Money
market: Rupee weaker - bond prices plunge
Mumbai: The rupee ended at 43.73 against the US
dollar on Tuesday, down from its Monday close of 43.68.
Forwards market: The 12-month premium closed at
1.04 (1.46 per cent) and the 6-month premium closed at
1.60 per cent (1.68 per cent).
G-Secs: There was a bloodbath on Tuesday in the
bonds market with the prices of the 7.38 per cent
10-year benchmark paper falling to Rs105.60 (6.63 per
cent YTM), lower than Monday's close of Rs106.25/30 (6.55/54
per cent). The benchmark paper, which was trading at Rs107
levels pre-budget, has lost around Rs1.50.
Call rates: In the range of 4.50 to 4.75 per cent
(4.60 to 4.75 per cent).
CBLO market: 148 trades aggregating Rs5382.40 crore
was put through in the rate range of 3.05 to 4.75.
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i-flex
tool top ranked third year in a row
Mumbai: i-flex Solutions' flagship product FLEXCUBE
has been ranked the world's number one selling core banking
solution for 2004 by International Banking Systems, UK,
in its annual sales league table for the third consecutive
year, said a company press release.
"This repeated top ranking is a continuous affirmation
of the faith our customers have in us,'' said Rajesh Hukku,
Chairman and Managing Director, i-flex Solutions Ltd,
according to a press release.
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Birla
Sun Life to hike equity capital
Mumbai: Birla Sun Life Insurance Ltd has decided
to increase its equity capital by Rs300 crore to Rs650
crore, with the two joint venture partners - Aditya Birla
group, with 74 per cent stake, and Sun Life Financial
Inc, holding 26 per cent, bringing in fresh capital in
proportion to their holdings.
Birla Sun Life has posted a 145 per cent growth in premium
revenue at Rs587.3 crore in the 10-month period ended
January 2005. New business premium income stood at Rs426.1
crore in the same period.
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