MONEY & BANKING
PREFERENTIAL ALLOTMENTS
CUB gets nod for allotting shares to L&T
The shareholders of Kumbakonam-based City Union Bank Ltd (CUB) have approved the proposal to make a preferential allotment of shares to L&T. In a notification to the NSE today, the bank said that at the EGM on December 29 shareholders gave ...
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INVESTMENT BANKING
Investment bankers prefer `virtual captive' outsourcing model to enter India
As it helps them to retain an element of control
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FOREX
Rupee edges up
The rupee edged up slightly against the greenback on Tuesday on good dollar inflows. The currency opened at 44.13/14 and dropped to close the day at 44.24/25, against 44.27 on Friday. Dealers said the currency was tracking the strength of global ...
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HOUSING FINANCE
CREDAI's second exhibition
The Confederation of Real Estate Developers Association of India (CREDAI) will hold its second national exhibition of developers and housing finance institutions from January 19 to 21 in the Capital. The exhibition will bring ...
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LIFE INSURANCE
LIC customer service centre
Mr L. Ajith Kumar, Senior Divisional Manager, Life Insurance Corporation of India, Thiruvananthapuram, has inaugurated `Yagakshema', the LIC customer service centre here. Among those present on the occasion were Mr Ajith Vimal, ...
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GENERAL INSURANCE
Have vintage cars? Pay more for cover
A priceless vintage car will now come at a much higher premium. The third-party motor insurance premium for a vintage Buick or Cadillac has now zoomed from Rs 700 to Rs 2,500, a jump of 257 per cent. The Vintage and Classic Car Club of India ...
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Non-life insurers' management spend may exceed prescribed ceiling
Drop in premium income to tell on private sector more
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FINANCIAL MARKETS
2007: 2006 or Better
The prognosis is for the good returns to continue, riding on the bandwagons of China's and India's growth stories.
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PUBLIC SECTOR BANKS
New Union Bank branch in Madurai
The Union Bank of India opened its sixth, fully computerised branch at Narimedu in the city, here on Tuesday. Inaugurating the branch, the District Collector, Mr T. Udhayachandran, urged the bankers to join the district ...
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Union Bank to focus more on Kolkata
Union Bank of India plans to focus more on the Kolkata market, which is emerging into an important services hub. The bank, which today opened new branches along with ATMs at two key locations in South Kolkata, views the city as a ...
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FINANCIAL INSTITUTIONS
Essar gets fund pledge worth $24 b for Hutch-Essar buy
The Essar Group has received `in-principle' financial support from leading banks and financial institutions for up to $24 billion for a possible buyout of Hutch-Essar. Sources close to the Group said that the Essars now have the "comfort" of ...
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INTEREST RATES
New round of lending rate hikes
Signalling costlier money for corporate India this year, top public sector banks have raised their lending rates over the past week. These banks have hiked their benchmark prime lending rates (the rates that, theoretically, are given to the best ...
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GOVT BONDS
Bonds up as liquidity improves
Bond prices rallied by almost 55 paise (yields went down by around nine basis points) on easy liquidity. "The liquidity has been comfortable and the call rates have also dropped to 8-8.50 per cent," said a dealer at a private ...
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CORPORATE BONDS
UTI Bank plans to raise Rs 100 cr
UTI Bank Ltd plans to raise Rs 100 crore through Upper Tier II unsecured redeemable subordinated debentures, with an option to retain over-subscription. The debenture carries a coupon rate of 9.50 per cent per annum. The face ...
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BSE launches corporate bonds trading
Rs 201-cr worth deals done on Day 1
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SHORT TERM INSTRUMENTS
Call rates ease to 8-8.5 pc
Call rates eased to 8-8.50 per cent as cash became less scarce. Call rates hit 11 per cent on Saturday and touched a nine-year high of 19 per cent on Friday. Yet, banks today borrowed Rs 17, 945 crore through RBI's twin repo ...
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INTERVIEW
SBI for bigger market pie with better profitability
Chairman Bhatt outlines plans to unlock value, reposition brand
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PEOPLE
Sun Life Fin gets new country head
Sun Life Financial has appointed Mr Venkatesh Mysore as Vice-President and Country Head, Sun Life Financial, India. Previously, Mr Mysore was the CEO and Country Manager of MetLife India. In his new role, Mr Mysore will be ...
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