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Rupee gains
Mumbai: The rupee gained 5 paise against the dollar on Monday due to good
dollar supplies. The rupee opened at 40.66/67, saw an intra-day high of 40.62
before closing the day at 40.65/66. Dealers said the RBI was not seen in the market.
Market participants expect the rupee to trade in the 40.50-40.85 range.
In forwards,
the six-mo nth premia closed at 2.07 per cent (2.53 per cent) while the 12-month
closed at 2.26 per cent (2.57 per cent). Bonds:
Bond prices rose by almost 46 paise while the 10-year yield fell by almost six
basis points on hopes of comfortable liquidity in the banking system. A
dealer at a private bank said the RBI did not announce any market stabilisation
auction and also the notified amount for Treasury bills was reduced to Rs500 crore
from about Rs2,000 crore. This will provide relief to the banks and help improve
liquidity conditions. G-secs:
The 7.49 per cent-10 year-2017 paper opened at Rs95.50 (8.17 per cent
YTM) and closed at Rs95.83 (8.12 per cent YTM) against Friday's Rs95.37 (8.18
per cent YTM). The
7.38 per cent-2015 paper opened at Rs98.25 (7.73 per cent YTM) and closed
at Rs98.50 (7.57 per cent YTM).
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Centurion
Bank to raise capital
Mumbai: Centurion Bank of Punjab plans to
raise Tier-I capital of about Rs500 crore through qualified institutional placement
of equity shares. This
approval is subject to shareholder, regulatory and statutory approvals as applicable,
the bank said.
The
capital adequacy ratio for the bank stands at 11.1 per
cent, with Tier-I capital of about 9.9 per cent and Tier-II
capital of about 1.2 per cent. The proposed exercise would
enable the bank to sustain its growth and build on the
business volumes and profitability over the ensuing quarters,
said a statement from the bank.
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Corp
Bank sells stake in NSE for $6.63 million
Mumbai: PSU bank Corporation Bank has sold 0.26 per
cent stake in National Stock Exchange of India for $6.625
million to Citigroup Strategic Holdings Mauritius Ltd.,
the bank said on Monday.
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LIC
not guaranteed position on Maruti board
New Delhi: The Life Insurance
Corporation of India, which will become the second single largest shareholder
in Maruti Udyog after parent Suzuki Motor Co may not be guaranteed a position
in the auto maker's Board despite having a 14.5 per cent stake. Suzuki
Motor Co chairman and CEO Osamu Suzuki said that as per the article of association
there is no guarantee that any shareholder holding above 10 per cent becomes eligible
for a Board position. LIC
had increased its stake in the country's largest carmaker to 14.5 per cent from
8.1 per cent when the government divested its 10.26 per cent residual stake in
the company earlier this year. In
May, LIC had cornered 1.3 crore shares of the total 2.96 crore that were put on
the block by the government to fully exit from the most successful car venture
of the country.
Although,
LIC has received all other necessary approvals for increasing
its stake in MUL, it still has to get the final nod from
shareholders of the carmaker at the annual general meeting
to be held in September. Actual transfer of erstwhile
government shares to LIC will take after the AGM.
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ABN
Amro India reports 59 per cent rise in FY07 net
Mumbai:
ABN Amro's Indian operations have posted a 59.44 per cent rise in net profit
to Rs385.35 crore for FY07 due to the right balance of strong growth, capital
utilisation and offering customer value, company officials said. Deposits
rose by 34.85 per cent to Rs15,998.30 crore while advances increased by 21.99
per cent to Rs18,387.55 crore. The
bank's balance sheet increased by 36 per cent to Rs32,077.67 crore from Rs23,539.99
crore as on March 31, 2006.
The
capital adequacy ratio enhanced to 11.34 per cent as on
March 31, 2007 from 10.44 per cent as on March 31, 2006.
The total capital and retained earnings now stand at Rs1973.93
crore.
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