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Rupee
continues to dip — G-Secs rally
Mumbai: On Tuesday, the rupee ended around 43.69
against the dollar, weaker than Monday's close of 43.5750/58.
Forwards market: The 12-month premium closed at
1.45 per cent (1.53 per cent), while the 6-month premium
closed at 1.70 per cent (1.80 per cent).
G-Secs: The bond market saw a rally as the cut-off
price for the bond auctions were higher than expectations.
The 8.07-12-year bond ended at Rs104.50 on Tuesday,
about 50 paise higher than Monday's close of Rs104 on
Monday. The bond had opened at Rs103.95 on Tuesday.
According to dealers there was wide participation in the
auction of 7.55-2010-10-year bonds and 7.50-2034
29-year bonds. There was also buying of illiquid securities
by state-run banks.
The 7.55 per cent-2010-10-year paper ended at Rs102.65
(6.92 per cent YTM) against Monday's close of Rs102.60
(6.93 per cent YTM). The 7.38-10-year-2015-benchmark
paper ended at Rs 100.90 (7.25 per cent YTM) against Monday's
close of Rs 100.60 (7.294 per cent YTM).
Call rates: In the range of 4.95 per cent and 5
per cent (5.00-5.05 per cent).
CBLO market: 195 trades amounting to Rs8,325.30
crore in the range of Rs4.75 per cent to 5 per cent were
realised. This was the highest ever volumes seen in the
CBLO market.
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RBI:
G-Secs sale oversubscribed
Mumbai: The auctions of the 7.55-Government Stock 2010 and the
7.50-Government Stock 2034 were oversubscribed on Tuesday, with the
bond market experiencing a rally due to the cut-off price for the bond auctions
being higher than market expectations.
For
the 7.55 paper, the notified amount was Rs6,000 crore. The Reserve
Bank of India (RBI) received 387 competitive bids amounting to Rs21,535 crore.
The cut-off price was Rs102.33 (6.99 per cent YTM). The RBI accepted 68 bids,
amounting to Rs5971.19 crore.
The
partial allotment amounted to 36 per cent from nine bids. The amount of underwriting
accepted from primary dealers was Rs5,055 crore. The weighted average price
was Rs102.40. The RBI also received 12 non-competitive bids, amounting to
Rs28.81 crore.
A
primary dealer said that the market was expecting the
cut-off price for the paper to be around Rs102.25/30.
As the cut-off price was higher than market expectations,
the sentiment changed to positive and demand for the auction
papers increased.
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Banking
Results: State Bank of Bikaner and Jaipur, State Bank of Hyderabad, Andhra
Pradesh State Financial Corporation
SBBJ
net lower at Rs.205 crore
New Delhi: The State Bank of Bikaner and Jaipur (SBBJ) has recorded
a net profit of Rs205.65 crore for 2004-05 against a net of Rs301.52 crore
in the previous year. The bank's operating profit, however, were higher at
Rs729.64 crore against Rs681.35 crore in 2003-04.
A
release from the bank said that the lower net profit was on account of a dip
in treasury income and higher provisioning towards depreciation in investment
portfolio.
The
bank has declared a dividend of 100 per cent (Rs100 per share).
The
total business of the bank increased by Rs5,837 crore during 2004-05 to reach
Rs31,294 crore.
SBH
annual net drops to Rs251 crore
Hyderabad: The State Bank of Hyderabad has reported a total business
of Rs45,619 crore for the fiscal ended March 2005, recording a growth of 22.77
per cent over the previous fiscal. While deposits for the fiscal have grown
by 20.46 per cent to Rs28,856 crore, advances grew by 28.62 per cent at Rs16,002
crore.
Following
the hit on treasury profits during the year, the bank has suffered a fall
in net profit at Rs250.9 crore, from Rs381.2 crore in the previous fiscal,
bank officials said.
The
bank has a provision of Rs96 crore towards payment of wage arrears. It has
brought down its gross non-performing assets (NPAs) to 3.46 per cent (Rs553.32
crore) from 5.56 per cent (Rs691.35 crore) the previous fiscal and net-NPAs
to 0.61 per cent (Rs95.32 crore).
The
bank has a target of achieving a growth of Rs8,800 crore in business during
the current fiscal, taking it to Rs54,419 crore.
APSFC
net profit up at Rs.13.15 crore
Hyderabad: The Andhra Pradesh State Financial Corporation (APSFC) has
recorded a profit after tax of Rs13.15 crore during 2004-05, which is up by
30 per cent against Rs10.10 crore in the previous fiscal.
During
the year the Corporation's sanctions stood at Rs464 crore, against a target
of Rs453.48 crore. While disbursements stood at Rs348.87 crore, recoveries
have crossed the Rs450-crore mark.
For
the current year, the APSFC has targeted to sanction Rs500 crore and disbursements
to the tune of Rs400 crore. On the recoveries front, it has set a target of
Rs500 crore.
Officials
said that the Corporation clocked a turnaround in just two years after recording
a loss of Rs13.13 crore in 2001-02, with the net profit now at Rs13.15 crore.
The net non-performing assets (NPAs) during 2004-05 were put at Rs370 crore.
The Corporation aims to reduce the NPAs by five per cent from the present
22 per cent.
Officials
said that the financial assistance extended by the Corporation
in 2004-05 acted as a catalyst and triggered industrial
investment of over Rs700 crore. This, in turn, would generate
an output worth Rs1,900 crore.
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