Financial Daily from THE HINDU group of publications
Thursday, Feb 14, 2002

Port Info

Group Sites

Money & Banking - Asset Management Companies
Corporate Results - Asset Management Companies

PNB asset co back in black

Our Bureau

NEW DELHI, Feb. 13

PNB Asset Management Company Ltd (PNB AMC) is back in the black, posting a profit of Rs 1.27 crore for the nine month period ended December 31, 2001.

The AMC had been making losses for the last four years. ''The assured return schemes was mainly the cause of our losses. We have withdrawn these schemes and are confident of making profits in the future,'' said Mr Ranjan Dhawan, Managing Director, PNB AMC.

The company had registered losses of Rs 73 lakh last year and its accumulated losses stood at Rs 11 crore. Its total corpus of funds currently stands at Rs 80 crore.

Mr Dhawan said that the AMC was in no hurry to induct a strategic partner. ''Last year, we were looking at inducting a partner. But now, we may or may not go in for a joint venture. We can look at restructuring on our own,'' he said.

As part of its future plans, the AMC will launch new schemes to increase its corpus. These schemes are expected to be in the debt-related segment.

Send this article to Friends by E-Mail

Stories in this Section
LIC Housing Fin private placement

Re range-bound; securities rally
Corpn Bank officers plan strike in March
Leasing body working on common business code
Cholamandalam experiment with franchisees pays off
RBI approves ADR/GDR re-issue
ICICI Bank record date for interim
PNB asset co back in black
Krishna Jala Nigam plans Rs 350-cr bond issue
ITI bond issue oversubscribed
FIs asked to submit immunity proposal

The Hindu Group: Home | About Us | Copyright | Archives | Contacts | Subscription
Group Sites: The Hindu | Business Line | The Sportstar | Frontline | Home |

Copyright 2002, The Hindu Business Line. Republication or redissemination of the contents of this screen are expressly prohibited without the written consent of The Hindu Business Line