Rupee down 4 paise
Mumbai: The rupee closed at 45.47/49 per dollar on Friday, sliding down a further four paise over yesterday, losing a total of 15 paise over the week.
Forwards Market: The six-month forward closed at a steeper discount of - 0.55 per cent (- 0.46 per cent), and the one-year forward closed at - 0.15 per cent (- 0.10 per cent).
G-Secs: The benchmark 8.07 per cent 2017 paper closed at a higher yield of 5.60 per cent (5.54 per cent) and the 7.37 per cent 2014 paper closed at a higher yield of 5.25 per cent, up from 5.21 per cent.
Call Rates: Closed higher at 5.50-6 per cent.
Back to News Review index page  

Andhra Bank ATMs to shutdown for eight hours
Hyderabad: All the 272 automated teller machines (ATMs) of Andhra Bank spread across the country will not function for nearly eight hours beginning 11 p.m. on Saturday up to 7 a.m. on Sunday.
Back to News Review index page 

SBI to pay 110 per cent dividend
Kolkata: The board of directors of State Bank of India at a meeting here on Friday recommended 110 per cent dividend (Rs 11 per share) for the year, inclusive of 10 per cent special dividend for the SBI Group as a whole. SBI has reported 18.55 per cent growth in net profit at Rs 3,681 crore in 2003-04 (Rs 3,105 crore in 2002-03). The operating profit of the bank during the year under review amounted to Rs 9,553.46 crore (Rs 7,775.40 crore), recording a growth of 22.87 per cent.

SBI's gross NPA ratio dropped to 7.75 per cent (9.33 per cent) and net NPA ratio to 3.48 per cent (4.5 per cent) and the operating expenses to total net income ratio to 49.18 per cent (50.53 per cent). Capital adequacy is at 13.53 per cent (13.50 per cent). The earning per share is Rs 69.94 (Rs 59). The State Bank Group has at present over 3,900 networked ATMs comprising over 2,800 of SBI and 1,100 of the associate banks covering 1,296 centres. The bank has an ATM card base of more than five million. In credit card business, the SBI card has a market share of 17 per cent.
Back to News Review index page  

IDBI to reduce interest rates
Kolkata: Industrial Development Bank of India (IDBI) board has agreed to a "graded reduction in interest rates" on high-cost rupee loans for all existing well-performing companies with the aim of bringing them roughly in line with the present lower interest rate regime.

Such graded reduction will be typically based on the credit rating assigned to individual corporates, M. Damodaran, Chairman of IDBI, stated here today. The rate for a rupee loan to an existing client, rated between AA+ and AAA, will now be reduced to a floor rate of 8.5 per cent. The other rates are: 9.5 per cent for AA to AA-; 10.25 per cent for A, A+ and A-; and 11 per cent for BBB and lower.
Back to News Review index page