Financial Daily from THE HINDU group of publications
Friday, November 01, 2002
Forex Rates Oct. 31 (4.30 p.m. IST)
1 PoundRs 75.34
1 EuroRs 47.66
1 USDRs 48.30
100 YenRs 39.38
1 Sing $Rs 27.34

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Magma aims at 80 pc rise in business — Second-quarter PAT at Rs 2.22 cr
MAGMA Leasing Ltd, a mid-segment player in the truck, car and construction equipment financing segments, has projected a business of Rs 600 crore for the current financial year, an increase of nearly 80 per cent over the Rs 335 crore achieved in ... More

FOREX


Re strengthens; gilts up
THE rupee gained in strength by 3 paise to close at 48.3550/3650 against the dollar on Thursday, as compared to Wednesday's close of 48.3850/39 in the forex market. Heavy buying of the greenback was seen in the market on Thursday. "There was ... More

New series in Rs 10 notes
THE Reserve Bank of India (RBI) will shortly issue Rs 10 notes in the Mahatma Gandhi series with capital letter `T' inset in numbering panel bearing the signature of Dr Bimal Jalan, Governor, RBI. Except for the change in the inset letter, the ... More

CREDIT POLICY


Bank rate cut short of industry expectations
THE Credit Policy announced by the RBI, though generally welcomed by the industry here, does not seem to have met the expectations of the industry in as far as cut in interest rate is concerned. There is also apprehension that the benefit of ... More

NBFCS


Cholamandalam rights issue to raise Rs 30 cr — Q2 profit up 60 pc
CHOLAMANDALAM Investment and Finance Co Ltd (CIFCL), the Chennai-based non-banking finance company, today announced a rights issue to raise Rs 30 crore. The board of directors of the company which met here approved the proposal. The issue ... More

Ashok Leyland Finance first-half net up 27 pc
ASHOK Leyland Finance Ltd has reported a net profit of Rs 19.07 crore for the first six months of the current year, which represents a growth of 27 per cent over the corresponding period of last year. Total disbursements during the six months ... More

LIFE INSURANCE


Sun Life ready to hike stake in insurance venture
"CHEQUES in the mail just waiting to be cashed." That's how Mr Gary Comerford, Vice-President, International Marketing, Sun Life Financial and General Manager (India) put it when asked about his company's plan to invest more in its insurance ... More

PRIVATE BANKS


Dhanalakshmi Bank H1 profit up 33 pc
THE net profit of Thrissur-based Dhanalakshmi Bank has grown by 33 per cent to Rs 6.86 crore (Rs 5.14 crore) for the first half of the current year. Gross profit went up by 62 per cent to touch Rs 29.87 crore (Rs 18.47 crore), a fax from the ... More

ICICI Bank posts Rs 285-cr consolidated net profit
ICICI Bank Ltd has reported a net profit of Rs 285.3 crore for the second quarter of 2002-2003. The results for the quarter are not comparable as they include the financials of ICICI Ltd and its subsidiaries, ICICI Personal Financial Services ... More

IndusInd posts 2-fold rise in Q2 net profit
INCREASE in other income helped IndusInd Bank Ltd to report a two-fold growth in net profit at Rs 25.38 crore for the second quarter of 2002-03 as against Rs 12.66 crore in the corresponding period in the previous year. While interest earned ... More

PUBLIC SECTOR BANKS


PNB donates Rs 5 cr to PM Relief Fund
PUNJAB National Bank (PNB) has donated Rs 5 crore to the Prime Minister's Relief Fund at New Delhi today. Mr S.S. Kohli, Chairman and Managing Director, PNB presented the cheque to the Prime Minister, Mr Atal Bihari ... More

Interest on recap bonds props up Indian Bank — H1 operating profit at Rs 198.66 cr
INDIAN Bank has reported an operating profit of Rs 198.66 crore for the first six months of the current year, as against Rs 40.26 crore for the same period last year. Addressing a press conference here, the bank's Chairperson and Managing ... More

Corpn Bank opens another ATM in Mangalore
CORPORATION Bank, which claims to have the second largest ATM network among all the public sector banks in the country, has opened yet another ATM in Mangalore. The new ATM was inaugurated by the Chairman of Mangalore Urban Development ... More

INTEREST RATES


SBI cuts PLR 25 basis points
STATE Bank of India (SBI) has announced reduction in prime lending rates. More banks are expected to follow suit. Following the 25 basis point bank rate cut in the Credit Policy, SBI has cut its prime lending rate (PLR) by 25 basis points to ... More

EVENTS


Banks keen to manage business risks better
THE falling interest rates are resulting in reduction of lending incomes for banks. Hence, banks have started to look at ways of managing business risks better, especially since demands from corporate clients to achieve a better control on their ... More
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`Rural folk worst-hit by strained basic services'


Kelkar panel moots excise on processed foods sector — Trade takes up cudgels against recommendations

Pressure on margins of tech biggies seen

B-school placements probe new avenues

ICICI Bank posts Rs 285-cr consolidated net profit

In Depth
Gender Justice
Simple Economics
Small Investor
Looking back
Oct. 20-Oct. 26
No major change likely in interest rates for now

Armed with securitisation Ordinance — PSBs not keen to shift bad loans to asset revamp company

Banks likely to be freed of statutory requirements — Collateralised borrowing and lending obligation

IRDA strong-arm tactics pay off — Insurers accepting third-party liability cover


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