The Hindu Business Line : Saturday, November 03, 2007

FINANCIAL SERVICES
Morgan Stanley ups stake in Reliance Capital
Mumbai, Nov. 2 Morgan Stanley Co informed the NSE on Friday that after the acquisition of 2.03 lakh shares of Reliance Capital Ltd on October 29, its holding moved up to 5.0179 per cent or 1.23 crore shares in the total paid-up capital of the ... More

FOREX
Forex reserves rise $1.3 b
Forex reserves were up by $1.307 billion to touch $262.450 billion, for the week ended October 26, according to figures released by the Reserve Bank of India. The rise was mainly on account of currency revaluation. The gain was lower ... More

Rupee unchanged in volatile trade
The rupee closed unchanged at 39.30/31 against the previous close of 39.31, although it was volatile during the day. It opened lower at 39.40/42 and fell to 39.43. There was dollar selling at this level, which helped the rupee gain. ... More

FINANCIAL PERFORMANCE
PSU banks make profits, but not from lending
Other income boosts Q2 profit 23%; slowdown in loan growth More

Dhanalakshmi Bank net nearly doubles
Kochi, Nov. 2 Dhanalakshmi Bank has posted a net profit of Rs 13.50 crore during the half year ended September 30 as compared to Rs 7.02 crore for the previous corresponding period, registering a growth of 92.31 per cent. The operating ... More

SOFTWARE
IB Asia to use i-flex solution
Mumbai, Nov. 2 City based i-flex Solutions has said that The Islamic Bank of Asia (IB Asia) will be implementing its FLEXCUBE® Islamic Banking Suite as the Core Banking Solution for its operations. IB Asia focuses on commercial banking, ... More

LIFE INSURANCE
Birla Sun Life sees 150% growth
Mumbai, Nov. 2 Birla Sun Life Insurance has registered 94 per cent growth in new business premium at Rs 585 crore in the first six months of the current fiscal.Mr Vikram Mehmi, President and CEO, Birla Sun Life Insurance said the ... More

LIC share in I Year premium income slips below 50%
New Delhi, Nov. 2 For the first time, the market share of Life Insurance Corporation of India, the first year premium income fell below 50 per cent in September to 49 per cent, compared with 79.6 per cent a year ago, and 74.5 per cent in ... More

FINANCIAL MARKETS
‘Emerging economies have to be vigilant’
Mumbai, Nov. 2 In a globalised world, emerging market economies may be more vulnerable to shocks originating in developed economies and this would therefore call for extreme vigilance on the part of policy makers, said Mr T. T. Mboweni, ... More

RBI & OTHER CENTRAL BANKS
Three loan agreements signed with World Bank
Total assistance amounts to $944 million for three projects More

PRIVATE BANKS
Slowdown in profit growth of PSBs
Private banks’ income flow more broad-based More

FOREIGN BANKS
German bank to open representative office in Mumbai
New Delhi, Nov 2 To tap the transport and energy financing market, German bank NORD/LB plans to set up an office in India shortly. The representative office, to come up in Mumbai, is expected to commence operations in January ... More

INTEREST RATES
Assocham demands cut in interest rates
‘Huge FII flow likely after Fed rate cut’ More

OBC revises FCNR deposit rates
Oriental Bank of Commerce (OBC) has announced changes in interest rates on foreign currency non resident (FCNR) deposits on all maturities from one to five years for US dollars, British pounds, euro, Australian dollar and Canadian dollar ... More

GOVT BONDS
Bond prices flat
More

CREDIT MARKET
Non-food bank credit decreases
More

SHORT TERM INSTRUMENTS
Call rates steady
Call rates closed at 6.05-6.15 per cent, against Wednesday’s close of 6.05-6.20 per cent. In the three-day reverse repo auction under the Liquidity Adjustment Facility, the Reserve Bank of India received and accepted 6 bids for Rs 7,195 ... More

MORTGAGE
Central Bank to offer reverse mortgage
Mumbai, Nov. 2 Central Bank of India plans to launch the reverse mortgage scheme for the senior citizens. “We are ready to launch the product soon, but we are just waiting for the taxation issues to get resolved,” said Ms H. A. ... More

SECURITY
Call for periodic IT security audit
Hyderabad, Nov. 2 Periodic audit of information security systems is a must for financial institutions in view of increasing cyber crimes, according to Mr Vepa Kamesam, Managing Director, Institute of Insurance and Risk Management ... More