The Hindu Business Line : Thursday, February 03, 2005

S&P upgrades foreign currency rating
STANDARD & POOR'S today upgraded its long-term foreign currency rating on India by one notch to `BB+' with a stable outlook. The agency also affirmed the long-term local currency and short - term ratings at `BB+'. The `BB+' rating is still ... More

Upgrade propels rupee to 5-year high
The rupee ended at a five-year high against the dollar on Wednesday, buoyed by a number of positive events, including the news of Standard & Poor's (S&P) foreign currency upgrade. At the end of the volatile session, the rupee finished at ... More

FINANCIAL PERFORMANCE

Indian Bank Q3 net falls on provisions
INDIAN Bank made a net profit of Rs 74.42 crore in the quarter ended December 31, compared with Rs 184.89 crore in the corresponding quarter of last year. Provision for wage arrears (Rs 124 crore) and market risk and other contingencies (Rs 30 ... More

LIFE INSURANCE

New plans from MetLife India
METLIFE, a private sector life insurance company, has launched its unit linked plans branded as Met Advantage and Met Smart. Met Advantage is a pension plan and Met Smart is a permanent insurance plan. Briefing presspersons on the salient ... More

GENERAL INSURANCE

HDFC Chubb plans weather cover
A host of industries can be brought within the ambit of weather insurance by objectively defining the parameters. More

RBI & OTHER CENTRAL BANKS

RBI prescribes norms for merger of UCBs
THE Reserve Bank of India has said that it will consider proposals for merger and amalgamation among urban co-operative banks (UCBs) when the net worth of the acquired bank is positive and the acquirer bank assures to protect entire depositsof ... More

PRIVATE BANKS

Dhanalakshmi Bank to open branches at Tirupati and Nellore
KOCHI: Dhanalakshmi Bank will open two new branches at Tirupati and Nellore in Andhra Pradesh on February 3 and 4. With the inauguration of these branches, the bank will have a total of 172 branches and 22 extension counters all over ... More

South Indian Bank to double farm credit
SOUTH Indian Bank Ltd has decided to double agricultural credit to farmers in the country in accordance with the policy of the Union Government to support farmers, said Dr V.A. Joseph, Executive Director of the bank. According to Dr Joseph, ... More

REGULATORY BODIES & RULINGS

Chidambaram open to micro-finance regulator
THE Union Finance Minister, Mr P. Chidambaram, said on Tuesday that he had an "open mind" on the issue of appointing a regulator for the micro-finance sector, even as he expressed reservations against over-regulating this sector. "I think we ... More

ALLIANCES & JOINT VENTURES

IIEL ties up with Henry Butcher
SREI Infrastructure Finance Ltd-sponsored Indian Infrastructure Equipment Ltd (IIEL) has signed an agreement here for a strategic joint venture with GoIndustry Henry Butcher to provide infrastructure and industrial asset auction and valuation ... More

RIGHTS ISSUE

LVB plans rights issue, bonds to hike capital
IN its bid to augment capital funds to comply with Basel II norms, the Karur-based Lakshmi Vilas Bank Ltd has resolved to enhance both tier I and tier II capital by March 2006. According to the Chairman, Mr A. Krishnamoorthy, the board has ... More

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