MONEY & BANKING
FOREX
Rupee hits 46.47; bond yields soar
MUMBAI: The rupee fell to its lowest levels in over a year on Thursday to close at 46.47/48 against the dollar. The bond yields soared, with the ten-year benchmark touching 6.28 per cent - the highest since March 2003. Domestic as well ...
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FINANCIAL PERFORMANCE
Karnataka Bank Q1 net up 12 pc; to pay Rs 4
KARNATAKA Bank Ltd has posted a net profit of Rs 38.73 crore for the first quarter of the current fiscal compared to Rs 34.74 crore during the corresponding previous period, registering a growth of 11.5 per cent. A bank release said on Thursday ...
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Andhra Bank Q1 net up 27 pc
A SIGNIFICANT jump in net interest income coupled with lower provisioning has enabled Andhra Bank to post a 26.5 per cent growth in net profit at Rs 150.16 crore in the first quarter of the financial year 2004-05, as against a net profit of Rs ...
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Fall in trading profit pulls down BoI net
A DECLINE in trading profits has led Bank of India to post a lower net profit at Rs 162.69 crore for the first quarter ended June 30, 2004, as against a net profit of Rs 203.2 crore in the corresponding quarter, the previous year. "Operating ...
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IDBI first quarter net dips to Rs 23 cr
THE Industrial Development Bank of India (IDBI) has suffered a fall in net profit on a decreased turnover for the first quarter of the current fiscal ended June 30. As per the audited financial results approved by the IDBI board here on ...
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Dena Bank net rises 26 pc
DENA Bank has posted a 25.75 per cent jump in net profit for the first quarter ended June 30,2004, at Rs 36.72 crore against Rs 29.20 crore in the corresponding quarter, the previous year. Total interest income increased to Rs 436.5 crore (Rs ...
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Cholamandalam net at Rs 9.42 cr
CHENNAI: Cholamandalam Investment and Finance Company Ltd of the Murugappa Group reported a net profit of Rs 9.42 crore on income from operations of Rs 56.73 crore for the quarter ended June 30, 2004. During the corresponding period in ...
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PRIVATE BANKS
SSIs worst hit by GTB moratorium in AP
THE Small Scale Industry (SSI) sector has been seriously impacted by the moratorium placed on Global Trust Bank (GTB), especially those holding current accounts without any other facilities. Hence, the Reserve Bank of India should consider ...
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IndusInd Bank plans capital market outfit
INDUSIND Bank has decided to set up a subsidiary to handle activities related to the capital market. The company, which is likely to be incorporated shortly, will take up a host of functions, including equity broking, portfolio management, and ...
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GOVT BONDS
State loans on tap sale closed
NON-PERFORMING ASSETS
CAG exposes AP corporations' lapses
THE Audit Report 2002-03 (Commercial) of the Comptroller and Auditor General of India (CAG) has exposed the various lapses committed by Andhra Pradesh State Housing Corporation Ltd (APSHC), Andhra Pradesh State Civil Supplies Corporation Ltd ...
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MERGERS & ACQUISITIONS
IDBI Bank to merge with IDBI — Trust to take over Rs 9,000-cr NPAs
IN separate meetings held on Thursday, the boards of IDBI and IDBI Bank in principle approved the proposal to merge IDBI Bank with IDBI, thereby enabling the combined entity - the Industrial Development Bank of India - to become a universal ...
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FIIs buy into IDBI; LIC bullish in IDBI Bank
IN the six months ended June 2004, LIC has turned out to be quite bullish on the IDBI Bank counter. The corporation, which held about 69 lakh shares or a stake of about 3.3 per cent at the end of December 2003, almost doubled it to about 6.4 ...
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Merger to create fast-growing, mid-size bank
THE merger of IDBI with its subsidiary, IDBI Bank, would create a bank with a deposits and borrowing base of about Rs 60,000 crore. The combined entity would still be smaller than banks such as Punjab National Bank, Canara Bank, Bank of Baroda ...
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Vijaya Bank may merge housing fin arm with itself
VIBANK Housing Finance Ltd (VHFL) is likely to be merged with Vijaya Bank in a couple of months' time. According to the VHFL Managing Director, Mr M.R. Adyanthaya, Vijaya Bank has decided to merge VHFL with itself to create considerable synergy ...
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Will the merger do an ICICI?
IDBI's merger with its offspring IDBI Bank has thrown open a few questions. What challenges await the combined entity? Will the merger process have something to absorb from the merger of another financial institution: ICICI with its subsidiary, ...
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Quiet acceptance by Bank staff
THE merger of IDBI Bank with the Industrial Development Bank of India spurred stock prices of both the entities on the bourses. IDBI Bank shares touched the upper circuit in the National Stock Exchange at Rs 50.80 on Thursday, up 19.93 per cent ...
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Cross Currency Rates
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