Rupee weakens
Mumbai: The rupee closed at 45.4050/41 on Wednesday, about two paise weaker than Tuesday's close of 45.38/39 against the dollar.
Forwards Market: The six-month forward closed at 0.40 per cent (0.44 per cent) and the twelve-month forward closed at 0.42 per cent (0.43 per cent).
G-secs: The benchmark 8.07 per cent 2017 paper closed at Rs 120.60.
Call Rates: In the range of 4.25 - 4.50 per cent.
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PNB net up 31 Per cent
New Delhi: Punjab National Bank (PNB) recorded a net profit of Rs 1,109 crore for the financial year ended March 31, 2004 compared to Rs 842 crore recorded the previous year, a growth of 31.6 per cent

The PNB Group, which includes Punjab National Bank (PNB) and its subsidiaries, registered a net profit of Rs 1,198 crore for 2003-04 compared to Rs 940 crore recorded the previous year, a jump of 27.44 per cent.

The group's operating profit rose by 32.23 per cent to touch Rs 3,288 crore. After the merger of PNB Capital Services with the parent bank, the number of subsidiaries of the bank was reduced to three. All the subsidiaries were profitable during the last fiscal.
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Bank of India to pick up stake in Asrec and NCDEX
Kolkata: The Bank of India (BoI) proposes to pick up stakes in two emerging institutions - Asrec, the asset reconstruction company promoted by UTI, and NCDEX, the commodity exchange.

The bank is looking at holding around 13 per cent in the asset reconstruction venture and a smaller holding in the commodity bourse. BoI already holds two per cent in MCX, the other commodity exchange in India. BoIs non-performing assets, which now stand at around 4.5 per cent, are expected to come down to less than three per cent by the year-end.
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GOI holdings in US G-secs at $14.6 billion
Bangalore: Indian institutions and the Reserve Bank of India have purchased $2.3 billion worth of US government securities in April in view of the surging foreign exchange reserves.

According to data released by the US Treasury, India's holdings of US government securities were worth $14.6 billion in April this year. This was the highest since December 2003, when holdings were worth $15.5 billion. Among the major investors in US government securities, besides the RBI, are General Insurance Corporation of India, which has global reinsurance operations and foreign branches/subsidiaries of domestic banks, which also have major exposures.
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