Money market: Rupee weakens further - G-Secs flat
Mumbai: Maintaining it's correction mode, against the perception that it was overvalued, the rupee closed around four paise weaker against the greenback at 43.84/85 per dollar, against Thursday's closing at 43.80/81.

Forwards market: The six-month premium ended at 1.69 per cent (1.70 per cent) with the one-year premium ending at 1.46 per cent (1.42 per cent).

G-Secs: Bond prices came down by 20 paise across maturities on some profit booking, post announcement of the inflation figures. The ten-year benchmark paper the 7.38 per cent 2015 paper dropped down to Rs106.70/75 levels.

Call rates: inched up to 5 per cent levels in the wake of increased inter-bank borrowings.
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UTI Bank eyeing $200 mn GDR
New Delhi: The UTI Bank is all set to tap the European capital market with a GDR issue of about $200 million. It also intends to raise Rs500 crore through debt in the domestic market next fiscal.

The shareholders of UTI Bank have approved the issue of 46.56 million shares as GDRs in one or more tranches to international investors. The board of directors of the bank also approved private placement of redeemable non-convertible debentures worth Rs 500 crore in one or more tranches to increase its Tier-II capital, UTI Bank informed NSE.

Shareholders also approved re-appointment of P J Nayak as the chairman and managing director of the bank till July 31, 2007, with effect from January 1 this year.

The bank also got shareholders nod for appointment of S Chatterjee as the whole time executive director till December 31, 2006 from January 17, 2005.
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PNB initiates global plans
New Delhi: The country's third largest bank, Punjab National Bank (PNB) has announced its plans for setting up a UK subsidiary by way of expanding its global reach, and has appointed global consultant Deloitte to carry out a survey.

Deloitte is expected to give a preliminary report in two months.

PNB will convert its representative office in Kazakhstan to a branch office and will open a representative office in Dubai. It has also received permission to open an offshore office in Sri Lanka.
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Yes Bank's CD programme gets A1+ rating
Mumbai: The Yes Bank has obtained an A1+ Rating from ICRA for its Tranche III Certificate of Deposit Programme. While the size of the total deposit programme is Rs500 crore, the size of Tranche III is Rs200 crore.

This is the third consecutive A1+ rating received by Yes Bank under ICRA's short-term rating scale for debt instruments with original maturity within one year.
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IDBI Bank extends online tax payment facility
Chennai: IDBI Bank has launched an online direct tax payment facility in Chennai, allowing individuals and corporates to make their tax payments (income tax, corporation tax, gift tax) through the Internet.

The assessee is required to log on to the Website of the National Securities Depository Ltd (NSDL), click the tax-payment option and provide the details (name, address and permanent account number).

These details will be validated by NSDL and the assessee can then choose the bank option (in this case, IDBI Bank) to make the payment. The bank debits the customer account after authentication and completes payment of the tax.

A payment reference number is also provided to the assessee for reference purposes.
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Canara Bank bonds issue fully subscribed
Bangalore: The Rs500-crore Tier II bond issue of Canara Bank has been fully subscribed.

The issue which opened on February 11 was closed on Thursday after receiving full subscription, said a Canara Bank press release.
The bonds have a maturity of 111 months and are rated "AAA/Stable" by Crisil and "LAAA" by ICRA, the release added.
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