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Rupee
slips lower
Mumbai: The rupee closed marginally weaker at 46.13/14
against the greenback on Wednesday, as against Tuesday's
close of 46.10/12.
Forward Market: The six-month forward closed at
1.96 per cent and the one-year forward closed at 1.60
per cent (1.75 per cent).
G-Secs: The market witnessed a marked improvement
in transaction volumes, which were higher at Rs.2,500
crore to Rs.3,000 crore. The 11-year benchmark, 7.38 per
cent 2015 paper closed at Rs 111.25. The yield on 10-year
benchmark 7.37 per cent 2014 paper closed lower at 5.83
per cent against its previous levels of 5.91 per cent.
Call rates: Steady at 4.25 per cent to 4.50 per
cent.
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IDBI
Bank net up 64 per cent
Mumbai: IDBI Bank has recorded a 64 per cent jump
in its net profit for the first quarter of this financial
year at Rs 36.7 crore against Rs 22.3 crore in the corresponding
period in the previous year. The rise in net profit was
due to a rise in total income which grew to Rs 139.7 crore
in the first quarter ended June 30, (Rs 109.4 crore),
according to a release. The total deposits of the bank
grew to Rs 11,023 crore (Rs 6,236 crore). The bank's net
NPA to net advances were near zero. The provision cover
rose to 92.1 per cent (88.3 per cent).
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Rs
20 crore Q1 loss for ING Vysya Bank
Bangalore: ING Vysya Bank has reported a loss of
Rs 20.04 crore in the first quarter of this fiscal, against
the profit of Rs 33 crore in the first quarter of the
last financial year. The bank has reported a loss despite
making an operating profit of Rs 50 crore in the first
quarter this year. The bank has reported a lower total
income of Rs 297 crore (Rs 340 crore). Interest income
was higher at Rs 246.11 crore (Rs 233.86 crore). The bank
more than doubled the provisions on non-performing assets
to Rs 84.34 crore during the first quarter this year.
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Laxmi
Vilas Bank deploys Newton
Chennai: Newton, the core banking solution from
ICICI Infotech, has gone live in three branches of Lakshmi
Vilas Bank in Chennai. Newton allows customers to use
any branch as an ATM (automated teller machine). Customers
of the three branches can use any one of them to transact
business, including withdrawal of cash. According to the
bank Newton would be implemented in 25 branches across
the country by March 2005.
Newton has also integrated the bank's existing front-end
software (Lakshmi Business Solution 2001), thereby protecting
the earlier IT investment made by the bank. Newton's deployment
will enable the bank to increase its product offerings
and expand customer base (the bank has about 1.3 million
customers). Newton, enables the bank to shift to a centralised
solution instead of having multiple solutions for various
products, including credit cards and deposits. The solution
also empowers multiple delivery channels such as call
centres, the Internet, kiosks and online ATMs.
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ICRA
cuts HMT bond rating
Bangalore:
ICRA has cut its rating assigned to HMT Ltd's Rs 159-crore
bond issue to LBB (under rating watch) following a delay
in interest payment that was due in April, an ICRA statement
said. The agency had earlier assigned LAAA(SO) rating
(under rating watch with negative implications).
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