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Rupee
at seven month low
Mumbai: The rupee ended at 45.90/93, its weakest
against the greenback in seven months, as against its
closing on Friday at 45.66/68.
G-secs: The ten-year benchmark, 7.37 per cent 2014
paper closed at Rs 113.26, a drop of about 90 paise from
the opening levels at Rs 114.15. The 8.07 per cent 2017
paper fell more than a rupee to close at Rs 118.50.
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Exim
Bank appoints managers for its Euro bonds
New Delhi: Export-Import Bank of India has
appointed Citigroup and Deutsche Bank to sell its five-year
bonds in the overseas market. Citigroup and Deutsche Bank
have been mandated as joint lead managers and joint book
runners for the transaction.Exim
Bank chairman T C Venkat Subramanian had earlier said
the bank intends to raise over Rs 1,300 crore through
the bond issue.The
issue would be part of Exim Bank's Rs 7,000 crore borrowing
programme for this fiscal.
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Indian
Bank to raise Rs 300 crore tier-II capital
Hyderabad: Indian Bank will issue subordinated
bonds under tier-II capital for raising Rs 300 crore including
a green shoe option of Rs 100-crore. Announcing this at
a press conference the bank said that the tier-II issue
was planned with an anticipation of substantial growth
in business volumes.
The tier-II bonds issue, the first one from Indian Bank,
consists of two tranches of 84 months with a coupon rate
of 6.15 per cent and 120 months with a rate of 6.25 per
cent. The issue opens on June 23 and closes on July 7
or earlier in case of full subscription.
The bank has brought down the net NPAs to 2.71 per cent
(Rs 383 crore) from 6.15 per cent in the previous fiscal.
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Single
premium scheme from Om Kotak Mahindra
Mumbai: Om Kotak Mahindra Life Insurance has launched
'Kotak Easy Growth plan' (KEGP) - a single premium unit
linked plan - designed to combine the benefits of insurance
and investment. KEGP is being targeted at the high and
middle income segments and offers four investment options
- money market fund, bond fund, balanced fund and growth
fund - for customers to allocate their money in one or
any combination of funds, depending on the risk-return
appetite.
"In the long run, return from equity is expected
to outperform the returns from other asset classes. Interest
rates on fixed return instruments have declined. We are
currently in a low inflation environment. Real interest
rate is barely 2 per cent. For capital formation, investors
will have to look at equity in their portfolio,"
said Mr Shivaji Dam, Managing Director, Om Kotak Mahindra
Life Insurance, addressing a press conference. The product
offers two options for life cover. Under the high cover
option, the customer gets an insurance cover five times
the single premium paid in the event of death.
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New
BoB product for business customers
Hyderabad: The Bank of Baroda (BoB) has announced
the test launch of the 'Baroda Premium Current Account'
(BPCA).
According to the bank, individuals, partnership companies,
limited companies and large corporate houses excluding
banks and financial institutions can become BPCA holders.
After a study conducted in various Indian cities, the
bank has zeroed in on four cities including Hyderabad
for the test launch of BPCA product. The others are Ludhiana,
Indore and Ahmedabad.
The product has two variants - BPCA with a minimum average
quarterly balance (AQB) of Rs 1 lakh and BPCA-Privilege
with a minimum AQB of Rs 3 lakh. Both the customers would
be entitled to free monthly statements, use of any branch
banking, telephone banking and Internet banking facilities
and BoB Card (two partners or directors in case of companies).
They can also enjoy discount of 25 per cent on dematerialisation
and custodial charges (up to two directors or partners
in case of companies and authorised Managing members in
case of other bodies). In addition, the BPCA-Privilege
holders can enjoy free demand draft, bankers cheque and
collection of outstanding cheques.
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