The Hindu Business Line : Tuesday, September 24, 2002

Rupee ends marginally higher
Mumbai: THE Indian currency closed marginally firmer at 48.3975/4025 against the dollar on Monday, as compared to Friday's close of 48.4150/4250, in an otherwise lacklustre forex market on Monday. There was not much buying interest for the ... More

STOCKS

Block deals in HDFC Bank
ON a dull trading day, the HDFC Bank counter witnessed increased activity, thanks to some positive news. On the NSE today, volumes shot up to 96,244 shares from 17,198 shares traded on Friday. Traded quantity on the BSE stood at 89,380 shares, up ... More

NBFCS

Lakshmi General rights issue fully subscribed
LAKSHMI General Finance (LGF) has announced the full subscription of its rights issue. In a press release, LGF said it had issued 10,00,000 equity shares of Rs.10 each at a premium of Rs 50 per share on rights basis. About 50 per cent of the ... More

RBI cancels registration
MUMBAI: The Reserve Bank of India has cancelled the certificate of registration issued to Chennai-based Indian Finance and Factors Ltd. As a result, Indian Finance and Factors had been prohibited from carrying on the business of a ... More

LIFE INSURANCE

LIC targets 25% growth rate by 2005
LIFE Insurance Corporation of India is planning to improve its growth rate from the current level of 20 per cent to 25 per cent by 2005, its Chairman, Mr S.B. Mathur, said. Talking to presspersons, the LIC Chairman said that the rate of growth ... More

GENERAL INSURANCE

IRDA fiat on third-party cover `hurting' non-life insurers
CAN the regulator dictate what business is to be accepted by the insurers? This is exactly what worries the public sector non-life insurance companies. Since the receipt of a communication from the Insurance Regulatory and Development Authority ... More

United India to focus on personal line of insurance
UNITED India Insurance is planning special thrust to personal line of insurance (PLI) in the State as part of its efforts to reduce losses. Speaking to Business Line, Mr K. Sanath Kumar, Regional Manager, Kerala, said that the company ... More

RBI & OTHER CENTRAL BANKS

Central Bank centres for soiled notes exchange
CENTRAL Bank of India has opened centres for the exchange of soiled notes at its three branches in Mumbai. These counters will be open on Sundays to meet the public's needs. Vans plying around these areas will also exchange soiled/mutilated ... More

PRIVATE BANKS

ING, Vysya to merge operations by year-end
ING plans to integrate its banking operations in India with Vysya Bank by end-December, Mr Peter Smyth, General Manager, ING Asia-Pacific, has said. The ING group hiked its stake in the private Indian bank to 44 per cent recently. ING, with a ... More

LVB to dial tele-banking from tomorrow
THE Karur-based Lakshmi Vilas Bank Ltd (LVB) is getting ready to launch tele-banking service at select branches from September 25. The Chairman of the bank, Mr A. Krishnamoorthy, said that this was part of the bank's strategy to provide ... More

FINANCIAL INSTITUTIONS

IFCI gets RBI nod for waivers during recast
IFCI Ltd has sought the Government's assistance to restructure its liabilities while at the same time asking the Reserve Bank of India to relax certain regulatory provisions during the restructuring phase. Speaking at the annual general meeting ... More

JP Morgan offers Rs 35/share for IDBI Bank's 26 pc stake
INTERNATIONAL investment banker JP Morgan is understood to have offered a price of close to Rs 35 per share for a 26 per cent stake in IDBI Bank. This works out to nearly Rs 7 more than the Rs 27-28 per share offered by Small Industries ... More

IFCI pressing on with rejig efforts
IFCI is moving ahead amidst an uncertain future, but at a snail's pace. The institution's sanctions and disbursals have come down to a trickle compared to its heydays with net assistance sanctioned during the first quarter of the current fiscal ... More

TRADE & LABOUR UNIONS

Strike call against bank branch closure
KOLKATA: Bengal Provincial Bank Employees Association (BPBEA), affiliated to All-India Bank Employees Association, has given the call for one day's token strike on October 1 in Kolkata to protest against the closure of the Kolkata ... More

IPOS

Union Bank to make market debut today
UNION Bank of India's IPO will get listed on both the Bombay Stock Exchange and the National Stock Exchange tomorrow. The issue of Rs 288 crore, which was oversubscribed over five times, attracted heavy retail and corporate investments, said Mr ... More

CO-OPERATIVES

NPA Ordinance for UTI, co-op banks on hold
THE Government has put on hold the proposal to bring Unit Trust of India (UTI) and urban co-operative banks (UCBs) under the Ordinance for recovery of non-performing assets (NPAs). The decision comes at a time when the Ministry of Finance is ... More

Gujarat UCBs continue the ninepin game
As one co-operative bank after the other continues to face liquidity crunch and opt out of clearing house operations with sickening regularity, surely it is time the Gujarat government and the RBI came out of their passive roles and began cracking th e whip. More

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