The Hindu Business Line : Tuesday, May 20, 2003

Rupee climbs, breaches 47
WITH the global weakening of the dollar and the bunched up supplies of the greenback, the Indian rupee today continued its ascent against it, breaching the 47-mark, while forward premia fell by 25 to 50 basis points. The rupee today closed ... More

INSURANCE

Foresight Insurance gets licence
BANGALORE: Insurance market watchdog IRDA has granted direct insurance broker licence to Bangalore-based Foresight Insurance Management Services Pvt Ltd. Foresight becomes the first Karnataka-based company to be granted an insurance ... More

FINANCIAL PERFORMANCE

UBI sheds `weak' tag; PAT at Rs 305 cr
UNITED Bank of India has recorded a post-tax profit of Rs 305 crore for the year ended March 31, 2003, an increase of more than 250 per cent over the previous fiscal. An overwhelming part of the profit is on account of the bank's treasury ... More

NBFCS

Rabo India Fin to focus more on infrastructure
The current exposure to infrastructure, at a mere Rs 80-100 crore, is set to grow. The plan is to enlarge the infrastructure pie by looking at a whole gamut of activities such as warehouses, agri-ports, cold storage chains, movements of food grains, sustainable energy projects amongst others. More

RBI & OTHER CENTRAL BANKS

`RBI may have Dy Governor for co-op banks'
THE Reserve Bank of India has accorded in-principle nod for the proposal to have a fourth deputy governor exclusively to supervise the working of the co-operative banking sector. Announcing this, the Union Minister of State for Finance, Mr ... More

PRIVATE BANKS

GTB ties up with Baazee.com
GLOBAL Trust Bank (GTB), the Hyderabad-based private sector bank, has tied-up with Baazee.com for providing e-payment facility to its customers for online shopping. Baazee.com is the country's largest online auction and fixed price shopping ... More

PUBLIC SECTOR BANKS

UCO Bank net rises 25 pc
IN its Diamond Jubilee year (2002-03), UCO Bank has posted 25.45 per cent growth in the net profit at Rs 207 crore. For the first time, the board of directors of the bank, at a meeting here on Monday, decided to pay a token dividend of Rs 1 ... More

Treasury gains, NPA recovery lift OBC net up 44 pc
ORIENTAL Bank of Commerce (OBC) has recorded a net profit of Rs 457 crore for the financial year ended March 31, 2003, a 43.5 per cent growth over the previous year net of Rs 320 crore. The gross profit for the year stood at Rs 1,163 crore, ... More

IOB posts 80-pc rise in net; to pay Rs 1.6
INDIAN Overseas Bank (IOB) has posted a net profit of Rs 416.10 crore for the 2002-03 fiscal, up from Rs 230.21 crore for the previous year. The board of directors has recommended a dividend of Rs 1.6 per share (16 per cent), up from Rs 1.2 paid ... More

FOREIGN BANKS

Options on India arm open, says HSBC
EVEN as HSBC India would like to continue to function as a branch network of the global organisation at least for the near-term, it is keeping the option of subsidiarisation "very much open", according to Mr Niall S.K. Booker, Chief Executive ... More

GOVT BONDS

Mild rally in debt market
IN the Government securities market, there was a mild rally of 20-50 paise backed by surplus liquidity and the lower inflation figures on Monday. The 10-year benchmark 9.81 per cent 2013 paper closed 15 paise higher at Rs 129.60 and a ... More

NON-PERFORMING ASSETS

Workers, police clash at Daewoo plant
A CLASH between workers and police on Monday at the defunct plant of Daewoo Motor India Ltd at Surajpur in Greater Noida left 14 persons, including 11 policemen injured. The violence erupted after the workers protested against the takeover of ... More

Banks provide for NPAs with Treasury profits
PUBLIC and private sector banks are reported to have used profits generated from treasury operations to make provisions for non-performing assets during the last financial year — 2002-03. Sources said here that the profits had helped the ... More

MERGERS & ACQUISITIONS

ALF may become Ashok Leyland arm
CHENNAI: Ashok Leyland Ltd on Monday informed BSE that the company had subscribed to the Cumulative Preference Shares of Ashok Leyland Finance Ltd (ALF) against the rights issue offer made in April/May 2000. Upon such conversion and hence ... More

CO-OPERATIVES

Charminar Bank begins repayment of deposits
`Of around Rs 278 crore of dues, the top 10 defaulters alone have to pay an amount of a little over Rs 100 crore. We have been successful in recovering an amount of Rs 56 crore so far.' More

RBI issues norms on UCB deposits
SCHEDULED urban co-operative banks (UCBs) must satisfy certain conditions if they want to accept deposits from non-scheduled UCBs, according to a Reserve Bank of India (RBI) circular issued on Monday. The apex bank has stipulated conditions for ... More

RIGHTS ISSUES

IDBI Bank clears 1:2 rights issue
THE board of directors of IDBI Bank today approved a rights issue of equity shares in the ratio of one equity share for every two shares held at a price of Rs 22 per share. IDBI Bank share closed at Rs 25.45 on the BSE on Monday, up from ... More

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