The Hindu Business Line : Tuesday, October 16, 2007

OVERSEAS BORROWINGS
Kotak Mahindra mops up Rs 1,615 cr via QIP route
Mumbai, Oct. 15 Kotak Mahindra Bank has raised Rs 1,615 crore (approximately $ 410 million) by allocation of 1.7 crore equity shares through a Qualified Institutional Placement (QIP), said a bank press release.The QIP issue was priced ... More

FINANCIAL SERVICES
Reliance Money small gold coin sale
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FOREX
RBI acts to check rupee gains
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FINANCIAL PERFORMANCE
AXIS Bank rides on core business growth
Net profit rises 60%; robust fee income, trading gains help More

IFCI net rises 3-fold on NPA recovery
New Delhi, Oct. 15 IFCI Ltd on Monday reported a net profit of Rs 497.29 crore for the quarter ended September 30. This represents more than three-fold increase to the net profit of Rs 115.83 crore recorded in the same period last ... More

Other income lifts UCO Bank net by 50%
Kolkata, Oct. 15 UCO Bank has recorded a net profit of Rs 243.4 crore for the period ended September 2007, a 50-per cent increase from Rs 162.21 crore posted at the end of the corresponding period last year. Its operating profit stood at Rs ... More

Indian Bank’s Q2 net up 46 per cent
Recovery of big ticket NPAs likely soon More

HOUSING FINANCE
IDBI cuts home loan floater rates
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LIFE INSURANCE
Max NY Life to double capital base
Panaji, Oct. 15 Max New York Life Insurance will nearly double its capital base to around Rs 1,550 crore by the end of 2008. The company’s current capital base stands at Rs 807 crore. Mr Gary Bennett, CEO and Managing Director, ... More

Andhra Bank launches Bima Utsav
Visakhapatnam, Oct. 15 Andhra Bank is undertaking a special campaign — AB Bima Utsav 2007 — in all its branches from Monday to the month-end for mobilisation of LIC policies and selling other insurance-linked products.Mr ... More

PRIVATE BANKS
Today's Pick: ING Vysya Bank (Rs 264.05)
We recommend a buy in ING Vysya Bank at current price. ING Vysya Bank has been on a long-term uptrend since June 2006 low of Rs 82. However, the stock met with resistance at Rs 270 level in May 2007. Since then, the stock has been moving ... More

TMB, clearing banker for MCX
Tuticorin-based Tamilnad Mercantile Bank (TMB) has become the Clearing Banker for the Multi Commodity Exchange of India Ltd (MCX). The agreement was signed between Mr G. Narayana Moorthy, Managing Director and CEO of the bank, and Mr Joseph ... More

PUBLIC SECTOR BANKS
Sundaram BNP ties up with BoB
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GOVT BONDS
Bond market range-bound
The bond market was range-bound on Monday, as there were concerns on liquidity in the system. “Though there was some movement seen in the short-term yields, the long-term remained range-bound,” said a dealer with a private bank. The ... More

RESTRUCTURING
IFCI giving option for converting debt into equity
IFCI Ltd has decided to give 30 banks and financial institutions, including Life Insurance Corporation (LIC), an option to convert a portion of their debt exposure in the country’s oldest financial institution into equity. The ... More

CREDIT MARKET
Public sector banks now target small industries
Retail investors and customers who used to prefer banking with private sector and multi-national banks, have now started turning back to public sector and cooperative banks. “Public sector banks, feeling the heat of competition, ... More

SHORT TERM INSTRUMENTS
Call rates close at 6-6.10%
Call rates closed higher at 6-6.10 per cent, against Friday’s close of 4.5-5 per cent, as liquidity was comfortable. On Friday call rates closed lower as it was reporting Friday. In the one-day reverse repo auction RBI received and accepted ... More