Esaf Small Finance Bank eyes Rs 2,500 cr deposits by March

Esaf Small Finance Bank eyes Rs 2,500 cr deposits by March

Esaf Small Finance Bank is looking at deposit of Rs 2,500 crore by March, up form Rs 1,000 crore now.

"We are opening new branches which will lead to higher deposit base. We are offering a higher rate of interest of nearly 9% which will help in attracting customers," managing director K Paul Thomas told reporters today. It started its operations in March.

The bank has 59 branches across 10 states and is opening its first branch in Mumbai. The bank has 310 MFI branches for which the Reserve Bank has given it three years period to convert them in to retail outlets. Bajaj Allianz General launches wellness platform

Private general insurer Bajaj Allianz General Insurance has launched a wellness platform 'Pro-fit', which will as a one-stop solution to all the health record tracking needs of the customer.

Through this platform, a customer can monitor and improve her health that will enable her to live a healthy lifestyle, the company said today.

"Our idea behind launching such products and services is to provide customers greater value beyond insurance. Pro- Fit through its various features will provide a holistic wellness approach and promote a healthy lifestyle," managing director & CEO Tapan Singhel said. Mullen Lintas bags creative mandate of Fossil India

Advertising agency Mullen Lintas has bagged the creative mandate of Fossil India's watches and accessories, following a multi-agency pitch.

The Bengaluru office will be responsible for strategising, planning and execution and will help the American lifestyle brand launch its Gen 3 Smartwatches. Mirc Electronics net up at Rs 12.04 cr

Consumer durables company Mirc Electronics today reported net profit of Rs 12.04 crore in the second quarter of this financial year against loss of Rs 9.92 crore in the same period last year.

Revenue went up by 29.12% at Rs 201.09 crore in the quarter under review against Rs 155.73 crore in the correspondent quarter of 2016-17, a release said.

"We have declared good quarterly result with margin improvement at the operating profit level. We are confident that we would continue to grow our revenues in coming quarters," managing director Vijay Mansukhani said. Gravita India net up 57% at Rs 13.4 cr

Metal recycler Gravita India has posted 57% increase in net profit at Rs 13.38 crore in the second quarter, on the back of rising capacity and improved operational efficiency.

The company has 11 recycling plants across the world. The revenue for the quarter ending September rose by 39% to Rs 224.67 crore, the company said. It added 16,000 tonne of fresh lead recycling capacity.

It has expanded its production capacity by 16,000 mt at its existing lead recycling unit at Chittoor in Andhra.

"The positive impact of GST is clearly reflected in the numbers. This performance comes due to commencement of commercial production of PET Flakes in Jamaica and fresh capacity addition of Lead in our Chittoor plant," managing director Rajat Agrawal said.  

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