Rupee remains steady
Mumbai: The rupee closed at 45.35/3550 per dollar on Tuesday, almost unchanged from Saturday's closing at 45.3575. After opening the day at 45.36/37, the domestic currency remained in a narrow four paise band, touching a high of 45.34 in a lacklustre forex market.

Dealers were quoted as saying that the rupee continues to remain steady largely due to absence of demand for the greenback. However, some dealers feel that by the end of the week, the rupee may fall a little on account of the usual month-end demand for dollars.
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Kotak Mahindra Bank net spurts 68%
Mumbai: Kotak Mahindra Bank has staged a 67.8 per cent jump in net profit for the third quarter ended December 31, 2003, at Rs 18.95 crore, up from Rs 11.29 crore in the corresponding period of the previous year. The net interest income jumped 147 per cent to Rs 39.46 crore, up from Rs 15.96 crore in December 2002 period, mostly due to the conversion of the NBFC into a bank which has facilitated lower cost deposits and more lending opportunities for the entity.

The conversion into a bank took place in February 2003 and therefore these results are not comparable with those of December 2002. The total income increased to Rs 95.66 crore (Rs 58.51 crore) and total expenditure increased to Rs 65.96 crore (Rs 41.10 crore), said a press release from the bank.
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IDBI Bank posts 32.5% net profit in Q3
Mumbai: With higher margins from core banking business and increase in fee income, IDBI Bank has registered a 32.5 per cent increase in net profit at Rs 36.3 crore for the third quarter ended December 31, 2003 up from Rs 27.4 crore in the corresponding period of the previous year.

While the net interest income jumped 67 per cent to Rs 88.8 crore (Rs 53.1 crore) and the fee income staged a 36.3 per cent increase to Rs 46.5 crore (Rs 34.1 crore), trading fees dropped to Rs 3.6 crore (Rs 24.6 crore). The bank's total income increased to Rs 138.9 crore up (Rs 111.8 crore) and total expenditure increased to Rs 185 crore ( (Rs 147 crore).
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SBI Cap, ASCI join hands to tap advisory space
Mumbai: SBI Capital Markets, Mumbai, and the Administrative Staff College of India (ASCI), Hyderabad, have signed a memorandum of agreement (MoA) to work together in infrastructure advisory opportunities. The period of the MoA is valid till the end of January 2005 and extendable by mutual consent. Indrajit Gupta, MD and CEO of SBI Cap, and Dr E A S Sarma, principal, ASCI, signed the MoA.

SBI Caps, a subsidiary of SBI, offers the entire range of investment banking, advisory and financial services. ASCI, which was set up in 1956 at the initiative of the Indian industry and the government, is a leading research, training and consulting institute with a strong urban management focus.
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