The Hindu Business Line : Wednesday, May 07, 2003

Re strengthens; gilts weak
Mumbai: THE rupee gained another 3 paise on Tuesday to end at 47.2650/2750 against the dollar, up from Monday's close of 47.2950/3050 in the local currency markets. With good supplies of the dollar and no demand for it, the rupee gained in its ... More

Importers in no hurry to hedge dollar position
"Having enjoyed substantial gains, corporates are unlikely to hedge their positions unless they get hit. Any untoward incidents like a war, a downgrading of India by an international rating agency, sudden resurgence of the dollar could all see the ru pee nosedive and seriously harm these punters." More

STOCKS

Can the market bank on banking stocks?
WITH the outlook for the technology sector looking grim in the short term, the banking sector — particularly public sector banks — seems to have become the darling of the stock markets, gaining ground in every trading session. Even ... More

FINANCIAL PERFORMANCE

UTI Bank Q3 net rises 44 pc
UTI Bank has registered a 43.9 per cent increase in net profit for the quarter ended March 31, 2003 at Rs 60.53 crore, up from Rs 42.06 crore in the corresponding quarter of the previous year. The board of directors has recommended a dividend ... More

Sundaram Home net doubles
SUNDARAM Home Finance Ltd, a subsidiary of Sundaram Finance Ltd, made a net profit of Rs 4.47 crore for the year ended March 31, 2003, compared to Rs 2.05 crore in the previous year. The company was able to add 9,000 customers last year. The ... More

HOUSING FINANCE

SBI Home Fin may cease to exist
SBI Home Finance is being wound up, with the State Bank of India (SBI) deciding to take the hit while writing off losses. The housing company is not a subsidiary of SBI though SBI and SBI Caps together hold 25 per cent stake, with HDFC having ... More

LIFE INSURANCE

Aviva Life may cover self-help groups
Aviva Life's products for SHG members would offer life coverage, accident coverage, creditor product (where the bank loan would get adjusted in the event of death), group coverage of all SHG members, concessional premia in view of group coverage and also cover medical benefits in due course. More

Birla Sun Life premium income jumps to Rs 170 cr
BIRLA Sun Life Insurance's annualised premium income has jumped to Rs 170 crore for the financial year ended March 31, 2003 compared to Rs 36 crore in the previous year. As much as 95 per cent of the company's annualised premium was achieved ... More

GENERAL INSURANCE

ICICI Lombard, Galileo tie up for travel cover
ICICI Lombard General Insurance plans to raise its capital base from the current Rs 110 crore to Rs 220 crore. ``ICICI Lombard posted a net profit of Rs 3.3 crore last fiscal after breaking even in September 2002,'' said Mr Kartik Jain, Head ... More

FINANCIAL MARKETS

Development strategies at a discount
It might make a difference if the banks themselves promote worthwhile projects with their huge kitty of funds. More

FINANCIAL INSTITUTIONS

TIIC to introduce rollover facility
TAMIL Nadu Industrial Investment Corporation Ltd will introduce a rollover facility to reduce interest rates charged for existing borrowers, announced the Industries Minister, Mr Nainar Nagenthran, in the Assembly today. Replying to the debate ... More

GOVT BONDS

On-tap sale of development loans
ALL governments except Chhattisgarh are to have an on-tap sale of State development loans on May 12. The loans will have a coupon rate of 6.40 per cent and a maturity of 10 years with a target amount of Rs 6,747 crore with an option to retain ... More

ROADWAYS

Pension fund managers can't enter annuities
"Pension fund managers would not be allowed to become annuity providers. There would be a clear distinction of the responsibilities of the participants of the two segments in the pension market." More

IPOS

Indian Bank plans IPO after July 2004
CONFIDENCE levels are rising at Indian Bank after the successful implementation of the three-year restructuring plan starting June 2000 that saw the bank register a turnaround from a near hopeless situation. The bank has now prepared a ... More

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