FOREX
Rupee sheds 13 paise; gilts fall
MUMBAI: The rupee closed at 46.26/27 against the dollar on Thursday, weaker by 13 paise from Wednesday's close of 46.13/14. The domestic currency weakened substantially during the day's trade, but regained its loss to an ... More

FINANCIAL PERFORMANCE
Corporation Bank Q1 net down 17 pc
CORPORATION Bank has recorded a net profit at Rs 105.51 crore during the quarter ended June 30, a 17 per cent decline over the net of Rs 126.43 crore in the corresponding quarter in the previous year. Announcing the results, the Chairman and ... More

UCO Bank Q1 net rises to Rs 142 cr
UCO Bank has announced a 4.4 per cent growth in net profit to Rs 142 crore during the quarter-ended June 30, 2004 against Rs 136 crore during the corresponding period in the previous fiscal. The Chairman and Managing Director of the bank, Mr ... More

SBT net up 84 pc in first quarter
STATE Bank of Travancore (SBT) has registered 84-per cent increase in net profit during the first quarter ended June 30, over the same period last year. The net profit for the quarter was Rs 94.01 crore as against Rs 51.22 crore in the ... More

South Indian Bank Q1 net falls to Rs 18 cr
THE Thrissur-based South Indian Bank has clocked a net profit of Rs 18.44 crore for the first quarter of the current fiscal, against Rs 22.60 crore recorded for the corresponding previous period. The operating profit stood at Rs 39.18 crore (Rs ... More

HOUSING FINANCE
HDFC opens new office in South Chennai
CHENNAI: HDFC inaugurated its 16th office in Tamil Nadu and 6th office in Chennai at the southern suburb of Velachery. HDFC's Tamil Nadu region saw loan approvals of Rs 1,200 cr for 2003-04 , a press release said. ... More

GENERAL INSURANCE
Non-life insurers asked to withdraw packaged products
THE Insurance Regulatory and Development Authority (IRDA) has advised the non-life insurers who were issuing policies that were in contravention of the tariff regulations to immediately withdraw such products from the market and report to the ... More

New VRS for insurance staff likely
FOUR public sector general insurance companies have begun preparations for a new round of voluntary retirement scheme to offset the poor response to the earlier ones. Sources said the insurers were keen on a second round for administrative ... More

DEBT MARKET
Corporates get out of g-secs; move into bank deposits
ANTICIPATING a hardening of interest rates, corporates have begun unwinding their Government securities holdings in a bid to avert losses. Sources said most of these corporates had bought into these securities last year as part of their ... More

FOREIGN DIRECT INVESTMENT
Govt sounds Left parties on dumping insurance FDI hike
THE proposal to hike foreign direct investment (FDI) cap for the insurance sector could be the first casualty in the ongoing political battle over FDI with the Government understood to have expressed its willingness to the Left parties to put the ... More

TRADE & LABOUR UNIONS