Rupee falls 13 paise to cross the 46 marker
Mumbai: The domestic currency closed 13 paise lower at 46.08/10 on Tuesday, as against its previous closing at 45.95/97 on Monday.
Forwards Market: The six-month annualised forward premia closed at 1.62 per cent (1.56 per cent) and the twelve-month forward closed at 1.45 per cent (1.29 per cent).
G-Secs: The 8.07 per cent 2017 paper closed at Rs 116.25. The 7.38 per cent 2015 paper closed lower at Rs 111.20/30. The ten-year bench mark 7.37 per cent closed at Rs 111.20.
Call rates: At 4.25 - 4.35 per cent.
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Post-merger IndusInd Bank net at Rs 262 crores
Mumbai: IndusInd Bank has reported a manifold jump in its net profit to Rs 48.73 crore for the fourth quarter ended March 31, 2004 thanks to the merger with group company, Ashok Leyland Finance Ltd (ALFL).

For the full year, the combined entity posted a net profit of Rs 262.07 crore, up from Rs 90.17 crore earlier. The merged entity has a total asset base of Rs 15,000 crore with Rs 4,200 crore coming in from ALFL. Net NPAs as a percentage to net advances stood lower at 2.72 per cent from 4.25 per cent earlier. Net NPAs in terms of numbers stood at Rs 220 crore.
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BNP Paribas trims net loss to Rs 13 cr
Mumbai: BNP Paribas has posted a lower net loss of Rs 13 crore for the year ended March 2003-04 compared to a net loss of Rs 14.3 crore in the previous year. The net losses are due to the provisioning for the bad assets in the bank's books and lower lending margins. The bank has made provisions of Rs 48 crore this year (Rs 16 crore).

The net NPA as a percentage of net advances stood at 2.7 per cent (3.77 per cent). The net NPA in terms of numbers decreased to Rs 35 crore (Rs 53 crore). The total income of the bank decreased to Rs 222 crore from Rs 281 crore in the previous year. During the year, operating profit stood at Rs 35.29 crore as against Rs 1.74 crore for the financial year ended March 2003.
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ABN-Amro launches its asset management company
Mumbai: ABN-Amro has launched its asset management company in India, ABN-Amro Asset Management (India) Ltd.
The fund house has applied to the Securities and Exchange Board of India for clearance on the offer documents for its five funds - Equity Fund, Monthly Income Plan, Dynamic Debt Fund, Floating Rate Fund and Cash Fund. These funds are expected to have their initial public offer by the end of July. ABN-Amro has mutual fund operations across 25 countries and assets under management of $200 billion as on March 31, 2004. Of this, $18 billion are invested in the emerging markets.
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ABN-AMRO to invest $1billion in Indian banking operations
Mumbai: The Dutch banking major ABN-Amro Bank N.V has proposed to invest as much as 1 billion euro into banking operations in India. The money committed will go solely into the banking operations. It will be utilised for conversion into a subsidiary model and for acquisitions, it was revealed at the sidelines of a press conference.

ABN-Amro Bank's Group Chairman had earlier in the month said that the investment would be made for organic growth and also for selective acquisitions. The 1-billion euro, according to him, is to be used to build its franchise and enhance its brand name. The bank, which is soon to announce its annual results for the financial year 2004, has a balance sheet size of Rs 10,000 crore. The bank has applied to the Reserve Bank of India for conversion of its branch set up into a subsidiary so that it can operate like a local company.
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Govt announces sale of floating rate bonds for Rs 6,000 crore
Mumbai: The Government of India has announced the sale of 'Floating Rate Bonds, 2015' for an aggregate amount of Rs 6,000 crore by auction using the uniform price format. It has also announced the sale (re-issue) of '6.13 percent Government Stock 2028' for a notified amount of Rs 2,000 crore (nominal) through a price-based auction using the multiple price auction method.

Up to 5 per cent of the notified amount of the sale of the bonds/ stock will be allotted to eligible individuals and institutions as per the Scheme for Non-Competitive Bidding Facility in the Auction of Government Securities. The Reserve Bank of India, Mumbai, on July 1, will conduct the auctions. The bids should be submitted by July 1. On the basis of the bids received, the RBI will determine the maximum spread, for the floating rate bonds at which offers will be accepted.
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