Rupee steady
Mumbai: The rupee on Wednesday closed at 44.38/40 in its value against the dollar.
Forwards Market: The six months forward closed at - 1.16 per cent (-0.86 per cent) and the one-year closed at - 0.52 per cent (-0.39 per cent).
G-Secs: The 8.07 per cent 2017 paper closed higher at Rs 123.85. The ten-year yield ended the day a tad lower at 5.18 per cent down from 5.19 per cent on Tuesday.
Call Rates stable at 4.30-4.50 per cent.
Back to News Review index page  

Canara Bank net up 31 per cent
Bangalore: The Canara Bank has reported a 31.31 per cent rise in net profit for the financial year 2003-04 at Rs 1,338.01 crore, from Rs 1,018.89 crore last year.

The bank has managed to shrink its net non-performing asset ratio to 2.89 per cent and has also made a floating provision of Rs 800 crore for bad debts over and above the prudential provision needs. Trading profit from treasury operations have jumped to Rs 818 crore (Rs 640 crore). For the fourth quarter, the net profit was at Rs 384 crore (Rs 308 crore).
Back to News Review index page  

Tata AIG posts Rs 15.3-cr profit
Mumbai: Tata AIG General Insurance Company Ltd has reported a maiden profit of Rs 15.3 crore and a premium income of Rs 353 crore for the financial year ended March 31, 2004, the third year of operation of the company. For the fiscal 2003-04, Tata AIG issued 282,449 policies and settled over 48,882 claims amounting to Rs 113 crore.
Back to News Review index page  

Diebold bags UTI Bank deal
New Delhi: Diebold Systems Private Ltd, a wholly owned subsidiary of Diebold Incorporated, has secured a major contract to supply a minimum of 600 ATMs and to provide turnkey auxiliary services such as site preparation, ATM managed services and equipment upgrades on a contract basis to the UTI Bank.
According to a Diebold statement, Diebold ATMs comprise 85 per cent of the 1,250 ATMs owned by UTI.
Back to News Review index page  

SIDBI seeks RBI nod to become a partial bank
Mumbai: The Small Industries Development Bank of India (SIDBI) has applied to the Reserve Bank of India to convert itself into a bank in a limited manner. The apex refinance institution will not be a full-fledged bank since it will not accept public fixed deposits, savings accounts or perform remittances. This change has been proposed since past experience has indicated that by providing term loans alone SIDBI kept accumulating bad debts since it remained isolated from the daily functioning of the small-scale units.

For the fiscal ended March 2004, SIDBI has posted a 17 per cent jump in net profit to Rs 244 crore up from Rs 208 crore in the previous year. The Government promoted body has proposed a 10 per cent dividend with a total outgo of Rs 45 crore. SIDBI has reduced its net NPAs to 2.38 per cent (3.84 per cent) with 78 per cent provisioning for its bad loans. The net NPAs stand at Rs 225 crore (Rs 472 crore).
Back to News Review index page