The Hindu Business Line : Tuesday, April 16, 2002

More courts to hear cheque bouncing cases
Currently, in Mumbai alone, more than 1,50,000 cheque bouncing cases involving approximately Rs 6,000 crore were pending, with more than 10,000 cases in each court. More

`Bouncing of cheques still a serious offence'
THE Legislative Department of the Ministry of Law, Justice and Company Affairs, has addressed the Bar Council of India, requesting it to disseminate the correct position in the legal fraternity and others concerned that bouncing of cheques ... More

FOREX

Rupee closes 3 paise lower
THE rupee closed weaker by around three paise at 48.94/9450 against the dollar in the forex market on Monday compared to Friday's close at 48.9125. The rupee opened at 48.91/93 and remained rangebound for most of the day. "In the last ... More

NBFCS

Manipal group to shut down NBFC arms -- Restructuring plans for repayment of deposits
THE Manipal group plans to exit non-banking finance business by shutting down its three subsidiaries — Maha Rashtra Apex Corporation Ltd (MRAC), Canara Nidhi Ltd (CNL) and Manipal Home Finance Ltd (MHFL). The group has requested the ... More

Kotak rules out fresh capital infusion in bank
THE Vice-Chairman of Kotak Mahindra Finance Ltd (KMFL), Mr Uday Kotak, has ruled out the possibility of infusion of fresh capital in the bank in the near future but added that the bank may require capital at a later date. "The current structure ... More

LIFE INSURANCE

LIC info-centre in Mumbai
LIFE Insurance Corporation of India (LIC) has launched its first `Info-centre' in Mumbai to enable customers to make enquiries on LIC products and policy details. Customers in Mumbai can now dial 612 55 55 for information on LIC products ... More

CREDIT RATING

Crisil assigns AAA to NTPC issue
CRISIL has assigned `AAA' (triple A rating) to the Rs 1,500-crore bonds issue of National Thermal Power Corporation (NTPC). The earlier `FAAA' (F triple A) and `P1+' (P one plus) ratings assigned to NTPC's Rs 500-crore fixed deposit and Rs ... More

Fitch downgrades Mahindra NCDs
FITCH Ratings India has downgraded the rating of Rs 650-crore secured non-convertible debentures of Mahindra & Mahindra (M&M) to Ind AA+ (high credit quality) from Ind AAA. While the rating of the Rs 150-crore commercial paper programme has ... More

PRIVATE BANKS

HDFC Bank fourth-quarter net up 38 pc at Rs 90 cr
HDFC Bank Ltd has recorded a 37.7 per cent growth in net profit at Rs 90.24 crore for the fourth quarter March 31, 2002, as compared to Rs 65.54 crore in the corresponding period in the previous year. "The bank's performance is in line with ... More

FINANCIAL INSTITUTIONS

DCA exempts FIs from DRR provisions
THE Department of Company Affairs (DCA) has decided to exempt all-India financial institutions, regulated by the RBI and banking companies, from the provisions of debenture redemption reserve (DRR). This exemption is for both public as well as ... More

GOVT BONDS

Securities prices remain dull
MUMBAI: THE securities prices remained largely lacklustre, trading in the range of 10-15 paise as markets remained uncertain ahead of the auction results, expected later in the day. The 11.50 per cent 2011 paper which had opened at around Rs ... More

Govt paper fully subscribed
THE Rs 6,000-crore yield-based auction of the 15-year Government paper was fully subscribed in the Government securities market on Monday with the cut off fixed at 7.49 per cent. Dealers said, "Market players were expecting a cut off between ... More

MERGERS & ACQUISITIONS

Kotak Mahindra to merge four arms with itself
KOTAK Mahindra Finance Ltd (KMFL) has decided to merge four of its investment firms with itself before converting into a bank. KMFL's is one of the two proposals recently cleared by the Reserve Bank of India for setting up private sector banks. ... More

DSP Merrill Lynch to finalise IDBI Bank stake sale
IDBI Bank has appointed DSP Merrill Lynch for finalising sale of 26 per cent stake in the next few months. This is part of the bank's plans to garner Rs 300-400 crore and bring down IDBI's stake to around 40 per cent, in line with the Reserve ... More

TRADE & LABOUR UNIONS

Dakshina Kannada bank staff to join strike
EMPLOYEES of all banks in the Dakshina Kannada district of Karnataka will join the country-wide bankers' strike on Tuesday. According to the DK district unit of the United Forum of Bank Unions, an umbrella organisation of all the nine unions ... More

ALLIANCES & JOINT VENTURES

Dhanalakshmi Bank to distribute MetLife products
THE Thrissur-based Dhanalakshmi Bank has entered into the field of distributing life insurance products under a tie-up with MetLife India, an affiliate of the Metropolitan Life Insurance Company of the US. At a function to mark the launch of ... More

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In Depth
Inside Kashmir

Guide to derivatives

US-64

Looking back
Apr. 7-Apr. 13
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Morgan Stanley leads in investment banking: Study

Madras HC stays cut in tax on perks

Insurance VRS may be on offer shortly