The Hindu Business Line : Saturday, May 31, 2003

DCA help sought to educate investors
THE Association of Financial Planners (AFP) has made its case before the Department of Company Affairs in an effort to create awareness of financial planning. For starters, the association hopes to secure DCA's co-operation in organising ... More

FOREX

Rupee ends weak; gilts range-bound
MUMBAI: THE rupee closed weaker for the third consecutive day on Friday. It lost three paise to end the day at a two-week low of 47.0850/1050 against the dollar. The rupee has lost over 19 paise in the last three days. The month-end demand from ... More

INFORMATION TECHNOLOGY

Cisco to network Federal branches
CISCO will implement a multi-location voice ready wide area network (WAN) solution, interconnecting all the 421 branches of Federal Bank in India by December 2003. Cisco has already networked 250 Federal Bank branches to date. The bank has ... More

NBFCS

Cholamandalam Q4 net up at Rs 8.5 cr
CHOLAMANDALAM Investment and Finance Company Ltd has reported a net profit of Rs 8.48 crore for the fourth quarter of 2002-03, compared to Rs 6.02 crore in the corresponding quarter of the previous year. For the full year, the company made a ... More

GENERAL INSURANCE

IRDA panel on free pricing of own damage
THE Insurance Regulatory and Development Authority (IRDA) has decided to allow free pricing on the own damage portion of motor liability, a significant move that could pave the way for the de-tariffing regime in the insurance industry. The ... More

Stiff reinsurance costs drive cos to spot cover
FACED with a hardening of the global reinsurance markets, domestic general insurance companies are increasingly being pushed into the spot markets. Sources said here that the recent spate of terrorist strikes had pushed up global reinsurance ... More

PRIVATE BANKS

ICICI Bank to set up 65 new branches this year — To relocate unviable ones
ICICI Bank, the largest private sector bank in the country, will be more visible in the metropolitan cities. The bank has recently received 65 new branch licences for the year. "Most of the new branches will come up in the metropolitan cities, ... More

PUBLIC SECTOR BANKS

Return of bank capital: Govt now says no decision yet on pricing
BARELY two days after the Ministry of Finance had said that there was no plan to charge a premium on the capital returned by the listed public sector banks, the Government has put the entire issue under a haze once again. This time, the Finance ... More

SBBJ net rises 24 pc
A 13 per cent increase in both, non-interest income and other income, has enabled State Bank of Bikaner and Jaipur (SBBJ) to record a 24 per cent increase in net profit for the financial year ended March 31,2003 at Rs 203.28 crore, as compared to ... More

Bank of Maharashtra net up 53 pc
BANK of Maharashtra has recorded a 53-per cent jump in net profit for the year 2002-2003.An official release from the bank said net profit as on March 31, 2003 stood at Rs 222.02 crore ( Rs 145.41 crore in 2001-2002). The operating profit was ... More

FINANCIAL INSTITUTIONS

KSIDC to enter film financing
THE Kerala State Industrial Development Corporation (KSIDC) has decided to finance production of feature films in Malayalam by corporate entities, i.e. private or public limited companies. Announcing this here, a KSIDC spokesman said the board ... More

NCDC gets FI status

CORPORATE BONDS

KNNL bonds issue gets `adequate safety' rating
CREDIT rating agency, ICRA, has assigned LA+ (SO) rating indicating "adequate safety" with regard to timely payment of interest and principal to Karnataka Neeravari Nigam Ltd (KNNL)'s proposed Rs 500-crore bonds issue in the current financial ... More

FIXED DEPOSITS

PSBs' deposit growth slows
DEPOSIT growth for 15 public sector banks grew by around 12.4 per cent during the past fiscal ended March 2003. This was marginally lower than the 13.1 per cent growth recorded by them in fiscal 2002. Deposit growth rates have been slowing down ... More

MERGERS & ACQUISITIONS

IDBI to buy Tata Homefin for Rs 50 cr
INDUSTRIAL Development Bank of India on Friday agreed to buy Tata Homefinance Ltd (THL), a wholly-owned subsidiary of Tata Finance Ltd (TFL), for Rs 50 crore which is par for the total equity capital of the home loan company. IDBI said its ... More

PEOPLE

Sinor retires from ICICI Bank; to join IBA

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