The Hindu Business Line : Saturday, August 04, 2007

FOREX
Forex reserves up $3.31 b
Mumbai, Aug. 3 The country’s forex reserves rose $3.307 billion to $225.350 billion in the week ended July 27 on account of intervention by the Reserve Bank of India. “The RBI was seen buying dollars vigorously to cap the ... More

FINANCIAL PERFORMANCE
PSBs post 47% profit growth in first quarter
Lending biz, interest rate hike jingle their kitties More

CONSUMER FINANCE
Daimler ties up with ICICI Bank
Pune, Aug. 3 To make the Mercedes Benz more affordable to its customers, DaimlerChrysler has tied up with ICICI Bank. ‘Star choice’ is being offered to customers with three options — financing at 9.9 per cent interest rate, ... More

FOREIGN BANKS
ABN Amro mulls opening India-centric pvt equity fund
Chennai, Aug. 3 ABN Amro is considering starting a private equity fund for investing in India, Mr Brajesh Mehra, Country Corporate & Investment Bank Head, India, said. In a chat with journalists here, Mr Mehra said that the bank had ... More

INTEREST RATES
United Bank cuts domestic term deposit rates
Kolkata, Aug. 3 United Bank of India has revised downward the rates of interest on domestic term deposits of various maturities – the range of reduction varying from 0.25 per cent to 0.5 per cent. The lowest rate of interest will ... More

GOVT BONDS
Recap bonds converted into G-Secs
Mumbai, Aug. 3 The Government of India has announced the conversion of nationalised banks recapitalisation bonds into government securities, a news release from the RBI said. The Government announced the issue of “8.08 per cent ... More

Bond prices up 19 paise
Bond prices rose about 19 paise and the yields fell by three basis points on reasonably good cut-off from auctions. “The market was pretty range-bound in the early part of the trading day, however the market rallied towards the latter part ... More

CORPORATE BONDS
IRFC raises Rs 1,200 cr through domestic bonds issue
New Delhi, Aug. 3 Indian Railway Finance Corporation (IRFC), the fund mobilising arm of Indian Railways, has already raised about Rs 1,200 crore this fiscal by issuing bonds in the domestic market. The weighted average cost for these ... More

CREDIT MARKET
Credit info cos: 49% cap on foreign investment likely
New Delhi, Aug. 3 The Government is close to finalising the policy on foreign investments in credit information companies. Indications are that foreign investment cap on such companies would be placed at 49 per cent. Official sources ... More

RBI unveils new norms on letter of credit
Mumbai, Aug. 3 Banks can now negotiate a Letter of Credit where the negotiation of bills drawn under LC is restricted to a particular bank, and the beneficiary of the LC is not a constituent of that bank, said a press release from the Reserve ... More

SHORT TERM INSTRUMENTS
Call ends higher at 2-2.25%
The inter-bank call rates rose to their highest in a month to close at 2-2.25 per cent on Friday, higher than the previous close of 0.1-0.3 per cent, as banks were borrowing funds ahead of a 50-basis points hike in the Cash Reserve Ratio. The ... More

PERFORMANCE
Deregulation hits non-life insurers’ premium accretions in Q1
Fall in tariffs due to migration to market pricing regime More