The Hindu Business Line : Thursday, October 09, 2003

Travelex foray by month-end
As Travelex starts operations here, the onward distribution role played by Thomas Cook for its travellers cheques will cease. More

FOREX

Forward premia on dollar hit new lows
FORWARD premia on dollars touched near all-time lows on Wednesday following heavy selling of forward contracts by exporters. Contracts up to four months were on discount. The six-months premia fell by over 60 basis points while the one-year ... More

`Dollar set to turn weaker'
THE weak dollar will get weaker and this will be due to the high proportion of the US current account deficit in the Asian region. The dollar is set to fall an additional 5-6 per cent against a range of key Asian currencies due to high ... More

INSURANCE

Insurers can bid to be pension fund managers
The Ministry of Finance has finally decided to allow life insurance companies to put in bids to fill up the slots that would be up for grabs to become pension fund managers (PFMs) under the proposed new pension system. The move would come as a ... More

STOCKS

Housing demand props up HFC stocks
EVEN as state housing ministers met today to discuss the country's stated goal of housing for all by 2010 and turning housing sector into an engine for growth for the economy, the stocks of housing finance companies (HFC) ruled firm on major ... More

FINANCIAL PERFORMANCE

Centurion posts Rs 1.9-cr net
CENTURION Bank has posted a net profit of Rs 1.94 crore for the second quarter ended September 30, 2003-04 against a net loss of Rs 13.40 crore in the corresponding period of the previous year. The bank made a turnaround at the start of this ... More

HOUSING FINANCE

Thrust to VAMBAY scheme in AP
HYDERABAD: THE Andhra Pradesh Government has urged the State Level Bankers Committee (SLBC) to take up with all banks concerned to expedite the approval of special housing under the VAMBAY scheme. The Chief Minister, Mr N. Chandrababu ... More

CONSUMER FINANCE

Corporation Bank pact
MANGALORE: Corporation Bank has signed a memorandum of understanding (MoU) with Punjab Tractors Ltd and Bajaj Tempo Ltd for financing tractors bought by farmers. The agreement was signed at the bank's corporate office in Mangalore by Mr ... More

LIFE INSURANCE

LIC sole bidder for Harshad's ACC shares?
LIFE Insurance Corporation of India, the largest single shareholder in Associated Cement Companies Ltd with a stake of 16.17 per cent, is believed to be the sole bidder for the 1.63 crore shares in ACC being auctioned by the Custodian appointed ... More

DERIVATIVES MARKETS

NSE to widen investor base
IN order to deepen the recently started Interest Rate Futures market, the National Stock Exchange aims to widen the investor base to provide for diverse opinions on the interest rate trend. In order to widen participation, NSE plans to increase ... More

HUMAN RESOURCES

SBI goes for fast track promotions
Under current service regulations, SBI officers have to cross nine scales before they reach the Managing Director level — where the appointments are decided by the Government/Ministry of Finance. More

RBI & OTHER CENTRAL BANKS

$54-m IBRD aid for food, drugs projects
THE World Bank has approved an interest-free assistance of $54 million to India for Food and Drugs Capacity Building Project, which is aimed at improving quality and safety of food and drugs in the country. An agreement signed between the Union ... More

PRIVATE BANKS

ICICI Bank bullish on growth
ICICI Bank is bullish about business prospects in the coming period, and the strong performance of the bank's ADR this week is an indication that things are happening positively for the bank, according to the Chairman, Mr N. Vaghul. Mr Vaghul, ... More

PUBLIC SECTOR BANKS

SBI opens commercial branch in Kerala
THIRUVANANTHAPURAM: The Chief General Manager, State Bank of India, Kerala Circle, Mr C. Narasimhan, opened the bank's third commercial branch in the State at a function here on Wednesday. Addressing a gathering of business associates ... More

BoB London raises $140 term loan
BANK of Baroda's London office has raised $140 million by way of syndicated term loan from the international market. The tenor of the loan is for one year and it was raised at the rate of 45 basis points above Libor. Bank officials said the ... More

FOREIGN BANKS

HSBC to sell property in Chennai
THE Hong Kong and Shanghai Banking Corporation Ltd building in Chennai's Parry's Corner area, a heritage building, is up for sale. The four-storey building has about 41,000 sq. ft. of built-up space on a 6.42 ground plot and the quoted price is ... More

FINANCIAL INSTITUTIONS

Bull run inflates FIs equity portfolio
THE stock market rally has added about Rs 1,350 crore to the equity portfolio of ICICI Bank, IDBI and IFCI. The broad-based market rally in the last six months has inflated the market value of the equity portfolios of ICICI Bank, IDBI and ... More

IDBI-assisted firms post 200% leap in net
THE net profits of 600 companies assisted by Industrial Development Bank of India (IDBI) have shown a jump of over 200 per cent in the first quarter of 2003-04. These companies fall under both both manufacturing and service ... More

GOVT BONDS

Gilts decline in heavy trading
MUMBAI: G-sec prices were seen falling by 10-15 paise on a net-net basis in the long end on Wednesday. There was some volatility in the markets with fears of an open market operation following statements by the RBI Deputy Governor and the ... More

NON-PERFORMING ASSETS

Bankers' panel concerned at mounting overdues
THE State-level Bankers' Committee (SLBC) has expressed concern over mounting overdues in Karnataka where it was as high as 70 per cent in some special lending programmes. Speaking at the SLBC meeting here today, Mr Michael Bastian, Chairman ... More

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