The Hindu Business Line : Sunday, June 01, 2003

Forex reserves jump $1.5 b, top $80-b mark
THE country's forex reserves have zoomed by an unprecedented $1.59 billion in a week to cross $80 billion. The kitty swelled to a total of $80.816 billion for the week ended May 23, according to the weekly statistics released by the Reserve Bank ... More

Forex relaxations extended further
THE Reserve Bank of India in a circular on Saturday said various forex relaxations announced by the Finance Minister in January and thereafter have been extended till further notice. Earlier, it had been stated that the capital account ... More

STOCKS

Bank of Baroda: Pare exposures
SHAREHOLDERS of Bank of Baroda can consider reducing their exposure to the stock in the course of the next few weeks. The stock price now trades at levels that require consistent growth in dividends over the ... More

HOUSING FINANCE

Can Fin Homes: Built to last
CAN FIN Homes fixed deposit scheme is open for fresh investment. Being a housing finance company, it is eligible for a tax break under Section 80L of the IT Act. However, the interest rates are lower than ... More

Warburg arm sells stake in HDFC
AN affiliate of private equity fund Warburg Pincus LLC, has sold 6.30 million equity shares of Housing Development Finance Corporation Ltd representing 2.58 per cent of the paid-up capital of the company. HDFC on Saturday informed BSE of such ... More

LIFE INSURANCE

SBI Life-Scholar
SBI Life-Scholar is a child endowment plan that matures when your child turns 21. It takes care of your child's educational needs in the event of death. How it works? The ... More

GENERAL INSURANCE

Health insurance policies: Just what the doctor ordered
ACCESS to better healthcare has increased the average lifespan in India. But let us not forget that medical facilities come at a price. And as the field of medicine evolves further in its attempt to combat and ... More

Car safety ratings & insurance
THE outgoing Chairman of the Insurance Regulatory and Development Authority of India, Mr N. Rangachary, has set the cat among the pigeons with his recent announcement that the IRDA is planning to set up a rating agency to evaluate the safety ... More

PRIVATE BANKS

Karnataka Bank net up 21 pc
THE Mangalore-based private sector Karnataka Bank has registered a 21 per cent increase in net profit to Rs 110.12 crore during the year ended March 31, 2003, from Rs 91.13 crore during the previous year. The total income has also gone up to Rs ... More

FINANCIAL INSTITUTIONS

IFC to invest $3 m in DQ Entertainment
THE International Finance Corporation (IFC) will be investing $3 million in DQ Entertainment Ltd, a city-based animation company. IFC and DQ (formerly Dataquest Management and Communications Ltd) have signed a contract to this effect, according ... More

INTEREST RATES

PNB to cut rates on term deposits
NEW DELHI: Punjab National Bank (PNB) has decided to revise downwards the rate of interest on domestic term deposits with effect from June 1, 2003. The revised rates would be applicable to fresh deposits and renewal of existing ... More

FIXED DEPOSITS

Take another look at bank deposits
THE inflows into bank term deposits continue to be surprisingly large despite the fall in interest rates. Yields of all instruments are plunging sharply and the worst hit are bank term deposits. Yet, bank ... More

IPOS

State Bank of Mysore plans Rs 100-cr public issue
STATE Bank of Mysore, which has recorded a 75.9 per cent growth in net profit in 2002-03, is planning a public issue of Rs 100 crore. Mr Sitarama Murty, Managing Director, said the move is awaiting parliamentary approval to remove the cap on ... More

TRENDS

Non-food credit up Rs 526 cr
ALTHOUGH there has been a dip in total credit dispensed by the banking system in the country for the fortnight ended May 16, non-food credit has registered an increase for the first time this financial year, albeit marginal. Non-food credit ... More

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