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Tuesday, October 26, 2004

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MONEY & BANKING

PENSION PLANS
Legislation likely to be passed in winter session — Pvt pension funds may launch new products by end-2005
PRIVATE pension fund mangers hope to launch their products in the country by December 2005. This is based on indications that the legislation for setting up the Pension Fund Regulatory and Development Authority (PFRDA) would be passed in the ... More

FOREX
Rupee firmer; bonds decline
MUMBAI: The rupee closed on Monday at 45.635/645 against the dollar, as against its previous close of 45.73 per dollar on Thursday. Dealers said the domestic currency touched its four-month high on Monday. The rupee had witnessed a level ... More

STOCKS
Bank stocks dip on fears of upward rate bias
BANK stocks witnessed across the board selling on Monday's trading on fears that the Reserve Bank of India might signal an upward bias in the interest rates in the credit policy to be announced on Tuesday, brokers said. The BSE Bankex, fell ... More

FINANCIAL PERFORMANCE
HDFC Q2 net up 22 pc at Rs 248 cr
AN increase in housing loans business and maintenance of interest spread has helped HDFC report 22 per cent increase in net profit for the second quarter of the current fiscal. Net stood at Rs 248.13 crore against Rs 203.24 crore during the ... More

Vijaya Bank Q2 net declines 26 per cent
VIJAYA Bank, reported second quarter profits of Rs 71.43 crore, lower by 25.5 per cent against Rs 95.89 crore in the corresponding period of July-September 2003. Total income during the quarter was Rs 592.83 crore down from Rs 631.67 crore in the ... More

SOFTWARE
TCS is tech partner for Indian Bank
INDIAN Bank has appointed Tata Consultancy Services as its technology partner to implement a core banking solution (CBS) in the bank. TCS will implement the CBS (an integrated, enterprise-wide platform for all banking requirements) from the ... More

NBFCS
Plea to place NBFCs under DRT purview
THE Associated Chambers of Commerce and Industry of India (Assocham) has urged the Finance Ministry to place non-banking financial companies (NBFCs) under the jurisdiction of the debt recovery tribunals (DRTs). In a statement, the chamber ... More

HOUSING FINANCE
HDFC to float real estate venture funds
THE Board of Directors of Housing Development Finance Corporation has approved the entry of HDFC into the real estate venture funds business and has given its nod for setting up two companies. HDFC Venture Capital Ltd will undertake the ... More

PRIVATE BANKS
Big-time share deals — Ministry asks RBI to explore `prior approval' for private banks
THE Ministry of Finance wants the Reserve Bank of India to hop back one step in clearing big-time share transactions in private sector banks. The Ministry has asked the RBI to explore the possibility of according prior approval to share deals ... More

  • LVB offer for festive season

    PUBLIC SECTOR BANKS
    PNB gets nod for 2nd public issue
    PUNJAB National Bank has obtained the Union Government's approval for its `follow-on public offer' slated to hit the markets by the end of this fiscal. The bank will file an application with the Securities and Exchange Board of India within a ... More

    FINANCIAL INSTITUTIONS
    SIDBI launches venture fund for SMEs
    THE Small Industries Development Bank of India has launched the SME growth fund, a venture capital fund with a corpus of Rs 500 crore, dedicated to the SME sector. The fund has an eight-year tenor and has been established with the objective of ... More

    MERGERS & ACQUISITIONS
    UCO Bank looking at merger options
    UCO Bank is seeking to merge with a bank that has a presence in southern and western parts of India. The bank has asked consultancy firm AT Kearney to carry out a preliminary study to perform a SWOT (strength, weakness, opportunity, threat) ... More


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    Top Stories
    `Cutting customs duty to absorb oil price hike won't help'


    Birlasoft to invest $15 m on new centres

    HDFC Q2 net up 22 pc at Rs 248 cr

    EC adopts new proposal for trade preferences

    L&T posts 14 pc rise in Q2 net — Announces special dividend of Rs 10

    Indo Gulf Fertilisers' Q2 profit dips to Rs 16.19 cr

    Raymond reports fall in net profit

    TVS Motor Q2 net down to Rs 34 cr; to pay 70 pc interim

    Looking back
    Oct. 17-Oct. 23
    Forex reserves up $20 m

    NTPC issue inflows help bonds rally

    G-Secs losing allure for banks

    Banks are `too sophisticated' for the common man

    IRDA backs insurance FDI cap at 49%

    Rs 5,000-cr gilts sale cancelled

    Dena Bank gets nod for 2nd public offer

    Draft code of conduct for NBFCs ready


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