Rupee drifts down
Mumbai: The rupee closed at 45.36/3650 per dollar on Tuesday, weaker by about 4 paise as compared with Monday's close of 45.32/33.
Forward Market: The six-month forward closed at - 0.62 per cent (- 0.70 per cent), and the one-year forward closed at - 0.24 per cent (-0.35 per cent).
G-Secs: The 8.07 per cent 2017 paper closed at Rs 123.14. The 7.46 per cent 2017 paper ended 18 paise lower. The 7.37 per cent 2014 paper fell to Rs 116.72.
Call rates closed at 4.20 per cent.
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Bank of Maharashtra to pay 16 per cent
Mumbai: Bank of Maharashtra's (BoM) net profit for 2003-04 surged by 37 per cent at Rs 304.55 crore, up from Rs 222.02 crore posted in previous fiscal. The board has also recommended a dividend of 16 percent for the fiscal 2003-04. The capital adequacy ratio was pegged at 11.88 per cent and the investment fluctuation reserve stood at 3.35 per cent. The bank has also applied for opening representative offices in London, Singapore, New York and Dubai.
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Kotak Mahindra Bank proposes 1:1 bonus
Mumbai: Kotak Mahindra Bank has completed its first full year as a banking entity with a net profit of Rs 78.72 crore, up 52 per cent from Rs 44.96 crore in the previous year and has proposed a 1:1 bonus and a 24 per cent dividend. On a consolidated basis, the Kotak Mahindra group (inclusive of the banking, investment banking, stock brokerage, life insurance, mutual fund and car finance businesses) posted a 138 per cent rise in net profit for FY04 at Rs 174.44 crore (Rs 73.32 crore). The bank has a robust capital adequacy ratio of 15.25 per cent. The net NPAs of the group is as low as 0.14 per cent. The bank plans to expand its branch network to 40 by FY05, up from 17 at present.
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