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15 May 2004 Rupee sucked into the spiral
Mumbai: The domestic currency lost 38 paise in its value against the dollar closing at 45.60/63, compared to its previous close at 45.23/25 on Thursday.
Forward Markets: The six-month forward ended at - 1.25 per cent (-1.30 per cent) and the one-year at - 0.56 per cent (- 0.06 per cent).
G-Secs: The 8.07 per cent 2017 paper fell to Rs 122.95 at close. The 7.37 per cent 2014 paper was dealt lower at Rs 116.40, while the 6.35 per cent 2020 paper closed at Rs 105.80.
Call rates remained at around 4.25 per cent in the inter-bank market.
14 May 2004 Debt market cautious
Mumbai: G-Secs - The 8.07 per cent 2017 paper closed at Rs 123.80. The 10-year yield was unchanged from Wednesday's levels at 5.18 per cent.
13 May 2004 Rupee steady
Mumbai: The rupee on Wednesday closed at 44.38/40 in its value against the dollar.
Forwards Market: The six months forward closed at - 1.16 per cent (-0.86 per cent) and the one-year closed at - 0.52 per cent (-0.39 per cent).
G-Secs: The 8.07 per cent 2017 paper closed higher at Rs 123.85. The ten-year yield ended the day a tad lower at 5.18 per cent down from 5.19 per cent on Tuesday.
Call Rates stable at 4.30-4.50 per cent.
Canara Bank net up 31 per cent
Bangalore: The Canara Bank has reported a 31.31 per cent rise in net profit for the financial year 2003-04 at Rs 1,338.01 crore, from Rs 1,018.89 crore last year. The bank has managed to shrink its net non-performing asset ratio to 2.89 per cent and has also made a floating provision of Rs 800 crore for bad debts over and above the prudential provision needs. Trading profit from treasury operations have jumped to Rs 818 crore (Rs 640 crore). For the fourth quarter, the net profit was at Rs 384 crore (Rs 308 crore).
Tata AIG posts Rs 15.3-cr profit
Mumbai: Tata AIG General Insurance Company Ltd has reported a maiden profit of Rs 15.3 crore and a premium income of Rs 353 crore for the financial year ended March 31, 2004, the third year of operation of the company. For the fiscal 2003-04, Tata AIG issued 282,449 policies and settled over 48,882 claims amounting to Rs 113 crore.
Diebold bags UTI Bank deal
New Delhi: Diebold Systems Private Ltd, a wholly owned subsidiary of Diebold Incorporated, has secured a major contract to supply a minimum of 600 ATMs and to provide turnkey auxiliary services such as site preparation, ATM managed services and equipment upgrades on a contract basis to the UTI Bank.
According to a Diebold statement, Diebold ATMs comprise 85 per cent of the 1,250 ATMs owned by UTI.
SIDBI seeks RBI nod to become a partial bank
Mumbai: The Small Industries Development Bank of India (SIDBI) has applied to the Reserve Bank of India to convert itself into a bank in a limited manner. The apex refinance institution will not be a full-fledged bank since it will not accept public fixed deposits, savings accounts or perform remittances. This change has been proposed since past experience has indicated that by providing term loans alone SIDBI kept accumulating bad debts since it remained isolated from the daily functioning of the small-scale units.
For the fiscal ended March 2004, SIDBI has posted a 17 per cent jump in net profit to Rs 244 crore up from Rs 208 crore in the previous year. The Government promoted body has proposed a 10 per cent dividend with a total outgo of Rs 45 crore. SIDBI has reduced its net NPAs to 2.38 per cent (3.84 per cent) with 78 per cent provisioning for its bad loans. The net NPAs stand at Rs 225 crore (Rs 472 crore).
12 May 2004 Rupee feels the rumble and sheds 45
Mumbai: The rupee ended the day at 45.39/41, down 34 paise in its value against the dollar from its previous close.
Forward Market: The six-month forward closed at - 0.86 per cent (-0.57 per cent) and the one-year forward ended at - 0.39 per cent (-0.24 per cent).
G-Secs: Amongst the indicative papers the 7.46 per cent 2017 paper ended at Rs 118.60.
Call Rates: Stable at 4.30-4.50 per cent.
Royal Sundaram tastes first time profits
Chennai: Royal Sundaram Alliance Insurance, a general insurance company, announced a profit after tax of Rs 8 crore for the financial year 2003-04, the first time the company has made a profit. The premium income for the year was Rs 262 crore, a 40 per cent increase over the previous year's premium of Rs 187 crore. Motor insurance made up about 50 per cent of the company's total premium income. This was followed by fire insurance (21 per cent) and personal accident (8 per cent).
BHW Holding takes over Birla Home Finance
New Delhi: BHW Holding AG, one of the largest private sector retail home finance companies in Germany, has acquired 100 per cent stake in Birla Home Finance Ltd. The German company has paid Rs 110 crore to increase its stake in Birla Home Finance from 50 per cent to 100 per cent. The name of the new entity has not been decided.
ADB study team discusses assistance with APSFC
Hyderabad: A study team from the Asian Development Bank (ADB) has visited the Andhra Pradesh State Financial Corporation (APSFC) and held detailed discussions on measures required to strengthen state financial corporations (SFCs) and help them play a bigger role in the development of SMEs. The ADB is likely to provide the requisite assistance in the areas of capacity building for entrepreneurship development and a sharper focus on important and emerging sectors including scope for exports. It is also likely to earmark substantial funds for assisting the SME sector and strengthen the SFCs to provide financial and entrepreneurship development assistance and faster credit delivery.
Allahabad Bank revises FCNR and NRE rates
Kolkata: Allahabad Bank has revised upward the interest rates on Foreign Currency Non-Resident (FCNR) deposits and Non-Resident (External) Rupee (NRE) Term deposits. The revised rates came into force from May 7. The revised rates for FCNR deposits in dollars are: 1.64 per cent (earlier 1.5 per cent) for the period from one year to less than two years, 2.49 per cent (2.35 per cent) for two years to less than three years and 3.12 per cent (2.94 per cent) for three years. In case of British pound deposits, the new rates are 4.62 per cent (4.52 per cent), 4.82 per cent (4.69 per cent) and 4.94 per cent (4.81 per cent) for the respective maturities. For Euro deposits, the revised rates for NRE term deposits are 1.89 per cent (1.6 per cent) for one year to less than two years, 2.74 per cent (2.33 per cent) for two years to less than three years and 3.37 per cent (2.93 per cent) for three years.
11 May 2004 Lower depths for the Rupee
Mumbai: The value of the rupee f ell by 38 paise against the dollar, to close at 45.0450/0650
Forwards Market: The six months forward closed at - 0.57 per cent (- 0.92 per cent) and the one-year closed at - 0.24 per cent (- 0.70 per cent).
G-Secs: The 7.40 per cent 2012 paper closed at Rs 114.62. The 8.07 per cent 2017 paper closed at Rs 123.75.
Call Rates were stable at 4.30-4.50 per cent.
DAB Bank AG opts for Flexcube
Bangalore: i-flex Solutions has announced that DAB Bank AG has decided to implement its universal banking solution Flexcube along with Flexcube@, its Internet banking solution. DAG Bank AG is owned by HVB Group, the second largest banking group in Germany.
Arab National Bank goes for Infosys's Finacle
Bangalore: Infosys Technologies Ltd has said that the Arab National Bank, one of the ten commercial banks in Saudi Arabia will be implementing it's universal banking solution, Finacle.
Under the terms of agreement, Finacle will provide a comprehensive solution to power ANB's web-based initiatives in the space of corporate banking, retail banking and alerts, said an Infosys press release. ANB is the fifth banking client for Finacle in Saudi Arabia.
RBI: State gross fiscal deficits to decline
Mumbai: According to RBI's "State Finances: A Study of Budgets of 2003-04", the gross fiscal deficit (GFD) of states is expected to decline to 4.2 per cent of gross domestic product (GDP) at Rs 1,16,175 crore in the year ended March 31, 2004, as compared to 4.7 per cent at Rs 1,16,636 crore recorded in the previous fiscal.
The net fiscal deficit, as per the budgeted estimates in FY-04, is expected to be at 3.8 per cent amounting to Rs 1,04,043 crore from 4.2 per cent translating to Rs 102,805 crore in the previous year. The revenue deficit at Rs 48,326 crore, would be at 1.8 per cent of the GDP (Rs 61,240 crore - 2.5 pc in FY-03).
Bank of Rajasthan to pay dividend at 20 per cent
Mumbai: Bank of Rajasthan (BoR) has posted a marginal increase in net profit for the year ended March 31, 2004 at Rs 69.03 crore as against Rs 68.42 crore in the previous fiscal.
The board of directors have recommended a dividend of 20 per cent for the fiscal 2003-04.
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