The Hindu Business Line : Tuesday, December 30, 2003

$100 billion: Understated, underexplained
A surfeit of dollars, unless taken off the market, automatically raises the price of the rupee on account of the `excess demand'. India, like China, has been trying hard to resist this increase in the `value' of its domestic currency, which has an ad verse impact on exports and the profits of exporters. More

FOREX

Rupee down 6 paise; gilts drop
MUMBAI: The rupee lost six paise in the money markets on Monday in the wake of month-end demand for the dollar. The domestic currency ended at 45.6450/6500, down from Friday's close of 45.5800/5850 in its value against the dollar. The ... More

CREDIT RATING

MA rating for Jagsonpal FD programme
ICRA has reaffirmed the `MA' rating assigned to the fixed deposit (FD) programme of Jagsonpal Pharmaceuticals Ltd (JPL). The reaffirmation, indicating adequate safety, factors in the steady profitability of the company during the first nine ... More

HUMAN RESOURCES

Syndicate Bank to offer Sabbatical
SYNDICATE Bank has formulated a new `Sabbatical Leave' package, including attractive sops to its employees. It palns to implement the package from early 2004, according to its Executive Director, Mr K.M. Shet. The package includes Sabbatical ... More

PRIVATE BANKS

IndusInd Bank open to more acquisitions — `Strategic investments from foreign banks welcome'
CLOSE on the heels of its merger with Ashok Leyland Finance Ltd (ALFL), IndusInd Bank has announced that it is open for further acquisitions of any of an NBFC or a private bank. It will also welcome strategic investments by foreign banks to ... More

PUBLIC SECTOR BANKS

IOB mulls opening branch in UAE
INDIAN Overseas Bank (IOB) is exploring the possibility of opening a branch in the UAE to serve NRI customers in the Gulf region following initial talks with authorities concerned here, Mr S.C. Gupta, Chairman of IOB, has said. Mr Gupta, who ... More

INTEREST RATES

SBI cuts deposit rates; benchmark PLR at 10.25 pc
STATE Bank of India has fixed its benchmark prime lending rate (PLR) at 10.25 per cent, effecting a cut of 0.25 percentage point from the existing rate. The bank has also announced a deposit rate cut of 0.25 percentage point in particular ... More

MERGERS & ACQUISITIONS

UTI Bank to pick up stake in two Shriram group cos
UTI Bank will pick up a little over 5 per cent stake in two Shriram group companies - Shriram Investments Ltd and Shriram Transport Finance Company Ltd. The bank has an arrangement with the Shriram group, under which it makes available funds ... More

CO-OPERATIVES

Prudential depositors' plea
HYDERABAD: The Depositors Association of Prudential Co-Operative Bank today asked the management of the bank to accelerate all legal procedures against all the defaulted borrowers. "The recoveries will strengthen the financial position ... More

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