G-Secs move up as Rupee weakens
Mumbai: The rupee weakened once again against the US currency for the second consecutive session to close at 46.35/37 a dollar.

Forwards Market: The six-month forward closed at 2.55 per cent (2.68 per cent) while the 12-month forward finished at 2.22 per cent (2.35 per cent).

G-Secs: The 10-year benchmark 7.37 per cent 2014 paper closed at a yield of 6.19 per cent, down nine basis points from the previous closing yield at Rs.108.55. The 11-year benchmark 7.38 per cent 2015 rose 60 paise to close at Rs.108.60.

Call Rates: In the range of 4-4.50 per cent.
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Indian Bank Q1 net rises to Rs.118 crore
Chennai: Indian Bank's net profit for the first quarter, ended June, is at Rs.118.13 crore, about seven per cent higher than in the same quarter last year. Operating profit was up 43 per cent at Rs.158 crore.

During the quarter, the bank recovered Rs.62 crore, which helped lower net NPAs to 2.43 per cent of advances, from 2.71 per cent as on March 31, 2004. After the recent tier-II bond issue, the bank's capital adequacy ratio had risen to over 15 per cent.
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Tata Finance authorised capital to go up
Kolkata: Tata Finance Ltd will increase its authorised capital with a fresh absorption of cumulative redeemable preference shares for Rs.175 crore.

With this absorption the company's authorised capital base will rise from Rs.745 crore to Rs.920 crore. The existing capital base is divided into 40 crore equity shares of Rs.10 each, 3.75 crore of cumulative redeemable preference shares of R.100 each and 1.45 crore cumulative convertible preference shares of Rs.100 each.

The increased portion of the capital base will consist of Rs.1.75 crore cumulative redeemable preference shares of Rs.100 each. The company has sought the consent of its shareholders for making the necessary amendments at its coming annual general meeting (AGM).

For the year ended March 31, 2004, Tata Finance's total income dropped to Rs.322.08 crore from Rs.401.45 crore in the previous financial year. However, it registered a net profit of Rs.16.76 crore against a net loss of Rs.49.67 crore in 2002-03.

Meanwhile, the company has discontinued fresh financing activities for leasing as well as corporate lending. After repayments, the total lease portfolio has reduced to Rs.163 crore as on March 31, 2004, from Rs.212 crore on March 31, 2003.
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ING Vysya's ECB offering oversubscribed
Bangalore: The ING Vysya Bank's maiden syndicated external commercial borrowing offering was oversubscribed. The bank had approached the markets for a facility of $50 million, but with the issue being oversubscribed it has decided to retain $70 million.
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Higher cut-off price for Treasury bills
Mumbai: The weekly auction of the 91-day Treasury bill worth Rs.2, 000 crore witnessed a higher cut-off price of Rs.98.84 against the previous week's cut-off price of Rs.98.79.

The yield at the cut-off price ended lower at 4.70 per cent against 4.91 per cent for the preceding auction.

Some 87 bids worth Rs.7,680 crore were received, of which 13 bids worth Rs.2,000 crore were accepted, said a Reserve Bank of India (RBI) release.
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ICICI Bank launches 'Easy Deposit' card
Mumbai: ICICI Bank Ltd. has announced the launch of 'Easy Deposit Card', a credit card available to the bank's customers with a fixed deposit account.

The card will be offered free to both existing and new customers said a press release. The card will be available with fixed deposits of tenure one year and above with a minimum balance of Rs.40, 000 and Rs.20,000 required in the account depending on whether the variant is Gold or Silver. A credit limit of up to 90 per cent of the fixed deposit value will be offered till the deposit is active.
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Bank unions plan another stir as IBA rules out hike
Chennai/Mumbai: Another bank strike is on the cards with the unions planning a two-day strike on October 5 and 6 to press their demands for wage revision. They struck work just this week on Tuesday.

The United Forum of Bank Unions (UFBU), which met in Mumbai, has decided to meet the Indian Banks Association (IBA) Chairman on August 31 to urge him to settle the issue.

The UFBU has declared agitations, mass rallies and centralised demonstrations to be held on September 8, a dharna before the banking division of the Ministry of Finance on September 15, and demonstrations at the branch and office levels of banks on September 22, a day where employees will wear badges in protest on September 27.

All this will finally culminate into nationwide bank strikes on October 5 and 6.
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