Rupee at a 11 month low
Mumbai: While the rupee tumbled to an 11-month low, ending at 46.24/26 against the dollar, 35 paise weaker as against its previous close. The domestic currency had closed at 45.90/93 on Monday.
Forwards Market: The six-month forward closed at 1.40 per cent (0.70 per cent) and the one-year at 1.10 per cent (0.61 per cent).
G-secs: The 7.37 per cent 2014 stock ended 38 paise lower at Rs 112.80/85, while the 7.38 per cent 2015 stock dipped to Rs 112.15/25 from Rs 113.30 yesterday. Actively traded 8.07 per cent 2017 bond plunged to Rs 117.70/75 from Rs 118.70/80 on Monday.
Call Rates: Easy between 4.25-4.50 per cent.
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RBI tightens investment norms for RNBCs
Mumbai: The Reserve Bank of India (RBI) has tightened the investment norms for residuary non-banking companies (RNBCs).
The directed investments of RNBCs will be increased from 80 per cent to 90 per cent on and from April 1, 2005 and to 100 per cent on and from April 1, 2006. Accordingly, discretionary investments (presently lower of 20 per cent of the deposits or 10 times the net-owned funds) would be restricted to 10 per cent of the deposits or equal to net-owned funds on and from April 1, 2005 and there would be no such discretion on and from April 1, 2006.

At present, RNBCs are required to invest 80 per cent of the aggregate liabilities to depositors in the manner directed by the RBI. The new norms on directed investments will be effective from July 1, 2004, while the reduction in discretionary investment will begin from April 1, 2005. The existing investments may continue to be held till their sale/ maturity but are not permitted to be renewed/ rolled over, said the central bank in a press release.
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Platinum increases holding in Union Bank
Mumbai: The bank has informed the National Stock Exchange that it had received intimation from Platinum Asset Management Ltd, as trustee for Platinum Asset Management Trust, of having acquired 6,00,000 shares constituting 0.13 per cent of the total paid-up capital of Union Bank of India. The fund has acquired the stake through market purchases. The shareholding of Platinum Asset Management is now 2,32,53,716 shares or 5.05 per cent of the total paid-up capital of Union Bank.
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Tata AIG targets 45 per cent growth in premium income
New Delhi: Tata AIG General Insurance, the country's third-largest private insurance player, is targeting a 45 per cent increase in premium income at over Rs 500 crore this fiscal. The company, which started operations in January 2001, is expected to break even by 2005-06.

The company has a capital base of Rs 125 crore, which is sufficient to meet Insurance Regulatory Development Authority's (IRDA) solvency norms. The two promoters (Tatas and AIG) are committed to hike the capital "as and when required," he said.
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StanChart net down to Rs 596 crore
Mumbai: The Standard Chartered Bank has registered a 30 per cent drop in net profit for the year ended March 2004 to Rs 596 crore, down from Rs 848 crore in the previous year due to the hefty fine of Rs 157 crore that the bank had been slapped with relating to the 1992 securities scam.

Despite the drop in profits, the bank is still the highest profit making foreign bank in the country, with Citibank the closest competitor clocking a net profit of Rs 571 crore for March 2004. The bank also saw its tax payout increase to Rs 255 crore this year. The bank's total income rose 27 per cent to Rs 2,152 crore up from Rs 1,694 crore. The profits have come from both growth in retail lending activities, fee income and treasury income.
The bank's net NPA ratio is healthy at 0.52 per cent.
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