Rupee sheds 8 paise - G-secs rule weak
Mumbai: The rupee closed weaker by 8 paise against the dollar at 43.74/75 on Tuesday. The rupee had ended on Monday at 43.66/68 levels.

Forwards market: The six-month forward closed at 2.30 per cent as against Monday's close of 2.14 per cent and the 12-month forward at 1.85 per cent (1.65 per cent).

G-Secs: The benchmark 7.38 per cent paper closed at 6.72 per cent.

Call Rates: Steady at 4.70/75 levels.

CBLO market: 147 trades were conducted with volumes at Rs5,853.60 crore in the rate range of 4.5-4.85 per cent.
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Allahabad Bank Q3 net rises 61 per cent
Kolkata: The Allahabad bank on Tuesday announced a 90 per cent rise in net profit (to Rs462 crore) during the nine-month period ended December 2004 over the corresponding period last year. It increased by 61 per cent during the third quarter ended December over last year's corresponding quarter. Operating profit during April-December 2004 increased to Rs851 crore (Rs556 crore).

Total deposits increased by 21 per cent during April-December 2004 (10 per cent). Net NPA declined to 1.48 per cent as on December 31 from 2.37 per cent as on March 31, 2004 and 4.17 per cent as on December 31, 2003.

Ernst & Young, appointed by Allahabad Bank to work out a revival plan for its subsidiary Allbank Finance, has recommended that the company be turned into a merchant banking and project appraisal outfit, capable of generating substantial fee-based income.

The existing fee-based businesses of the bank includes distribution of mutual funds and insurance, for which tie-ups have been forged with UTI, LIC and National Insurance. During the first three quarters of the current fiscal, the bank has retailed 80,000 policies with premium income of over Rs22 crore under the bancassurance programmes.
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Allahabad Bank mulls tie-up or take over of south-based bank
Kolkata: Allahabad Bank may consider a strategic alliance with another bank, preferably a public-sector player that has close links with the southern region, and may also consider a take over, it has indicated.

The bank's business has recently crossed the Rs58,000-crore mark. On a year-on-year basis, business has increased by 37 per cent against the growth of nine per cent recorded in the corresponding period last year.
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