Rupee feels the rumble and sheds 45
Mumbai: The rupee ended the day at 45.39/41, down 34 paise in its value against the dollar from its previous close.
Forward Market: The six-month forward closed at - 0.86 per cent (-0.57 per cent) and the one-year forward ended at - 0.39 per cent (-0.24 per cent).
G-Secs: Amongst the indicative papers the 7.46 per cent 2017 paper ended at Rs 118.60.
Call Rates: Stable at 4.30-4.50 per cent.
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Royal Sundaram tastes first time profits
Chennai: Royal Sundaram Alliance Insurance, a general insurance company, announced a profit after tax of Rs 8 crore for the financial year 2003-04, the first time the company has made a profit. The premium income for the year was Rs 262 crore, a 40 per cent increase over the previous year's premium of Rs 187 crore. Motor insurance made up about 50 per cent of the company's total premium income. This was followed by fire insurance (21 per cent) and personal accident (8 per cent).
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BHW Holding takes over Birla Home Finance
New Delhi: BHW Holding AG, one of the largest private sector retail home finance companies in Germany, has acquired 100 per cent stake in Birla Home Finance Ltd. The German company has paid Rs 110 crore to increase its stake in Birla Home Finance from 50 per cent to 100 per cent. The name of the new entity has not been decided.
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ADB study team discusses assistance with APSFC
Hyderabad: A study team from the Asian Development Bank (ADB) has visited the Andhra Pradesh State Financial Corporation (APSFC) and held detailed discussions on measures required to strengthen state financial corporations (SFCs) and help them play a bigger role in the development of SMEs. The ADB is likely to provide the requisite assistance in the areas of capacity building for entrepreneurship development and a sharper focus on important and emerging sectors including scope for exports. It is also likely to earmark substantial funds for assisting the SME sector and strengthen the SFCs to provide financial and entrepreneurship development assistance and faster credit delivery.
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Allahabad Bank revises FCNR and NRE rates
Kolkata: Allahabad Bank has revised upward the interest rates on Foreign Currency Non-Resident (FCNR) deposits and Non-Resident (External) Rupee (NRE) Term deposits. The revised rates came into force from May 7. The revised rates for FCNR deposits in dollars are: 1.64 per cent (earlier 1.5 per cent) for the period from one year to less than two years, 2.49 per cent (2.35 per cent) for two years to less than three years and 3.12 per cent (2.94 per cent) for three years.

In case of British pound deposits, the new rates are 4.62 per cent (4.52 per cent), 4.82 per cent (4.69 per cent) and 4.94 per cent (4.81 per cent) for the respective maturities. For Euro deposits, the revised rates for NRE term deposits are 1.89 per cent (1.6 per cent) for one year to less than two years, 2.74 per cent (2.33 per cent) for two years to less than three years and 3.37 per cent (2.93 per cent) for three years.
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