The Hindu Business Line : Saturday, July 23, 2005

SMGB posts Rs 19-cr profit
SOUTH Malabar Gramin Bank (SMGB), a regional rural bank with operations in Kerala, today said its total business in 2004-05 grew 20 per cent to Rs 2,185 crore over the previous fiscal. Net profit of the bank stood at Rs 19.20 crore after making ... More

FOREX

Yuan effect on Re dissipates
THE rupee, which rose to a six-month high on Thursday on the back of the revaluation effect of the Chinese yuan, lost much of its gain on Friday as banks aggressively bought dollars in the local forex market, dealers said. The currency closed ... More

Metal sector may benefit from yuan revaluation
FINANCIAL and commodity markets had for long been expecting a revaluation of the Chinese currency (yuan). There was speculation over the timing of the move as also the extent of currency adjustment, with many expecting a 5 per cent ... More

Yuan change: No major benefit seen for textile exporters
It was unlikely that major buyers would be moving base to India because of yuan appreciation. It would require an appreciation of 10-15 per cent to have buyers rethinking outsourcing strategies. More

Yuan effect: Drug cos to feel the pinch?
THERE may not yet be a crease of worry on the forehead of Mr Satish Nachane, Managing Director of Aarti Drugs Ltd, currently on a business tour in China. But having heard of the Chinese currency yuan's revaluation on Thursday, even before his ... More

Bond yields rise; rupee volatile
MUMBAI: Bond prices fell on Friday as the market tracked the spot rupee. Due to the rise in US yields and decline in the domestic currency, there was lack of buying support in the bond market. Inflation at 4.14 per cent was higher than ... More

INSURANCE

Insurance wage hike pact almost clinched
Employees of the Life Insurance Corporation will get a 13.3 per cent hike in wages. The official notification is to be gazetted within the next 20 days, according to Mr K. Venugopal, General Secretary, All India Insurance Employees' ... More

FINANCIAL PERFORMANCE

KVB first quarter net rises Rs 3.5 cr
KARUR Vysya Bank's (KVB) net profit for the quarter ended June improved marginally to Rs 37.62 crore, up by Rs 3.52 crore compared to the corresponding previous period. The bank has managed to strengthen its bottomline despite a decline of Rs ... More

LIFE INSURANCE

Bancassurance drives growth for SBI Life
SBI Life Insurance will be introducing a slew of new products this fiscal, Mr S. Krishnamurthy, Managing Director and CEO, SBI Life Insurance, told newspersons on Friday. The company, which derives about 67 per cent of its business from ... More

GENERAL INSURANCE

Insurers free to load motor premiums — Truck owners to contest IRDA stand
THE Insurance Regulatory and Development Authority (IRDA) has held that insurers have the freedom to increase premium rates even if there have been no adverse claim experience during the previous year. The IRDA's latest view appears to ... More

Road accident insurance scheme proves a hit in Kerala
WITH the increasing number of accidents in the State, National Insurance Company is finding Kerala fertile ground for its traffic accident insurance policies. Sales have zoomed in recent times in tandem with frequently reported cases of ... More

PRIVATE BANKS

Yes Bank plans to expand network
WITH about 30 branch licences approved by the Reserve Bank of India, Yes Bank, promoted by Mr Rana Kapoor and Mr Ashok Kapur, is all set to expand its branch network in the country. The bank has identified the metros and growth cities as its ... More

MERGERS & ACQUISITIONS

Allahabad Bank, PNB plan to buy bank in Kazakhstan
ALLAHABAD Bank and Punjab National Bank, which had planned to set up a joint venture in Kazakhstan, have now given up the idea. Instead, the two public sector banks intend to jointly buy a bank in that country, said Mr O.N. Singh, Chairman and ... More

TRADE & LABOUR UNIONS

Bank staff's plea against privatisation
THE National Confederation of Bank Employees (NCBE), which held its State convention at Thrissur recently, has expressed itself strongly against moves aimed at disinvestment, privatisation and merger in the banking sector. The conference was ... More

EVENTS

BoB Foundation Day fete
THIRUVANANTHAPURAM: The Thiruvananthapuram Fort branch celebrated the 98th Bank of Baroda Foundation Day at a cultural event. Mr M.L. Jain, Assistant General Manager, Kerala region, inaugurated the function. Members of staff, including ... More

SBT essay competition
THIRUVANANTHAPURAM: State Bank of Travancore (SBT) proposes to conduct an essay competition for students of classes 8-12 as part of its diamond jubilee celebrations. An official spokesman said that the topic of the essay would be `My ... More

SOCIETY & DEVELOPMENT

IOB gives Rs 1 cr to TN CM's relief fund
THE Chairman and Managing Director of Indian Overseas Bank, Mr T.S. Narayanasami, on Friday called on the Tamil Nadu Chief Minister, Ms J. Jayalalithaa, and handed over a cheque of Rs 1 crore as IOB's contribution to the Chief Minister's Relief ... More

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Pick a Winner Stock Market Contest

Wipro BPO trims team — Revenues to remain muted for next two quarters

Insurers free to load motor premiums — Truck owners to contest IRDA stand

Focus on customer insight, ad agencies told

Yuan change: No major benefit seen for textile exporters

Chidambaram for `measured response' to market swings

Metal sector may benefit from yuan revaluation

Food & beverage income pushes IHCL net up by 164 pc

In Focus

BHEL Disinvestment

China's revaluation