billion). If the antique and cultural value were taken into account these assets could be worth ten times the current market price.

These estimates were on the basis of the revelations since July 2011, when five vaults were opened, with the remaining one vault (B), which is the largest, still closed. One of the oldest existing estimates regarding Vault B, which can be considered to be at least as reliable as any other made since the discovery of the hidden treasure (or assets) of the Temple in 2011, was done by the Travancore Royal Family itself in 1931. According to the then drawn-up estimate, the riches contained in Vault B, which is the only vault (of the reported six) that is unopened so far, since the discovery of the treasure, were worth INR12,000 crores. Considering the subsequent inflation of the rupee, and the increase in the prices of gold and other precious metals and stones since, the treasure in the unopened vault B alone, would be worth at least INR50 trillion (US$1 trillion) in present-day terms, before the cultural value being factored in."
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http://en.wikipedia.org/wiki/Padmanabhaswamy_Temple
 
#57 ·
^^
BATL makes marginal profit

The company, he said, would have to undertake knowledge-intensive and high-margin works and plans to this end were firmly in place. The company would now focus on high-value customers such as Hindustan Aeronautics Limited, Bhabha Atomic Research Centre and Indira Gandhi Centre for Atomic Research, besides diversifying its product range to maintain a competitive edge in the market, BATL managing director Vice-Admiral (Retd) Raman Prabhath said.

“The company is also focusing on future business from its existing customers such as the Indian Space Research Organisation, BrahMos Aerospace Private Limited, and Defence Research and Development Laboratory. Preliminary discussions are under way to explore the possibility of capturing export orders in Europe and West Asia by cashing in on the ‘Make In India’ initiative,” he said.

More productivity

Mr. Mishra said while the BIFR recommended ‘wage freeze’ to cut down on losses, the company resorted to increasing productivity by way of accelerated performance.


The order book value of BATL right now is Rs.140 crore and orders worth another Rs.120 crore are in the pipeline, he pointed out.


BATL manufactures components in aerospace, defence and nuclear industries.

Preliminary discussions under way to explore the possibility of capturing export orders in Europe and West Asia

http://www.thehindu.com/todays-pape...batl-makes-marginal-profit/article7335685.ece
 
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#63 ·
SBT Q1 profit soars

State Bank of Travancore (SBT) has recorded a 64 per cent growth in its net profit at Rs. 81.32 crore for the quarter ended June 30.

The net profit for the June quarter was boosted by reduction in interest costs, a jump in other income including recoveries in written off accounts and increase in fee income. Compared to the corresponding quarter of the last financial year, the June quarter operating profit also recorded an increase of 65 per cent.

The bank’s gross NPA level stood at a reduced level of Rs. 2,759 crore against Rs. 3,282 crore during the corresponding quarter last year. Consequently, the gross NPA percentage was also down to 4.03 per cent from 4.69 per cent during the corresponding quarter last year. The net NPA level was at 2.47 per cent vis-à-vis 2.93 per cent during the corresponding quarter last year.

The Capital to Risk Weighted Assets Ratio (CRAR) of the Bank as on June 30 stood at 10.47 per cent [under the Basel III framework] as against 10.28 per cent as on the same date last year. The regulatory minimum prescribed by the Reserve Bank of India 9RBI) is 9 per cent. The bank’s deposits stood at Rs 93,892 crore on June 30 as against Rs. 93,806 crore last year.

The gross deposit growth in the retail segment year on year was Rs 8,926 crore, including a growth in current account and savings (CASA) deposit of Rs. 2,238 crore. However, the bank could reduce an amount of Rs. 8,840 crore under high cost bulk and Certificate Deposits (CDs). Non-Resident India (NRI) deposits recorded a growth of Rs. 4,830 crore year on year and reached the level of Rs.31,340 crore.

The bank has been consistently replacing high cost bulk deposits and Certificate of Deposits with retail deposits to cut interest costs. The high cost bulk plus Certificate of Deposits came down sharply from 22 per cent to 12 per cent.

http://www.thehindu.com/news/cities...q1-profit-soars/article7462991.ece?ref=tpnews
 
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