Bonds gain - rupee rises
Mumbai: The rupee closed higher at 45.90/91 against the dollar on Friday against its previous close of 45.92 per dollar.

Forwards Market: The six-month forward closed at 1.82 per cent (1.81 per cent). The 12-month forward finished at 1.54 per cent (1.52 per cent).

G-Secs: The 11-year benchmark 7.38 per cent 2015 per cent paper closed at Rs110.25 at a yield of 6.08 per cent. The 10-year benchmark 7.37 per cent 2014 paper closed at Rs109.60 at a yield of 6.04 per cent, lower than previous yield of 6.05 per cent.

Call Rates: In the range of 4.50- 4.60 per cent.

CBLO Market: 118 trades were transacted worth Rs3,113.10 crore in the rate range of 4.45-4.75 per cent.
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National Advisory Council: Health insurance proposals for the poor
New Delhi: The National Advisory Council has decided to formulate specific proposals on health insurance for the poor, community health volunteers, and health delivery systems that will be forwarded to the Government.

The meeting, chaired by Sonia Gandhi, also discussed measures to tone up the public health infrastructure and improve sanitation, as per an official statement.

The next meeting of the Council is scheduled for October 20.
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New insurance cover for personal accident
Mumbai: AR Insurance Brokers Pvt Ltd and Bajaj Allianz General Insurance Company have jointly launched a low-cost personal accident insurance product.

The product called `Nischint', covers loss of life in the event of an accident and also covers all emergencies, including loss or termination of employment due to an accident or illness, a press release from AR Insurance Brokers said.

Available in three plans - silver, gold and platinum - the policy also covers loss of employment and hospital cash if the holder falls ill.
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Corporation Bank to explore acquisitions
Mumbai: The Mangalore-based Corporation Bank is the latest to join the takeover bandwagon. The bank's board has passed a resolution authorising the Chairman and Managing Director to explore the possibility of acquiring other banks.

The bank also wants to protect itself from any takeover bid. In a notice to the stock exchanges, the bank said that its board discussed the issue of consolidation of the banking industry and decided that the identity of the bank should be protected, particularly in view of its comfortable capital adequacy ratio (CAR) and its inherent strength.

Corporation Bank's CAR exceeds 20 per cent, compared to the statutory requirement of nine per cent. The bank says that it is in a comfortable position to finance the kind of acquisition it is looking for even after meeting the Basel II norms.

The Government holds 57.17 per cent equity in this cash-rich bank. Among the non-promoters, LIC of India - its strategic partner - holds a sizeable 26.32 per cent stake.

At today's meeting, the board of directors of the bank also decided to go in for acquisition of credit portfolios of other banks in bulk to widen the asset base.

Corporation Bank, which has opened its 750th branch and ATM at Lower Parel in Mumbai has reported a net profit of Rs105.51 crore for the first quarter ended June 30, 2004.
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