The Hindu Business Line : Tuesday, February 28, 2006

Mahindra Financial fixes IPO price at Rs 200
Following a successful IPO, subscribed nearly 27 times more, Mahindra & Mahindra Financial Services Ltd (MMFSL) today priced its shares at Rs 200 each. The original price band for the issue of two crore shares of Rs 10 each, for cash at a ... More

HOUSING FINANCE

SBH hikes home loan rates by 50 bps
State Bank of Hyderabad (SBH) has announced an upward revision in interest rates by 50 basis points on housing loans for all tenures from March 1. In a press release here on Monday, the bank said the slab period has been revised to 5-15 years ... More

LIFE INSURANCE

LIC plans to invest Rs 13,000 cr in equities — Favours bank stocks
Life Insurance Corporation will invest around Rs 13,000 crore in equities next year. Mentioning this at a press conference here, the Corporation's Chairman, Mr A.K. Shukla, stressed that LIC's internal budget for next year had yet to be drawn ... More

Bajaj Allianz plans 2 more Vizag branches
Bajaj Allianz Life Insurance Company has emerged as the best among private insurers here, according to Mr N. Venkateswara Rao, the senior branch manager. At a function at its office here to mark the inauguration of Insurance Festival on Monday, ... More

LIC hopes for record growth
Credit card foray options still being weighed; health insurance joint venture likely
Life Insurance Corporation of India (LIC) expects to end the current financial year with a record performance. As of February 15, the corporation had sold 24.6 per cent more number of policies. The corporation's best growth ever has been 27.50 ... More

CREDIT RATING

High credit rating for ONGC bonds
CRISIL and ICRA have assigned high credit rating to ONGC's Rs 50 crore notional non-convertible debenture issue. According to a company statement, while CRISIL has given AAA rating, ICRA has also assigned a long-term AAA rating. ... More

RBI & OTHER CENTRAL BANKS

IPO scam: HDFC Bank, 2 others fined
The Reserve Bank of India on Monday fined HDFC Bank, IDBI and ING Vysya Bank for violation of Know Your Customer norms and other irregularities in relation to the recent IPO scam. HDFC Bank has been slapped with the highest penalty of Rs 25 ... More

PRIVATE BANKS

UTI Bank opens Palakkad branch
UTI Bank has opened its branch in Palakkad in the State. Mr R. Asok Kumar, President, UTI Bank, inaugurated the branch at the City Centre. Speaking on the occasion, he said the opening of the branch ... More

Federal Bank seeks RBI nod for 49 pc FII limit
Postal ballot shows most investors are for hike
Having obtained the shareholders' consent, Federal Bank has sought the RBI permission to raise the FII investment limit from the current 24 per cent to 49 per cent. "Over 99 per cent of the investors who sent in their postal ballot were in ... More

FINANCIAL INSTITUTIONS

Exim Bank to invest $7 m in animated feature film
Rich Crest-Lions Gate's production
The Export-Import Bank of India (Exim Bank) will invest $7 million in the proposed full-length animated feature film from Crest Animation Studios' 87 per cent US subsidiary, Rich Crest, and Lions Gate Entertainment. The movie, meant for a ... More

INTEREST RATES

Interest rates may firm up: Survey
`Forex reserves accretion slowing, credit offtake keeps rising'
Financial health monitor
Case for RBI to unwind MSS for better liquidity.
Credit surge calls for adequate safeguards.
Banks need more capital to meet Basel II norms.
RBI norms on hybrid instruments will help More

CREDIT CARDS & DEBIT CARDS

Pantaloon Retail bid to woo women
Pantaloon Retail India Ltd is offering a co-branded credit card with ICICI Bank exclusively for women customers at Big Bazaar stores. According to sources in the company, the card carries no fee and comes with a credit limit of Rs 5,000. ... More

CO-OPERATIVES

Saraswat Bank bets big on micro fin, IT
Saraswat Co-operative Bank Ltd is looking to increase profits through its proposed wholly owned micro-finance subsidiary and the IT subsidiary set up jointly with Infrasoft Technologies. The entry of big banks in the retail segment has put ... More

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