MONEY & BANKING
INSIGHT
Emerging market currencies: Emerging from the shadows?
It's been a continuous alarm bell. The US economy is in the unsustainable mode of large budget and trade deficits and household debt, low saving and utter dependence on foreign capital — an explosive combination that will precipitate a ...
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FOREX
Rupee slips against dollar
The rupee slipped against the greenback on Tuesday on reports of central bank intervention in the forex market. The currency opened at 44.20/22 and was on a bullish mode, appreciating to 44.1550/16. Sustained demand for the ...
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FINANCIAL PERFORMANCE
SBI net down 4.49 pc on higher provisioning
Net interest income lower by around 6 pc
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SBI cost of funds may see a sharp jump
Provisioning for bad loans at Rs 410 crore (compared with a write-back of this provision in the corresponding quarter of the previous fiscal) and provision for depreciation of investments of about Rs 658 crore were major contributors to the below ...
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LIC Housing Finance net rises 31 pc
LIC Housing Finance Ltd has reported a 31 per cent growth in the third quarter net profit at Rs 76.61 crore, against Rs 58.65 crore in the corresponding period in the previous year. Total income was up 27 per cent at Rs 405.10 crore (Rs 318.06 ...
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LIFE INSURANCE
Prudential earns half its profits from Asia
Open to buys in India; life venture is fastest growing outfit
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FOREIGN DIRECT INVESTMENT
AIF Capital gets nod to invest in Catholic Syrian
Based on the recommendation by the FIPB, the Union Finance Minister, Mr P. Chidambaram, has approved a proposal from AIF Capital Development, Mauritius, to invest up to 15 per cent in the equity base of Catholic Syrian Bank. The investment ...
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RBI & OTHER CENTRAL BANKS
Kalam gives assent to SLR Ordinance
The President, Mr A.P.J. Abdul Kalam, has given his assent to an Ordinance that would empower the Reserve Bank of India to lower the statutory liquidity ratio (SLR) below 25 per cent. An official spokesperson of the Government confirmed that ...
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Use GDP, IIP data to track growth: Panel
A technical advisory group of the Reserve Bank has suggested using quarterly gross domestic product (GDP) and monthly index of industrial production (IIP) data to track economic growth. The RBI set up the Technical Advisory Group on ...
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FINANCIAL INSTITUTIONS
European Bank sounds Indian cos on investments in Russian gas fields
Also seeks involvement of investors in financial sector
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GOVT BONDS
Bond prices gain by 20 paise
Bond prices have gained by almost 20 paise (yields dropped by three basis points) as the government cut import duties on metals, cement and other chemicals. "This is clearly a positive move to contain the inflation, which rose to ...
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CREDIT MARKET
`Remove regional imbalances in credit distribution'
Focus on manufacturing sector leading to distress migration of rural poor
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SHORT TERM INSTRUMENTS
Call rates at 7.7-7.9%
Call rates ruled at 7.70-7.9 per cent against Monday's close of 7.8-8 per cent. In the first one-day reverse repo auction under the liquidity adjustment facility , the RBI received and accepted one bid for Rs 35 crore and in the ...
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FIXED DEPOSITS
Deposit rates hiked
Allahabad Bank has announced an increase in term deposit rates. The increase will cover deposits in time buckets of 91 days and above. The maximum rate announced by the bank is 8.5 per cent per annum in the 2-10 years time ...
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MERGERS & ACQUISITIONS
Cosmos set to buy Manasa Co-op Bank
With the acquisition of two Ahmedabad-based banks - Unatti Co-operative Bank and the Bank of Ahmedabad - the Pune-headquartered Cosmos Co-operative Bank is all set to include the profit-making Manasa Co-operative Bank of Hyderabad into its ...
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PERFORMANCE
SBI Deposits up 11 pc; advances 26 pc
State Bank of India has recorded about 11 per cent rise in deposits and around 26 per cent growth in advances. SBI has reported 11.17 per cent rise in deposits to Rs 4,04,352 crore as on Dec. 31, 2006 from Rs 3,63,731 crore as on Dec 31, 2005. ...
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