Rupee down 5 paise; gilts rise marginally
Mumbai: The rupee lost over five paise to end on Wednesday at 45.2850/2900 in its value against the dollar.
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G Secs
The 8.07 per cent 2017 paper opened at Rs 122.10 and closed at Rs 122.30. The 10-year benchmark, 7.37 per cent 2014 paper closed 10 paise higher at Rs 116.55, with a corresponding yield of 5.24 per cent.
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LIC: To launch two unit-linked schemes
Mumbai: Life Insurance Corporation of India proposes to launch two new unit-linked products in the first quarter of the fiscal 2004-05. The two new products will be linked to endowment and pension plans respectively. Currently, LIC has only one unit-linked product in its portfolio, namely `Bima Plus'.

According to the company it is scouting the European and the US markets for joint venture business opportunities. It also proposes to set up an offshore company in Mauritius in the near future, which will cater to the needs of the African market. Around 3.5 per cent of LIC's annual premium income is constituted by its international operations. The insurer already has a presence in Sri Lanka, Nepal, Bahrain and Oman.
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SBI to finance Siemens equipment
Mumbai: State Bank of India has entered into a Memorandum of Understanding (MoU) with Siemens Ltd, for financing purchase of medical equipments being sold by the company. Doctors with clinics, nursing homes, corporate and medium size hospitals can avail of loans from State Bank Of India under this arrangement, for amounts varying from Rs 20 lakh to Rs 5 crore. With its retail banking thrust, State Bank of India has already launched Doctor Plus Scheme, whereby medical equipments can be purchased on easier terms and conditions.
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Centurion Bank studying rights issue
Mumbai: Centurion Bank has constituted a sub-committee to look into the procedural matters related to the slated rights issue of Rs 65 crore. The committee is authorised to inter-alia determine the final size of the rights issue and the ratio of rights of shareholders, subject to the minimum of Rs 65 crore as mentioned in the original scheme of restructuring.

The shares of the bank with a face value of Re 1 will be re-listed on Thursday, and trading will commence on the three exchanges of BSE, NSE and Mangalore Stock Exchange. The earlier shares with a face value of Rs 10, had been de-listed a month back and re-allotted to the shareholders with a lower face value as part of a restructuring plan.
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