Rupee up - bonds range-bound
Mumbai: The rupee closed firmer by 10 paise at 43.66/68 levels against the dollar on Monday.It had closed the previous week at 43.76/77.

Forwards Market: The six-month forward closed marginally up at 2.14 per cent (2.08 per cent) and the one-year paper at 1.65 per cent, compared to 1.59 per cent in the previous session.

G-Secs: The 7.55 paper quoted at 104.75/80 (6.47 pc) after moving in a 25-30 paise range, while the 7.38 paper closed weaker at 105.20/25 (6.65 pc) after moving in a 35-40 paise range.

Call Rates: At 4.74/80 levels.
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Chidambaram: Banking reforms to take time
New Delhi: Finance Minister P Chidambaram has said that the roadmap for allowing foreign direct investment hike in private banks from 49 per cent to 74 per cent would take some time.

"Please remember that a notification was issued in March 2004 (on allowing FDI hike in private banks). We are now working on the roadmap to safeguard proper working of PSU banks and also to enable greater FDI in private banks," he said on the sidelines of Petrotech 2005 conference.

At present, foreign banks are allowed to pick up up to 49 per cent equity in Indian private banks. The government is also considering raising the voting rights limit from the current 10 per cent to enable foreign players have management rights.
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ICICI Bank Q3 net up 17.5 per cent
Mumbai: ICICI Bank has posted a 17.5 per cent jump in its net profit at Rs517.68 crore for the third quarter ended December 31, 2004 as against Rs440.10 crore in the corresponding quarter of the previous fiscal.

The total income for the reporting quarter rose to Rs3,269.09 crore as against Rs3,032.94 crore in October-December 2003 quarter, the bank has said. The total assets base of the country's largest private sector bank stood at Rs1,46,214.18 crore as on December 31, 2004 against Rs1,16,857.21 crore.

While advances rose to Rs76,092.46 crore (Rs57,812.11 crore as on December 31, 2003), deposits rose to Rs81,928.28 crore at end of 2004 (Rs 60,871.84 crore), the bank said.

The bank has said that the net income for the reporting quarter increased by 43 per cent to Rs733 crore from Rs513 crore for the quarter ended December 2003.
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UTI Bank Q3 net up 35.12 per cent
Mumbai: Private sector UTI Bank has clocked a 35.12 per cent growth in net profit for the third quarter ended December 31, 2004. It has posted a net profit of Rs101.15 crore as against Rs74.86 crore in the previous third quarter.

While the total income of the bank grew to Rs634.21 crore (Rs530.79 crore), total expenditure grew to Rs454.76 crore (Rs350.08 crore), including interest expended at Rs304.22 crore (Rs244.35 crore) and operating expenses at Rs150.54 crore (Rs105.73 crore).

Gross NPAs of the bank were down at Rs377.79 crore (Rs452.73 crore) while net NPAs were at Rs216.28 crore (Rs154.31 crore).

During the quarter ended December, fee income and other income of the bank registered a jump of 135 per cent on a year-on-year basis at Rs102.08 crore compared to Rs43.45 crore in the corresponding period, the previous year.

The capital adequacy ratio has also fallen to 9.38 per cent from 10.67 per cent.
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UTI Bank plans GDR listing at the LSE
Mumbai: UTI Bank plans to go in for a global depository receipts (GDR) listing of 4.65 crore shares on the London Stock Exchange by March.

Its board of directors on Monday approved the proposal to raise further tier-I capital, in one or more tranches, by way of a GDR.
The funds will not only expand the bank's capital base but also boost business growth for it to meet the Basel-II requirements, bank officials said.

Post-issue, the holding of UTI-I in the bank is likely to come down to 27 per cent from 33 per cent. There will be a corresponding reduction in the stakes of the other shareholders.

Other key investors in the bank include HSBC Asia Pacific Holdings-UK Ltd, which holds 14.6 per cent stake in the bank, and Life Insurance Corporation of India (13.04 per cent).
The bank plans to convene an EGM of its shareholders on February 18.
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