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17 April 2004 Rupee down 20 paise
Mumbai: The domestic currency closed at 43.98/99 per dollar on Thursday, around 20 paise weaker than its previous day close of 43.79/80.
Forwards Market- The one-year premia slipped into discount at - 0.25 per cent (0.10 per cent). The six-month premium was also trading at a discount at - 0.60 per cent (-0.11 per cent), along with the three-month premium ending at - 1.05 per cent (0.40 per cent).
G- Secs- The 8.07 per cent 2017 paper ended the day at Rs 125.30. Similarly, the 6.25 per cent 2018 paper ended the day at Rs 108.36/40. Call rates were at around 4.25 per cent levels in the inter-bank market.
RBI cancels G-Sec auction
Mumbai: The Reserve Bank of India has cancelled the auction of dated securities for Rs 5,000 crore, to be held during April 12-20, 2004. The move comes after having taken into account all relevant factors, said an RBI Press release. As per the indicative calendar for issuance of government securities issued on March 25, 2004, the Government of India had scheduled one auction of dated securities during this period.
Rs 6,500-cr LIC credit for NHPC
New Delhi: Life Insurance Corporation (LIC) on Thursday sanctioned a line of credit of Rs 6,500 crore to National Hydro-electric Power Corporation (NHPC). The funds would be utilised for the setting up of the 2,000 MW Subansiri project in Arunachal Pradesh, 120 MW Sewa-II project in Jammu & Kashmir and the 132 MW Tistha project in West Bengal. The tenure of the LIC loan is 20 years with a moratorium of eight years and repayment in 24 equal instalments in the next 12 years. NHPC is currently executing eight projects with a total capacity of 4,322 MW. This involves a debt of Rs 11,140 crore.
ICRA ratings
New Delhi: ICRA has assigned conditional ratings of A1+(SO), indicating the highest safety, to the Rs 25-crore (principal value of underlying loan) senior pass through certificates (PTCs) issued under the loan securitisation programme originated by Kotak Mahindra Bank Ltd (KMBL). ICRA has retained the long, medium and short-term ratings at LAAA, MAAA and A1+, respectively, for the various debt programmes of Tata Tea Ltd (TTL). All these ratings indicate the highest safety. 16 April 2004 Rupee down 20 paise
Mumbai: The domestic currency closed at 43.98/99 per dollar on Thursday, around 20 paise weaker than its previous day close of 43.79/80.
Forwards Market- The one-year premia slipped into discount at - 0.25 per cent (0.10 per cent). The six-month premium was also trading at a discount at - 0.60 per cent (-0.11 per cent), along with the three-month premium ending at - 1.05 per cent (0.40 per cent).
G- Secs- The 8.07 per cent 2017 paper ended the day at Rs 125.30. Similarly, the 6.25 per cent 2018 paper ended the day at Rs 108.36/40. Call rates were at around 4.25 per cent levels in the inter-bank market.
RBI cancels G-Sec auction
Mumbai: The Reserve Bank of India has cancelled the auction of dated securities for Rs 5,000 crore, to be held during April 12-20, 2004. The move comes after having taken into account all relevant factors, said an RBI Press release. As per the indicative calendar for issuance of government securities issued on March 25, 2004, the Government of India had scheduled one auction of dated securities during this period.
Rs 6,500-cr LIC credit for NHPC
New Delhi: Life Insurance Corporation (LIC) on Thursday sanctioned a line of credit of Rs 6,500 crore to National Hydro-electric Power Corporation (NHPC). The funds would be utilised for the setting up of the 2,000 MW Subansiri project in Arunachal Pradesh, 120 MW Sewa-II project in Jammu & Kashmir and the 132 MW Tistha project in West Bengal. The tenure of the LIC loan is 20 years with a moratorium of eight years and repayment in 24 equal instalments in the next 12 years. NHPC is currently executing eight projects with a total capacity of 4,322 MW. This involves a debt of Rs 11,140 crore.
ICRA ratings
New Delhi: ICRA has assigned conditional ratings of A1+(SO), indicating the highest safety, to the Rs 25-crore (principal value of underlying loan) senior pass through certificates (PTCs) issued under the loan securitisation programme originated by Kotak Mahindra Bank Ltd (KMBL). ICRA has retained the long, medium and short-term ratings at LAAA, MAAA and A1+, respectively, for the various debt programmes of Tata Tea Ltd (TTL). All these ratings indicate the highest safety.
15 April 2004 ICICI Prudential: Premiums up 135 per cent
Mumbai: ICICI Prudential Life Insurance Company has recorded a 135 per cent growth in total premium income for the financial year ended March 31, 2003, at Rs 989 crore, as against a premium income of Rs 420 crore in the corresponding period, the previous year. The company added Rs 8,173 crore in terms of sum assured in the financial year 2003-04, taking the total sum assured since inception to Rs 16,000 crore. A company release said that the company's market share amongst private life insurers for retail business stands at 39.3 per cent for the period April '03 to February '04. ICICI Prudential Life Insurance Company is a joint venture between ICICI Bank and Prudential plc.
14 April 2004 Rupee lower by 15 paise
Mumbai: The domestic currency weakened to close at 43.79/80 in its value against the dollar, around fifteen paise lower than Monday's 43.64/65.
Forwards market - The six-month premium ended at - 0.11 per cent while the premium for one year ended at 0.06 per cent.
G-Secs- The 8.07 per cent 2017 paper opened at Rs 125.30/35 and got dealt up to Rs 125.20/22, while the 6.35 per cent 2020 opened at Rs 109 and fell to Rs 108.88/90.
Call rates remained at 4.25 per cent levels.
120 banks and dealers to be under RTGS by June
Mumbai: According to the Reserve Bank of India nearly one hundred and twenty financial intermediaries, comprising mainly banks and primary dealers will be brought under the network of the Real Time Gross Settlement System by June. By the end of this week around 20 banks will be brought under the ambit of the RTGS, while another 20 will be added by month-end. Some of the banks, which will be soon brought under the RTGS, include Union Bank of India, ICICI Bank, BNP Paribas, Central Bank of India, Corporation Bank, Bank of India, Bank of Baroda and Canara Bank. The RBI has also asked the banks to expand the coverage of RTGS in order to enable a large customer base to utilise this service.
SIDBI assesses state financial corporations
Hyderabad: The Small Industries Development Bank of India (SIDBI), has begun the exercise of assessing the financial strengths and weaknesses of various state financial corporations (SFCs) to ascertain their credit absorption levels from the Rs 10,000-crore SME (small and medium enterprises) fund. The bank has chalked out a five-point criteria for the purpose of assessing the SFCs and has so far found seven SFCs meeting these standards. The SFCs that have met the criteria belonged to Andhra Pradesh, Karnataka, Kerala, Rajasthan, West Bengal, Himachal Pradesh and Tamil Nadu. Accordingly, SIDBI has entered into a memoranda of understanding (MoUs) with the first six SFCs to offer them funds at an interest rate of 7.5 per cent so that the ultimate SME borrower would get loans at a maximum of 9.5 per cent from the SFC. The bank expects to enter into a MoU with Tamil Nadu SFC shortly. 13 April 2004 Rupee down a paisa
Mumbai: The domestic currency closed at 43.64/65 in its value against the dollar, declining by a paisa from last Thursday's finish of 43.63/64.
G-Secs - The 8.07 per cent 2017 was up 20 paise to trade at Rs 125.30. The yield fell two basis points to 5.31 per cent.
Allahabad Bank raises FCNR deposit rates
Kolkata: Allahabad Bank has revised upward the interest rates on Foreign Currency Non-Resident (FCNR) deposits with effect from April 5, according to a press release issued by the bank.
The revised rates for US$ are 1.25 per cent (earlier 1.14 per cent) for one year to less than two years, 1.94 per cent (1.77 per cent) for two years to less than three years and 2.5 per cent (2.34 per cent) for three years. For deposits in British pounds, the revised rates are 4.6 per cent (4.37 per cent) for one year to less than two years, 4.76 per cent (4.56 per cent) for two years to less than three years and 4.86 per cent (4.68 per cent) for three years. For deposits in euro, the corresponding rates are 1.94 per cent (1.91 per cent), 2.29 per cent (2.26 per cent) and 2.65 per cent (2.59 per cent). 12 April 2004 CEO: Dhanalakshmi Bank head office to stay in Thrissur
Kochi: Through an official press release the MD and CEO of the Thrissur-based Dhanalakshmi Bank has said that the Bank has no plans to shift its registered office from Thrissur. He has also said "all earlier agreements with the staff union have been taken into consideration with regard to transfer of its employees". Meanwhile, officers of the Bank in the state had struck work on April 10 to protest against the alleged en masse transfer of its officers and All India Bank Officers' Confederation (AIBOC) officials said that they were planning an all-Kerala strike if the management did not meet the demands of the Dhanalakshmi Bank Officers' Organisation.
AIBCA demands reduction in bank interest rates
Kochi: In a representation sent to the Union Finance Minister, the Kerala-based All India Bank Customers' Association (AIBCA) has demanded reduction in interest rates of the banks on advances, saying that the banks have reduced the interest rates on deposits significantly while a corresponding cut in the interest rates fixed for loans has not been effected. The Association has sought immediate intervention of the Union Finance Minister
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