Rupee down 10 paise as bonds crash
Mumbai: The domestic currency closed weaker by ten paise on Wednesday at 46.31/32 per dollar. It had ended at 46.21/22 in the previous trading session.
Forwards Market: The six-month premia closed at 2.50 per cent (2.39 per cent) while the 12-month closed at 1.96 per cent (1.95 per cent).
G-Secs: Bond prices crashed by over Re 1 across maturities in the government securities market on Wednesday. The yield on the 10-year benchmark rose to a 16-month high of 6.11 per cent. The benchmark 10-year paper, the 7.37 per cent 2014, plunged by a rupee to end at Rs 109.10.
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Oriental Bank of Commerce net rises 27 per cent
New Delhi: The Oriental Bank of Commerce has recorded a net profit of Rs.181 crore for the quarter ended June 30, 2004, a 27 per cent rise over the net of Rs.42 crore in the corresponding period in the previous year. The total business of the bank has risen to Rs.57,066 crore on June 30, from Rs.46,223 crore in the first three months of the previous fiscal. The bank has maintained net non-performing assets (NPAs) of zero per cent. The return on assets has gone up from 1.6 per cent to 1.7 per cent during the quarter ended June 2004.
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PNB Q1 net up 28 per cent
New Delhi: The Punjab National Bank has declared a net profit Rs.322.67 crore for the first quarter ended June 30, 2004, against Rs.251.76 crore in the corresponding period last year, a growth of 28.2 per cent. Its operating profit touched Rs.800.99 crore, up 34.7 per cent over Rs.594.74 crore in the previous year. Its capital and reserves increased to Rs.5,332 crore (Rs.4,283 crore). The capital adequacy ratio at the end of June 2004 stood at 12.74 per cent against 12.14 per cent in June 2003.
Total business stood at Rs 1,38,528 crore (Rs 1,10,863 crore).
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IndusInd Bank reports net profit at Rs.45 crore
Mumbai: The Indusind Bank has recorded a net profit of Rs.45.48 crore in the first quarter ended June 30, 2004 against a net profit of Rs.24.64 crore in the corresponding period the previous year. The current results of the bank include the financial performance of the erstwhile Ashok Leyland Finance Ltd (ALFL) and are therefore not comparable with those of the corresponding quarter of the previous year, said a press release.
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