The Hindu Business Line : Friday, May 11, 2007

FINANCIAL SERVICES
Indiabulls fixes GDR offer price at $13.06
Indiabulls Financial Services Ltd has fixed the price of its GDR offering on the Luxembourg Stock Exchange at $13.06 per GDR on May 9, marginally lower than Wednesday's closing price of Rs 555.65 on the Bombay Stock Exchange. Each GDR represents ... More

INSIGHT
The dollar bubble of USA.com
There are striking similarities between the dotcom bubble and what is fuelling the US economy today — the purchase of US dollars by central banks, especially those of China and Japan. What is still holding up the dollar is the yuan peg and, onc e it is dismantled, there may be a precipitous drop. More

FOREX
External commercial borrowings touch $3 b in Feb
Indian companies raised a little over $3 billion equivalent to about Rs 13,000 crore through external commercial borrowings (ECBs) in February 2007, according to figures provided by the Reserve Bank of India. About 86 companies raised money ... More

`Rising rupee, spurt in interest rates hampering exports'
Dun & Bradstreet advocates hedging currency risk More

The vastu of forex
India's foreign exchange reserves galloping beyond $200 billion has sent a veteran colleague into a nostalgic overdrive. In 1991, the then Finance Minister, Manmohan Singh, had started with $1.8 billion as total reserves and when he left office ... More

Rupee falls 36 paise vs dollar
The rupee weakened by around 36 paise against the greenback on sustained buying of dollars. The domestic currency closed at 41.28/29 on Thursday, down from the previous close at 40.92/93. "There was all round dollar buying seen ... More

INSURANCE
Focus turns to mid-cap cos with insurance link
Growth of the sector drawing fund managers More

FINANCIAL PERFORMANCE
Pragati Gramin Bank net up 30.89%
The Bellary-headquartered Pragati Gramin Bank - a regional rural bank (RRB) sponsored by Canara Bank - has registered a net profit of Rs 55.21 crore during 2006-07 as against Rs 42.18 crore in the previous fiscal, recording a growth of ... More

HOUSING FINANCE
Life insurers stop picking up mortgage-securitised papers
Fear volatile situation will result in further asset depreciation More

GENERAL INSURANCE
HC restrains GIC nominee from trading ESOPs of L&T
General Insurance Corporation of India (GIC) has secured an injunction from the Bombay High Court on Thursday restraining Mr B.P. Deshmukh, its nominee-director on the Larsen & Toubro board, from dealing in the employee stock options of ... More

FINANCIAL POLICY
Liberalised remittance scheme: RBI prohibits some transactions
The so-called Liberalised Remittance Scheme is liberal no more. After raising permissible remittance limit to $100,000 per person per annum, the Reserve Bank of India now expressly prohibited certain transactions. It has now clarified that ... More

HUMAN RESOURCES
South Indian Bank plans performance incentive for staff
The Thrissur-based South Indian Bank has decided to introduce a performance-based incentive scheme for all its staff members. The bank has formed a committee of the board to implement the scheme. In a notification to the NSE, the bank said that ... More

PUBLIC SECTOR BANKS
Shreyas wins contest
Shreyas, Canara Bank's house magazine, has been awarded the first prize in the national house magazine contest-2004 organised by the Press Club, Thiruvananthapuram. Mr P.N. Sivan, Divisional Manager, Canara Bank, ... More

GOVT BONDS
Bond prices down 30 paise
Bond prices fell by around 30 paise as excess cash in the system raised concerns over possible RBI action. Total traded volumes on the order matching system were Rs 1,315 crore (Rs 3,030 crore). Dealers said surplus cash of ... More

SHORT TERM INSTRUMENTS
Call rates down at 2-2.5%
The interbank call rate fell to a low of 2 - 2.50 per cent on Thursday, as excess cash flooded the system. Call had closed at 3.25 - 3.50 per cent on Wednesday. "There was ample liquidity in the system as the RBI had conducted ... More

CREDIT CARDS & DEBIT CARDS
Indian Bank launches global debit card
The Indian Bank Global Debit MasterCard is an unembossed signature-based card. This is the bank's second debit card - the first was the Maestro card launched last year. Speaking at the launch function, Dr K.C. Chakrabarty, Chairman and ... More