SEBI approves Startup Village Angel Fund
In a major boost to the country's first telecom incubator 'Startup Village', market regulator SEBI has approved the Startup Village angel fund of $ 10 million that could go up to $ 20 million with a 'Green Shoe' (over-allotment) option.The approval for the angel fund, which would address the problem of resource crunch for startup companies across the country, came from SEBI through a notification. The focus area of the fund will be Telecom/Internet, and it would start investing once the initial close of $2 million is achieved.KPMG is Advisor and IlFS is Trustee of the fund.
Honda launches new variants of Brio
Honda Cars India today said it has launched new variants of its small car Brio, priced between Rs 4.12 lakh and Rs6.13 lakh(exshowroom, Delhi).In a statement, the company said it has "introduced new variants of Honda Brio with key upgrades to make the car more convenient, comfortable and pleasurable to drive for its customers".
The upgrades include features like driver seat height adjuster and rear windshield defogger, it added.Honda Cars India ltd (HCIl) has introduced the new Brio in six different variants, prices of which will range from Rs 4.12 lakh to Rs6.13 lakh. For metallic colour of the model, an additional Rs 3,500 will be charged.
Allahabad Bank Q4 profit falls 68.5% at Rs126.15 cr
State-owned Allahabad Bank on Tuesday posted 68.5 per cent decline in net profit at Rs 126.15 crore for the fourth quarter ended March 31, 2013 on account of rise in bad loans.The bank had a net profit of Rs 400.22 crore in the same period last year, Allahabad Bank said in a filing to the BSE.Gross non-performing assets (NPAs), as a proportion of advances, increased to 3.92 per cent at the end of March 2013, against 1.83 per cent in the previous fiscal. Net NPAs also rose to 3.19 per cent during the year from 0.98 per cent at the end of March 2012.Total income of the bank rose to Rs 4,776.90 crore in January-March quarter compared to Rs 4,523.38 crore in the same period previous fiscal.