Longs move up; rupee loses ground
Mumbai: The rupee shed its gains to end at 45.8550/8650 against the dollar. It had closed at 45.8350 per dollar on Tuesday.

Forwards Market: The six-month forward closed lower at 1.82 per cent (1.90 per cent) while the 12-month forward ended at 1.49 per cent (1.61 per cent).

G-Secs: The 10-year benchmark 7.37 per cent 2014 paper ended at Rs108.75, lower than the previous close of Rs108.90. The 11-year benchmark 7.38 per cent 2015 paper also fell during the day to close at Rs109.45. Meanwhile, 12.32 per cent 2011 paper rose 15 paise to close at Rs129.75.

Call Rates: Were high at 5.25 per cent in a few deals but most trades were done in the range of 4.60- 4.75 per cent.

CBLO Market: 103 trades worth about Rs2,583 crore were transacted.
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Indian Bank launches loan schemes for professionals
Chennai: Indian Bank has said that it is launching four new schemes.
While the IB-BPO Finance is targeted at companies in the BPO business, the IB-Shanti Niketan offers finance to working women hostels/student hostels, run by Registered Trusts, NGOs, individuals owning property, registered firms, schools and colleges, HUFs, and individuals offering 'paying guest' facility. Under the Shanti Niketan scheme, the finance provided will be up to Rs25 lakh, with the minimum set at Rs2 lakh.

IB - Aayushman offers finance for gym/fitness centres and individuals buying such equipment.

The IB - Doctor Plus targets registered medical practitioners including Indian medicine doctors, individuals, partnerships, limited companies and trusts whose key promoters are qualified doctors.

Finance will be available under the Doctor Plus plan up to a maximum of Rs10 lakh for facilities set up in the rural and semi-urban areas and Rs15 lakh in the urban areas.
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Bank of Baroda to hike capital for credit card operations
Mumbai: The Bank of Baroda plans to hike the paid-up capital of its wholly owned card subsidiary BoBCards Ltd to Rs100 crore, from its current level of Rs20 crore, to finance the company's growth strategy in a competitive environment.

BoB Cards has also slashed its service charge to 1.99 per cent from 2.25 per cent effective from October 1, 2004, which is to be further reduced to 1.49 per cent for quality card holders from April next year. In order to increase its card base, BoBCards would issue free credit cards to the bank's fixed deposit holders of Rs25,000 and above.

BoBCards plans to launch an international dollar card by the end of this fiscal, in association with either MasterCard or Visa, he said. Commenting on the delinquency rates on the company's cards, Mr Shenoy said, it was between 8-10 per cent, well below the industry average of 30 per cent.
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Maharashtra appoints Yes Bank as biotech advisor
Mumbai: The Maharashtra Government has appointed Yes Bank as its advisor for the proposed life sciences and biotechnology project in the city. Yes Bank will help develop a comprehensive business and financial strategy to leverage Mumbai's strengths in life sciences and biotechnology, a company communiqué said.

The entrepreneurial bank would prepare a feasibility report in terms of what would be required to make the city a biotech hub. The bank would look at the potential of local pharma and biotech companies, besides the infrastructural requirements that the State Government would have to put in place, said an official familiar with the development.

While there is no time-frame by when the project report has to be submitted, the official said that the bank would look to complete it at the earliest, so that Government clearances could be got to begin work.

No financial estimates have been put on the size of the project, he added. The biotech project would help bring investments into the State, the note said.
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