The Hindu Business Line : Friday, June 07, 2002

Re ends firmer; gilts decline
Mumbai: THE rupee closed steady similar to Wednesday's levels of 49.01/02 against the dollar in a lacklustre forex market on Thursday. Forex dealers said that dollar demand and supplies remained largely evenly matched and there were no ... More

NBFCS

Yet another NBFC downs shutters in Hyderabad
The attractive interest rates offered by the firm and the promise of higher bonus and flexibility of payment lured us into depositing in the firm. However, this has been short-lived, the depositors said. More

FIPB eases norms for Rabo India's parent
THE Foreign Investment Promotion Board has waived the condition of investing $31.5 million upfront it had imposed on the Netherlands-based parent company of Rabo India Finance Ltd (RIFL) for acquisition of the 25 per cent Indian shareholding in ... More

SREI International Finance net up 32 pc at Rs 15.6 cr
SREI International Finance Ltd, primarily engaged in infrastructure equipment and project financing, has recorded a growth of 31.6 per cent on profit after tax (PAT) at Rs 15.63 crore for the year ended March 31, 2002. The PAT for 2000-01 was at ... More

Auditors to certify capital adequacy ratios of NBFCs

GENERAL INSURANCE

West coast ports are `unsafe destinations' -- Insurers impose war-risk premium on foreign ships
IN what could adversely impact exports from the country, overseas marine insurers have clamped an additional 0.1 per cent `war-risk' premium on all foreign vessels calling at ports on the west coast including Kandla, Mumbai and Jawaharlal Nehru ... More

CREDIT RATING

Moody's upgrades SBI deposit ratings
MOODY'S Investor Services has upgraded State Bank of India's local currency deposit ratings (long-term and short-term) by two notches. The short-term currency rating has been upgraded to `Prime-2' from `Not Prime' and the long-term to `A3' from ... More

Crisil upgrades at 5-year low
RATING upgrades by Crisil touched a five-year low of four during fiscal year 2001-02 compared with 30 upgrades in the previous year. This was in spite of a high percentage of rating reaffirmations, according to Crisil. Crisil has reaffirmed 83 ... More

PRIVATE BANKS

All's well at Global Trust: MD
A FEW bank branches and several ATMs of Global Trust Bank in Hyderabad witnessed excessive withdrawals forcing the bank management to intervene and assure customers that all is well with the bank and it is financially sound. The Managing ... More

Lakshmi Vilas Bank net up at Rs 30.22 cr
THE Karur-based Lakshmi Vilas Bank (LVB) has recommended a 50 per cent dividend for the year ended March 2002, as against 45 per cent last year. The matter is subject to approval by the apex bank. The bank has recorded a net profit of Rs 30.22 ... More

DCB plans to raise Rs 60-cr tier-II capital
DEVELOPMENT Credit Bank (DCB) plans to tap the tier II market to raise close to Rs 60 crore in the current financial year, the Managing Director and Chief Executive, Mr H.V. Sheshadri, said. However, the exact issue size is yet to be finalised ... More

PUBLIC SECTOR BANKS

Central Bank net up at Rs 163.3 cr -- Plans Rs 300-cr IPO this fiscal
CENTRAL Bank of India (CBI) has recorded a net profit of Rs 163.30 crore for 2001-02, a 251 per cent rise over the previous year's net of Rs 46.46 crore. The operating profit during the year has risen by 49.71 per cent from Rs 470.47 crore to Rs ... More

Corpn Bank counter at Bagalkot

FINANCIAL INSTITUTIONS

SIDBI mulls converting itself into a universal bank
THE Small Industries Development Bank of India (SIDBI) is considering converting itself into a universal bank and has appointed AF Ferguson and Co as consultants to chart out the bank's strategy of such a conversion. Speaking to Business ... More

GOVT BONDS

BDA bond issue gets safety rating
The bond issue would be used to finance roads and flyovers projects. BDA proposes to spend Rs 150 crore on city infrastructure projects over the next couple of years. More

NON-PERFORMING ASSETS

Projects facing time overruns must be treated as NPAs: RBI
As for conversion of outstanding dues into equity or debentures, they would have to be normally split into interest and principal. Where the interest is capitalised and consequently recognised as income, the new guidelines specify that full provision s would have to be made. More

SHORT TERM INSTRUMENTS

Bank consortium to raise Rs 870 cr for Ericsson
A CONSORTIUM of banks is raising around Rs 870 crore for Ericsson, the global cellular equipment manufacturer. The loan, which will be lead managed by Standard Chartered Bank, is for a period of 90-120 days and is expected to carry a coupon of ... More

TRADE & LABOUR UNIONS

Protest against StanChart
AT its general council meeting held here recently, the Bengal Provincial Bank Employees Association (BPBEA), an affiliate of All India Bank Employees Association, chalked out a programme of campaign and agitation against what it calls "the ... More

EVENTS

Meet on official language held

PEOPLE

Pankaj Jain is Hudco CMD

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IT sector recovery in 2003: IDC

West coast ports are `unsafe destinations' -- Insurers impose war-risk premium on foreign ships

Projects facing time overruns must be treated as NPAs: RBI

Not much difference in FDI flows to India, China: IFC

Uncle Sam to look over students' shoulders

US-Russia: The new entente

In Depth
Gender Justice