MONEY & BANKING
INVESTMENT BANKING
Rabo India to set up investment banking arm
THE Rabobank International-promoted Rabo India Finance plans to set up a separate investment banking entity and a private equity fund dedicated to food agriculture, life sciences or biotech in the country. Rabo India Finance, a non-banking ...
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REGIONAL RURAL BANKS
Malaprabha Grameena Bank to lend Rs 378 cr to priority sector
MALAPRABHA Grameena Bank, Dharwad, is planning to advance Rs 378 crore to the priority sector during 2004-05. According to the Chairman , Mr B.S. Surendra, the bank is catering to the needs of farmers in Dharwad, Haveri, Gadag and Belgaum ...
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FOREX
Rupee weakens
MUMBAI: Domestic currency closed at its lowest level in the week on Wednesday, closing at 46.00/01 against the dollar, weaker by about four paise from Tuesday's close of 45.86/88. "The US trade balance data released on Tuesday weighed ...
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STOCKS
Actis sells UTI Bank residual stake in open market
ACTIS, the investment manager carved out of UK private investor CDC, today sold about 5 per cent equity stake or a little over a crore shares of UTI Bank to a clutch of foreign funds. A stock market source said while US-based T Rowe Price ...
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FINANCIAL PERFORMANCE
HDFC Bank net rises despite loss in portfolio valuation
DESPITE loss on valuation of investments, HDFC Bank has registered an over 30 per cent jump in net profit for the first quarter ended June 30, 2004, at Rs 139.97 crore, up from Rs 107.28 crore in the same period the previous year. Net interest ...
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UTI Bank net up by 35 pc
DESPITE a steep fall in trading income, UTI Bank has posted an over 35 per cent jump in net profit for the first quarter ended June 30, 2004, at Rs 70.67 crore up from Rs 52.18 crore in the corresponding period of the previous year. While net ...
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SOFTWARE
Yes Bank plans soft launch in Aug
THE yet-to-be launched, private sector, Yes Bank, is on a recruitment spree. The bank, which proposes to have a formal launch in February 2005, plans to recruit over 165 people by March 2005. "We plan to have a team of 250 people by March 2005; ...
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LIFE INSURANCE
Aviva rules out third partner in Indian venture
AVIVA Plc UK has ruled out inclusion of a third partner in its joint venture life insurance company in the country. Aviva Life Insurance India Pvt Ltd is a joint venture between Aviva Life Plc and Dabur India Ltd, where the domestic partner has a ...
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PRIVATE BANKS
Proposal on equity cap in pvt banks unusual move, says HSBC chief
MR David Eldon, Chairman, The Hong Kong and Shanghai Banking Corporation (HSBC) today termed the RBI's proposal to cap the equity holding (particularly of foreign banks operating in India) in Indian private banks as "an unusual" move." RBI's ...
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PUBLIC SECTOR BANKS
SBI divests 37 pc in MF arm — Signs MoU with SocGen Asset Management
STATE Bank of India has decided to divest 37 per cent of its holding in its mutual fund arm, SBI Funds Management Pvt Ltd, to Societe Generale Asset Management, for an amount in excess of $35 million. Both parties have signed a memorandum of ...
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FINANCIAL INSTITUTIONS
APSFC to aid Govt in rehabilitating sick industries
THE Andhra Pradesh State Financial Corporation (APSFC) has announced that it will join the Government's efforts to rehabilitate the sick industries in the State. Addressing APSFC's 48th annual general meeting here on Wednesday, Mr M. ...
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GOVT BONDS
Cut-off fixed for Govt stock auction
THE cut-off price of the Rs 5,000-crore government stock auction for the 4.83 per cent 2006 paper conducted on Wednesday came at Rs 99.56 (5.0488 per cent). Of the 202 bids received, 65 were accepted with partial allotment of 55.48 per cent. ...
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FIXED DEPOSITS
Corpn Bank cuts interest rates on FCNR(B) deposits
CORPORATION Bank has reduced interest rates offered on FCNR(B) deposits with effect from July 14. A bank release said here on Wednesday that interest rate on the dollar is 2 per cent per annum (previously 2.09 per cent) for a period of one ...
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PEOPLE
Karnataka Bank new DGMs
MANGALORE: Karnataka Bank Ltd has promoted three of its Assistant General Managers to the rank of Deputy General Manager. A bank release said here on Wednesday that Mr Srinivasa Holla P.R., Mr Prasanna Kumar B. and Mr Samaga V.M., have ...
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Cross Currency Rates
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