The Hindu Business Line : Tuesday, June 03, 2003

IRDA directive on commission to boost brokerage industry
IN a move that was expected to provide a major impetus to the brokerage segment of the Rs 15,000-crore Indian insurance industry, the Insurance Regulatory and Development Authority (IRDA) has directed the insurers on Monday to stop providing the ... More

FOREX

Rupee tad weaker; gilts trading listless
Mumbai: THE rupee closed marginally weaker on Monday at 47.12/13 per dollar, down from Friday's close at 47.0850/1050 in a volatile forex market. The domestic currency slipped to an intra day low of 47.24 on the back of aggressive dollar buying ... More

STOCKS

PSU bank stocks hammered
STOCKS of state-run banks fell out of favour of otherwise ebullient stock traders who took the 30-share benchmark index of the Bombay Stock Exchange, the Sensex, past the psychological 3,200-mark today. However, most of the banks had pared early ... More

FINANCIAL PERFORMANCE

State Bank of Patiala nets Rs 450-cr profit
STATE Bank of Patiala has set itself an ambitious target of 40 per cent growth in net profit and 30 per cent growth in business for the current financial year. The bank posted net profit of Rs 450 crore during 2002-03 compared to Rs 322 crore ... More

State Bank of Indore net jumps 60 pc
STATE Bank of Indore has recorded a 60.13-per cent jump in net profit for the fiscal 2002-03 at Rs 200.32 crore as compared to Rs 125.10 crore recorded in the previous year. The net worth improved to Rs 583.66 crore (Rs 412.60 crore) and the ... More

North Kanara bank to pay 14 pc

LIFE INSURANCE

Royal Sundaram premium income jumps to Rs 184 cr
ROYAL Sundaram Alliance Insurance Company Ltd earned a premium income of Rs 184 crore in 2002-03, compared to Rs 71 crore in the year before. According to a press release, the company's personal insurance premium has increased threefold to Rs ... More

LIC beginning to feel the heat
LIFE Insurance Corporation of India (LIC), the public sector life insurance major, has suffered an all-round fall in its business performance for the fiscal year ended March 31, 2003. The issue assumes significance in the backdrop of the new ... More

ICICI Prudential Life to double agents force
ICICI Prudential Life Insurance Ltd intends to double its fleet of 18,500-odd financial advisors (agents), in the next 12 months. So large is the potential for life insurance in India that ``we could have half a million agents and we still ... More

PRIVATE BANKS

HDFC Bank plans to add 100 branches
HDFC Bank Ltd plans to increase its branch network by 100 branches over the next two years and stage a 25 per cent growth in its balance sheet. In the current financial year, the bank plans to increase the number of branches from 237 to 290, ... More

Karnataka Bank to open 10 branches

PUBLIC SECTOR BANKS

Return of capital: Formula may be reworked
THERE might be a further interesting twist to the public sector banks return of capital saga. Though the Government had recently hinted that it would demand its fair share in the proposed capital return deals, the transactions might not be ... More

Retail loans spur PSBs' credit growth
PUBLIC sector banks showed a 15-per cent growth in advances in 2002-03. Although the figures seem to give the impression that loan growth had picked up, bankers said demand for loans was lukewarm. There were very few new industrial projects to ... More