Rupee retreats a bit
Mumbai: The rupee fell by around 4 paise against the dollar, opening at 40.70, and closing the day at 40.81. This is against its previous close at 40.77/78.

Forwards: The six-month premium closed at 2.82 per cent (2.93 per cent) and the 12-month ended at 2.75 per cent (2.82 per cent).

Bonds: Bond prices fell by 15 paise and yields went up by two basis points. The yields on the 10-year-paper ended at 8.22 per cent against the previous close of 8.2 per cent. The total traded volumes on the order matching system were Rs4,085 crore (Rs7,020 crore).

The 7.49 per cent 10-year-paper closed at Rs95.07 (8.23 per cent YTM) against Monday's close of Rs95.26 (8.2 per cent YTM). The 8.07 per cent 10-year-paper closed at Rs99.60 (8.13 per cent YTM) against the previous close of Rs99.76 (8.11 per cent YTM).

Call rates: The inter-bank call rates closed at a low of 1-1.25 per cent on Tuesday against the previous close of 2.75-3 per cent.

Repo: The Reserve Bank of India received total bids worth Rs79,590 crore through the reverse repo window. The RBI did not receive any bids through the repo window.

In the first one-day reverse repo auction, the central bank received 30 bids for Rs43,695 crore while it accepted Rs2,000 crore. In the second one-day reverse repo auction, the RBI received 31 bids for Rs35,895 crore while it accepted Rs997 crore. There were no repo bids in the first and second one-day auctions.

CBLO: The CBLO market saw 255 trades aggregating Rs25,006.75 crore in the 0.03-0.5 per cent range.
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Srei Infrastructure Finance Ltd clocks 64% rise in PAT
Kolkata: Srei Infrastructure Finance Ltd (SIFL) has reported a 64 per cent increase in profit after tax to Rs79.2 crore for the year ended March, up from Rs48.4 crore in the previous year.

Total income grew by 76 per cent to Rs400 crore (Rs227.2 crore).

Announcing the annual results, Hemant Kanoria, vice-chairman and managing director, said that the assets under management have gone up to Rs5,083 crore (Rs3,393 crore).

He added that the company's net worth grew by 19 per cent to Rs471 crore (Rs405 crore).

The PAT for the quarter ended March grew nearly 98 per cent to Rs31.50 crore (Rs15.94 crore).

Total income for the quarter jumped to Rs124.71 crore (Rs77.15 crore), while gross profit recorded 50 per cent rise to Rs44.3 crore (Rs29.6 crore).

Stating that this was the best year for the company in terms of financial performance, Kanoria said: "The business has increased substantially, enabling the company to increase its presence in the infrastructure financing sector exponentially, especially after the recent tie-up with BNP Paribas Leasing Group (BPLG) of France."

BPLG, a 100 per cent owned subsidiary of BNP Paribas, is the worldwide lease financing arm of the parent.

Following the joint venture with BPLG, which will acquire Srei's equipment financing and insurance broking divisions, the global player in equipment leasing will pump in Rs775 crore towards 50 per cent of the equity share capital of the new outfit.
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LIC Housing readying for launch of reverse mortgage product
Hyderabad: LIC Housing Finance Ltd is set to foray into the reverse mortgage segment in the coming month.

"We see huge potential in the reverse mortgage segment in view of the changes in the social and economic fabric of the country and will launch our first product within a month," SK Mitter, director and chief executive, LIC Housing Finance, said here on Tuesday.

The reverse mortgage scheme would be extended to senior citizens above 60 years of age. "The equity of the house or property would be assessed and 40-75 per cent of the value would be given as loan to the applicants. Those in the age bracket of 60-65 would get 40 per cent of the market value and applicants above 75 years would get 60 per cent,'' Mitter said.

The company also intends to mobilise over Rs1,000 crore through fixed deposits during the year. "Our fund requirement for 2007-08 is Rs6,800 crore. We will mobilise Rs1,000 crore through fixed deposits and pool in the remaining through bank loans and NCDs," he said.

The interest would be 9 per cent and 9.2 per cent on deposits for three years and five years, respectively.
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