FOREX
Rupee breaches 46; gilts down
MUMBAI: The domestic currency closed 13 paise lower at 46.08/10 on Tuesday, as against its previous closing at 45.95/97 on Monday. Though the rupee opened at 45.95/97 on Tuesday morning, it rose to a high of 46.11 against the dollar due ... More

STOCKS
IDBI gains on value buying ahead of universal bank status
THE IDBI stock on Tuesday drew significant attention in the market amid mixed signals in the banking counters. The stock had an 11.8-per cent rise on the NSE with a traded quantity of 25.24 lakh shares. The valuation of IDBI is being re-looked ... More

FINANCIAL PERFORMANCE
IndusInd Bank net leaps post-merger
INDUSIND Bank has reported a manifold jump in its net profit to Rs 48.73 crore for the fourth quarter ended March 31, 2004 thanks to the merger with group company, Ashok Leyland Finance Ltd (ALFL). In the corresponding period of the previous ... More

GENERAL INSURANCE
PSU insurers unhappy with TPAs — Mounting claims ratio, poor customer service
FACED with mounting claims ratio on mediclaim policies, the four public sector insurers have sought a complete review of the functioning of Third Party Administrators (TPAs). Sources said that all the four PSU insurers - New India ... More

FINANCIAL MARKETS
`Special defences must for financial stability'
COUNTRIES such as India need to put in place special defences to ensure financial stability as they faced with the prospect of volatile capital flows, according to Dr Y.V. Reddy, Governor, Reserve Bank of India. "Many emerging market economies ... More

RBI & OTHER CENTRAL BANKS
RBI policy review may be sooner than later
A copy of the RBI Annual and Policy Statement for the current fiscal was circulated to all scheduled commercial banks on May 18 - weeks before the Finance Minister is scheduled to present the Budget for 2004/05. The report concludes with ... More

PRIVATE BANKS

FOREIGN BANKS
BNP Paribas trims net loss to Rs 13 cr
BNP Paribas has posted a lower net loss of Rs 13 crore for the year ended March 2003-04 compared to a net loss of Rs 14.3 crore in the previous year. The net losses are due to the provisioning for the bad assets in the bank's books and lower ... More

ASSET MANAGEMENT COMPANIES
ABN-Amro launches asset management co
ABN-Amro has launched its asset management company in India, ABN-Amro Asset Management (India) Ltd. The fund house has applied to the Securities and Exchange Board of India for clearance on the offer documents for its five funds - Equity ... More

INTEREST RATES
Fed rate could go up 50 bps
ALL eyes are riveted on the US Federal Reserve as its Federal Open Markets Committee (FOMC) meets on Tuesday and Wednesday to decide on interest rates. With economic data on the strong side and a significant rise in inflation, the market's ... More

GOVT BONDS
Govt announces sale of floating rate bonds for Rs 6,000 cr
THE Government of India has announced the sale of `Floating Rate Bonds, 2015' for an aggregate amount of Rs 6,000 crore by auction using the uniform price format. It has also announced the sale (re-issue) of `6.13 percent Government Stock 2028' ... More