ICICIdirect offers bonds online
Mumbai: Online share trading service ICICIdirect.com has launched the Government of India 6.5 per cent tax-free Savings Bonds 2003 online on its Web site. The service, available on www.icicidirect.com, claims it has 2,40,000 customers. Theycan now apply for these Government bonds without the need for filling up any application form, said a news release from the company. The transaction is automated while the proceeds are debited from the account of the customer.
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Canbank MF declares interim
Kochi: Canbank Mutual Fund announced a 7.5-per cent interim dividend on Canpremium, a debt-oriented balanced scheme, which has a face value of Rs 10, under the income plan. The NAV of the scheme is Rs 12.88 under income plan and Rs 13.66 under the growth plan. The debt-based open-ended Cancigo scheme has announced an interim dividend of 6.25 per cent. The NAV of the scheme is Rs 11.11 under the income plan and Rs 11.77 under the growth plan as on May 6. The dedicated Gilt scheme, Cangilt PGS, which has a face value of Rs 10, has declared an interim dividend of 3.5 per cent. The NAV of the scheme is Rs 10.53 under the income plan and Rs 16.06 under the growth scheme.
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RBI not to intervene in forwards, but will watch
Mumbai: The Reserve Bank of India (RBI) will continue its stance of not intervening directly in the forex forward market, said deputy governor Rakesh Mohan on the sidelines of a function organised by the Bombay Chamber of Commerce and Industry on Friday in Mumbai. He said the RBI is keeping a close watch on the forward market after the sudden volatility experianced on Thursday, but there is no shortage of dollar liquidity in the short-term. “There is no change in our stance. The rates are determined by the market,” he said, adding that the RBI preferred less violatility in the market, confirming its stance in the latest monetary and credit policy, which it will continue to hold good. Forward premiums on Thursday crashed across maturities on heavy selling interests by exporters and corporates. The benchmark six-month annualised forward premium closed sharply at 1.02 per cent with the one-year annualised premium closing lower at 1.15 per cent.
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J&K Bank sets sights on Nasdaq
Srinagar: In a bid to generate an annual fee income of Rs 15 crore from depository, broking and other equity market facilities, the Jammu & Kashmir Bank is launching margin trading and stock lending. Other capital market products in the pipeline include issuing loans against government securities and other debt instruments. “By the end of this year, we intend to emerge as a strong player in the capital market segment providing one-stop solutions to corporate, brokers and clients,” JK Bank chairman Mohammed Yousuf Khan said. The bank is listed on NSE, BSE, DSE and the Ludhiana Stock Exchange and is planing to jump to Nasdaq as well.
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RBI hikes non-competitive bid level in G-secs auction
Mumbai: The RBI has enhanced the maximum limit a non-competitive bidder can bid in a Government securities auction. The maximum limit of the value of a single bid by a non-competitive bidder such as small co-operative banks, RRBs, PFs and trusts has been increased to Rs 2 crore in face value, up from Rs 1 crore in face value, said a press release from RBI. This in response to requests from investors, said the release. Five per cent of the total auction amount is reserved for non-competitive bidders in every auction, but is mostly not fully utilised.
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IFCI takes over East India assets
New Delhi: IFCI Ltd has taken possession of the assets of the East India Symex Ltd under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002. This is the second takeover by the institution close to its recent move to take possession of the Baddi unit of Arihant Industries Ltd. IFCI said that although East India Symex had developed all facilities with the financial assistance from the institution its ad not been paying the dues since April 2000 which amounted to Rs 9.24 crore and dues to banks amounted to Rs 10.38 crore as on March 31, 2003
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IndusInd Bank Q4 net down 64 per cent on low treasury income
Mumbai: With drop in treasury income, the net profit of IndusInd Bank dropped by 64 per cent for the quarter ended March 31, 2003 to Rs 3.66 crore as against Rs 10.22 crore in the corresponding period of the previous year. However, for the full financial year, the bank posted an over 40 per cent jump in net profit to Rs 71.35 crore (Rs 50.75 crore). Total income for the year went up to Rs 988.50 crore from Rs 894.43 crore. The board of directors has proposed a dividend of 14 per cent, same as that of the previous year, subject to approval of the shareholders. Other income of the bank dropped to Rs 59.58 crore in the fourth quarter from Rs 96.77 crore. With high volatility in interest rates, treasury income dropped substantially in the fourth quarter, said senior officials of the bank.
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