14 February 2004

IDBI Flexi-20 draws good response
Mumbai: Industrial Development Bank of India has received a huge response from retail investors for its Rs 800 crore Flexibond issue.

Godavari project bonds to be floated soon
Visakapatnam: The Visakhapatnam municipal corporation is floating bonds to raise Rs 70 crore for the Godavari water diversion project. The bonds will hit the market next week, according to Mr Navin Mittal, the Municipal Commissioner.

ST Micro to open third design centre
Hyderabad: ST Microelectronics, a $7.2-billion semiconductor corporation, is set to commission its third India design centre in Noida.

13 February 2004

RBI Revises Norms For Granting Re Loans To NRIs
Mumbai: The Reserve Bank of India has allowed authorised dealers to grant rupee loans to non-resident Indians for purposes other than those specifically prohibited by the central bank.

12 February 2004

ICICI Bank sees a drop in share price
ICICI Bank's shares experienced an increase of 4 per cent immediately after the Rs 3,500-crore equity public issue announcement, but a day after the announcement, ICICI saw its prices drop about 8 per cent on both the BSE (7.98 per cent) and NSE (8.66 per cent).

MetLife India launches group insurance
MetLife India launched Met Group Life yesterday, a group insurance policy aimed at both Indian as well as international companies.

Oriental Insurance ties up with Department of Posts
Oriental Insurance, with the Department of Posts, will now distribute non-life insurance products through post offices in Mangalore, Bangalore and Hubli-Dharwad.

11 February 2004

ICICI Bank TO RAISE equity issue of Rs 3,500 crore
Mumbai: ICICI Bank, yesterday said it planned to issue new equity of about Rs 3,000 crore - Rs 3,500 crore to the Indian public.

Geojit Financial to pay 15 per cent interim dividend
Kochi: Geojit Financial Services Ltd, a joint venture company with the Kerala State Industrial Development Corporation, has announced an interim dividend of 15 per cent for the current financial year.

ICICI Venture fund invests in Arch Commerz
Hyderabad: ICICI Venture has announced that it has concluded its first mezzanine investment from its Rs 750-crore India Advantage Fund by investing Rs 19.7 crore in Arch Commerz, a pharmaceutical intermediates company that was recently reverse-merged into Merven Drug Products Ltd, a Hyderabad ailing pharma company.

IRDA bars insurers to project over 10% RoI
New Delhi: In a major clamp down on insurers promising high returns to lure consumers, the Insurance Regulatory & Development Authority has mandated that companies cannot project more than 10 per cent return on investments in their policies.

Royal Sundaram notches Rs 187-crore premium income
Chennai: Royaol Sundaram Alliance Insurance Company Ltd has recorded premium income of Rs 187 crore, with a Rs 5-crore profit during the first nine months of the current financial year, ended 31 December 2003.

AMP Sanmar hikes capital by Rs 35 crore
Chennai: The Chennai-based AMP Sanmar Life Insurance Co Ltd has announced additional infusion of Rs 35 crore to its existing capital of Rs 125 crore.

LIC group plans exceed target premium
Mumbai: The Life Insurance Corporation of India has exceeded the targeted premium of Rs 1,830 crore under 'group insurance' schemes two months ahead of the close of the financial year.

10 February 2004

NTPC to raise Rs 900 crore
Visakapatnam: NATIONAL Thermal Power Corporation is planning to raise Rs 900 crore through international bonds for financing some of its projects, according to its Chairman and Managing Director, Mr C.P Jain.

ICICI Bank board to raise capital
Mumbai: ICICI Bank has decided to raise capital to sustain higher growth in all of its businesses. The board of the bank is meeting on Tuesday to take a decision on the different aspects of the issue.

LIC Housing Finance acts against defaulters
Mumba: LIC Housing Finance Ltd has initiated action against the housing loan defaulters under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 a release from the company said.

SBI launches floating ATM
Kolkata: State Bank of India has in an innovative move introduced the first floating ATM in India, probably in the world, at Kochi today.

IBA drafts rehabilitation plan for tea sector loans
Kolkata: The Indian Banks' Association has advised banks that with respect to advances made to the tea industry, they should consider converting existing rupee loans into foreign currency denominated funding.

SBI Life To increase capital base
Mumbai: S BI Life has decided to increase its capital base by Rs 50 crore.

9 February 2004

Exim Bank to tie-up $75 million credit lines
Mumbai: Export and Import Bank of India is to tie-up credit lines worth $75 million with five African and central Asian countries.

Andhra Bank, Corporation Bank to share ATMs
Hyderabad: Andhra Bank has entered into an agreement with Corporation Bank for mutual sharing of automated teller machine networks.