The Hindu Business Line : Wednesday, June 04, 2003

Euro: Over the hill?
THE euro has seen sharp ascent in 2002 and 2003 from $0.85-0.90 levels to the present range of $1.16-1.19. This is appreciation of over a third in the space of 18 months. The question uppermost in the minds of the market players is whether it ... More

Rupee up 18 paise; gilts rally
Dollars flooded the markets as the month-end demand for greenbacks from corporates cooled. The rupee ended the day at a high of 46.94/95 against the dollar. OnMonday, the domestic currency closed at 47.12/13. Internationally, the rise of the euro ... More

INFORMATION TECHNOLOGY

SBI group ATMs networked
STATE Bank of India customers can now transact at any ATM of SBI and its associates as 1,600 ATMs of the group have been networked. The SBI group ATM network, which is available free of charge to its customers, now covers more than 460 cities ... More

STOCKS

HDFC hardens; hits intra-day high again
SHARES of housing finance major HDFC has been gaining strength on the bourses with the stock hitting an intra-day high second day in a row. The share, however, came off its high — Rs 390.40 — and ended the day firm at Rs 381.60 on ... More

Bank stocks post mild recovery on bourses
EVEN as the uncertainty over the issue of paying premium on the equity being returned by public sector banks continued to persist with the Union Finance Secretary, Mr S. Narayan, reiterating his earlier statement, banking stocks made a mild ... More

FINANCIAL PERFORMANCE

South Malabar Gramin Bank profit up 55 pc
THE profit of South Malabar Gramin Bank has grown 55 per cent to touch Rs 18.5 crore, after having made additional voluntary provision of Rs 1.76 crore towards standard assets and Rs 2.40 crore towards salary arrears to staff. The bank also ... More

SOFTWARE

TCS tool for Union Bank
IN what will be the first human resources management project implemented by it for a public sector bank, Tata Consultancy Services (TCS), along with Peoplesoft Solutions, will implement an end-to-end, integrated HRMS and payroll solution for ... More

Polaris product wins award

GENERAL INSURANCE

IRDA research centres soon on motor insurance
The two research institutes will have common user facilities to benefit the industry. Slated to come up in Chennai, they will be funded by the insurance regulator. More

PSU non-life players told to cut costs
MAKING it crystal clear to the four non-life insurance public sector undertakings (PSUs) that their merger would not solve their basic problems pertaining to momentum in the market place in post-privatisation regime, the Insurance Regulatory and ... More

DERIVATIVES MARKETS

Banks, FIs can now deal in interest rate derivatives
SCHEDULED commercial banks, financial institutions and primary dealers may now transact in interest rate futures on notional bonds and T-Bills for the limited purpose of hedging the risk in their underlying investment portfolio. In its ... More

HUMAN RESOURCES

Non-promotees resent VRS package from SBI
Urging the SBI management not to demoralise the promotion rejectees further, the association appealed to the management to ensure that the VRS rejectee officers as well as the non-promotees be allowed to retire on the same lines and financial terms o f the VRS so that they live in dignity at least for the remainder of their lives. More

PUBLIC SECTOR BANKS

PSBs set terms for return of capital at a premium
The bankers said that these conditions were essential to prevent any weakening of the Tier I capital structure. More

State Bank of Mysore launches retail schemes
Site allottees from the Bangalore Development Authority, housing boards etc. are offered a loan for the purchase of residential plot at a floating interest rate of 9.5 per cent and fixed rate of 10 per cent. More

GOVT BONDS

Ministry cool to banks' plea — G-secs buyback gains not into IFR kitty
ADOPTING a strict attitude on the end-use norms for the proposed gilts buyback process, the Ministry of Finance has ruled out allowing public sector banks to use the profits earned from offloading the Government securities in the buyback offer ... More

CORPORATE BONDS

Huda to float expressway project bonds
THE Hyderabad Urban Development Authority (Huda) is contemplating to float bonds to part fund the 100-km `Outer ring express highway project' envisaged to lay multi-lane roads encircling the twin cities. "We are waiting for Crisil rating. Once ... More

NON-PERFORMING ASSETS

DRT recoveries rise by 51 pc
RECOVERIES made through Debt Recovery Tribunals (DRTs) touched Rs 3,252 crore during the year 2002-03 as against a level of Rs 2,153 crore during the previous year. For the first time, the number of cases disposed of exceeded the number of ... More

FIXED DEPOSITS

Depositors' tenor preferences unchanged
DEPOSITORS did not alter their tenor preferences as far as bank deposits were concerned during the past fiscal. They continued to park a major part of their money in the one-year - three-year deposits. A compilation of deposit figures ... More

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