MONEY & BANKING
OVERSEAS BORROWINGS
UTI Bank to raise $50 m
UTI Bank is to raise $50 million through a 1-year syndicated foreign currency loan shortly. Recently State Bank of India and Bank of India had raised foreign currency loans. The coupon rate of the loan is yet to be fixed, but is expected to ...
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INSIGHT
Bringing key-man insurance back to life
Key-man insurance is a life insurance policy taken on the life of a key-man with a view to providing liquidity, financial strength and indemnity to the business organisation in case of losses on account of death, absence or exit otherwise of its key- men from the business.
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FOREX
Rupee weakens; bonds recoup loss
MUMBAI: The rupee closed at 45.0650/0750 on Thursday, over nine paise lower than Wednesday's close of 44.97/99 against the dollar. Huge buying interest was observed during early trading hours by foreign banks such as Deutsche Bank and ...
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INSURANCE
MFL to sell insurance products
INSPIRED by its competitors, Madras Fertilizers Ltd (MFL) is getting into marketing insurance products, both life and non-life. According to MFL's Managing Director, Mr Sukumar N. Oommen, the company has entered into an agreement with ING ...
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FINANCIAL PERFORMANCE
SREI net up 37% at Rs 27 cr; to pay 15%
INFRASTRUCTURE equipment and project finance major SREI International Finance Ltd has registered a 36.56 per cent increase in net profit in 2003-04 over the previous year. The net profit in 2003-04 stood at Rs 26.93 crore, up from Rs 19.72 ...
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HOUSING FINANCE
Dewan Housing Finance scouting for acquisitions
DEWAN Housing Finance Corporation Ltd (DHFL), the second largest housing finance company in the private sector, is looking for acquisitions with healthy portfolios in the eastern region. According to Mr Kapil Wadhawan, Managing Director of ...
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GENERAL INSURANCE
PSU insurers likely to shelve public float plans
PUBLIC sector general insurers' proposals for recapitalising by tapping the domestic equity markets have been put on the back burner. Sources said that the general insurers would have to entirely depend on internal resource generation to ...
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UI Health cover plan for Andhra Bank customers
MR V. Jagannathan, Chairman-cum-Managing Director of United India Insurance, has said that the company had collected a premium of Rs 3,068 crore in 2003-04. He said the profit figures had not yet been finalised and forecast a growth of 8 per cent ...
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FINANCIAL MARKETS
Plan to strengthen banking sector — 2nd action report to stock scam tabled in House
IN its second progress report on the action taken on the 2001 stock market scam, the Government has said that it proposes to introduce Bills to amend the Banking Regulation Act and Securities Contract Regulation Act (SCRA) by incorporating fresh ...
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PUBLIC SECTOR BANKS
HR solution: TCS gets PNB mandate
SOFTWARE major Tata Conultancy Services has been mandated by Punjab National Bank to implement PeopleSoft's HR and payroll solutions for the bank. The implementation of PeopleSoft human capital management (HCM) solutions across PNB's over ...
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BCG to advise Corporation Bank
THE board of directors of Corporation Bank has approved the appointment of Boston Consulting Group (India) Private Ltd as the managing consultants of the bank. A bank release said that the consultant would assist the bank in the areas such as ...
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NON-PERFORMING ASSETS
SC ruling on Securitisation Act — IBA to press for pre-appeal deposit
INDIAN Banks' Association plans to move Supreme Court to prevent defaulting borrowers from exploiting a stance taken by the judiciary with respect to a key provision of the Securitisation Act. IBA's proposal is specifically directed against an ...
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BoI to bring down NPAs to below 3 pc
BANK of India (BoI) has announced plans to bring down its net non-performing assets (NPAs) below three per cent from the existing level of 4.5 per cent. Addressing a press conference here on Thursday, the bank's Zonal Manager, Mr Nagesh Pydah, ...
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MERGERS & ACQUISITIONS
RBI says no to HSBC buying second tranche of 5.46 pc in UTI Bank
THE Reserve Bank of India has shot down HSBC's attempt to purchase a second tranche of 5.46 per cent in UTI Bank. HSBC had applied for acquiring 20.08 per cent in UTI Bank, of which only the first tranche of 14.62 per cent of the deal ...
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Cross Currency Rates
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