Rupee up 12 paise - G-Secs range bound
Mumbai: The domestic currency closed stronger at 43.71/72 against the dollar on Thursday, around 12 paise higher than its close on Wednesday.

Forwards Market: The six-month premium ended at 2 per cent, while the one-year premium ended at 1.52 per cent.

G-Secs: Bond prices remained range-bound. The benchmark 10-year paper, the 7.38 per cent 2015, remained largely unchanged from its previous closing levels at Rs106.17 (at 6.5653 yield to maturity).

Call Rates: Steady at 4.75 per cent in the inter-bank market.

CBLO market: 108 trades were conducted amounting to Rs2,946.30 crore in the rate range of 4.64 per cent - 4.80 per cent.
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Tata AIG Life unveils Shubhlife
Mumbai: Tata AIG Life Insurance Company Ltd has announced the launch of Shubhlife, a flexible endowment life insurance policy.

Shubhlife offers the flexibility of choosing the term of the policy from 10, 15, 20, 25 and 30 years. It also offers the flexibility of choosing the premium paying term.
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Rural schemes: Canara Bank and SSI ministry exchange MoU
Bangalore: Canara Bank and the Development Commissioner (Small Scale Industries), Union Ministry of Small Scale Industries (SSI) have signed a Memorandum of Understanding (MoU) for mutual cooperation in the promotion of employment through micro and macro enterprise among rural and semi-urban women.

Under the Trade Related Entrepreneurship Assistance and Development scheme (TREAD), the bank will extend loan facility to NGOs for on-lending to women, either through self help groups (SHG) or individually. The Department of SSI would give a grant up to 30 per cent of the project cost. The grant could be utilised by NGOs for training, counselling, tie-up for marketing to on behalf of the beneficiaries.

About 6.34 per cent of the total advances of Rs2,914 crore made by the bank has been deployed for developing small ventures and enterprises promoted by women.
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StanChart forms new South Asia region
Mumbai: Standard Chartered is forming a new South Asia region within the bank, comprising India, Nepal, Sri Lanka, Bangladesh and Afghanistan, effective March 1. Jaspal Bindra, who is currently global head of client relationships in wholesale banking, will head the expanded South Asia region, said a press release.

Standard Chartered Bank is the largest international bank in each of these markets and is ideally poised to capture a large share of the trade flows in the region, said the release. The grouping of these countries in South Asia into one region reflects not only the geographic proximity of the markets but underlines the shared culture and business synergies that they have with each other, it said.

Under the new governance model, the CEOs of India, Nepal, Sri Lanka, Bangladesh, Afghanistan will report to Bindra, who, in turn, will report to Kai Nargolwala. However, there will be no material change in the day to day operations of the businesses in the countries, the release said.
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IDBI Flexibonds-22 issue opens today
Mumbai: Industrial Development Bank of India Ltd is coming out with its public issue of IDBI Flexibonds-22, which will open for subscription on Friday.

The issue will close on February 3 and is the first tranche being made under the IDBI Flexibond Umbrella Offer Document 2004-05, said a press release.

The issue has a target amount of Rs400 crore with a greenshoe option to retain an additional Rs400 crore.
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State Bank of Mysore raises Rs175 crore
Bangalore: The State Bank of Mysore has raised Rs175 crore through Tier II capital by issuing unsecured non-convertible bonds.
The bonds carry a coupon rate of 7.10 per cent with a tenor of 111 months.
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Dena Bank second public issue to open Jan. 24
Mumbai: Dena Bank's second public issue of eight crore shares aggregating Rs216 crore is slated to open on January 24 and close on January 29.

The bank is entering the market to raise funds to augment its capital base to meet future capital adequacy requirements and augment long-term resources.

In its prospectus, Dena Bank said it has adjusted and written off an accumulated loss of 217.29 crore against revenue reserves on September 30, 2004. Enumerating its internal risks, the bank said its NPAs stood at Rs884.35 crore as on March 31, 2004.
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