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Rupee
in range - securities stay flat
Mumbai: The rupee ended a shade higher than Wednesday' close ending the
day at 43.52/53 against the American dollar.
Forwards
market: The six-month premium closed at 1.26 per cent (1.30) and the 12-month
ended at 1.18 per cent (1.28).
G-Secs:
The bond market remained flat with low volumes. The 8.07-12 year-2017
paper closed at Rs107.65/70 (7.09 per cent YTM), down from Wednesday's close
at Rs108.12 (7.03 per cent YTM). The 7.38-10 year-2015 benchmark paper
was dealt at Rs103 (6.96 per cent YTM), lower than Wednesday's Rs103.40 (6.91
per cent YTM).
Call
rates: The inter bank rates fell to close at 3.75-4.00 per cent ahead
of `reporting Friday.'
CBLO
market: 151 trades were put through in the rate range of 2.75-5.00 per
cent, aggregating to Rs5,177.40 crore.
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SIDBI
to set up credit rating agency for SME sector
Mumbai: The Small Industries Development Bank of India
(SIDBI) is planning to set up a credit rating agency for
the small and medium enterprises sector (SMEs), along
with Dun and Bradstreet, Credit Information Bureau of
India Ltd and other commercial banks.
This
agency will seek to provide an affordable, credible and
independent rating to SMEs, which will help them get funds
at competitive rates and also enhance their creditability,
SIDBI officials said. Once set up this will be first credit
rating agency for the SME sector. Officials said that
once a rating system is in place, SMEs with strong financials
could even enter the capital market through an initial
public offering.
Other
banks that will participate in this agency are Punjab
National Bank, Bank of Baroda, Bank of India, State Bank
of India and Central Bank. This venture will also give
SIDBI access to the SME databases of these banks.
SIDBI
is also setting up a limited liability company with Seco,
a Swiss agency for providing a risk-sharing facility.
Under this facility, SIDBI will select a cluster and improve
the infrastructure in that particular area such as water
and electricity and also provide technical assistance
to the SME units in that area.
This is part of a World Bank project. Other international agencies too will
provide grant either in cash or kind. SIDBI and Seco will bring in $ 5 million
each in the project, while World Bank will provide a loan of $100 million.
DFID of England will bring in 20 million GBP, while GTZ of Germany will bring
in 5 million Euro.
The
sectors that SIDBI will focus on include textile, light engineering, auto
component, pharma, bio-technology, food processing and information technology.
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Banking
Results: SIDBI, OBC, Sangameshwara Bank
SIDBI fiscal net dips
Mumbai: For the year 2004-05, SIDBI has achieved an
increase of 11.69 per cent in overall sanction at Rs9,191
crore (Rs8,229 crore). Disbursement has increased by 40.28
per cent to Rs6,196 crore (Rs4,417 crore). However, net
profit for the year fell to Rs316 crore (Rs374 crore),
due to one of the major State finance corporations account
becoming a non-performing asset and also due to decline
in treasury profits.
Total income for the year fell to Rs948 crore (Rs1,151
crore). Net NPA was 3.97 per cent (2.38 per cent). For
the quarter ending March 31, 2005, SIDBI has posted a
net profit of Rs100 core (Rs99 crore).
Total
income was Rs248 crore (Rs293 crore).
OBC
FY05 net grows 11 per cent
New Delhi: The Oriental Bank of Commerce (OBC) has
posted an eleven per cent growth in its net profit at
Rs760.1 crore during 2004-05 and has also declared a dividend
at 30 per cent.
Total
income of the bank rose marginally to Rs4,077 crore in
2004-05 as compared to Rs4,022 crore in the previous year,
according to information filed with the National Stock
Exchange.
The
capital adequacy ratio of OBC, which had taken over the
troubled Global Trust Bank last year, has fallen to 9.21
per cent as against a high of over 14 per cent in 2003-04.
OBC's total business (deposits plus advances) was up by
40 per cent to Rs75,347 crore in 2004-05 as compared to
Rs56,286 crore in the previous year.
Deposits
grew by over 34 per cent to Rs47,850 crore in 2004-05
against Rs36,673 crore a year ago and the cost of deposits
has come down to 4.9 per cent from 5.62 per cent.
Advances
were up by about 29 per cent at Rs25,299 crore during
2004-05 from Rs19,680 crore in the previous year.
Sangameshwara
Bank net up
Hyderabad: Sangameshwara Grameena Bank (SGB), sponsored
by State Bank of India, has announced a record net profit
of Rs17.06 crore for the fiscal ended March 2005, a growth
of 42 per cent.
In a press release here on Thursday, the bank has said
its deposits have grown by 17 per cent to Rs283.86 crore,
while advances rose by 30 per cent at Rs251.58 crore.
The bank's non-performing assets (NPAs) have come down to 4.5 per cent from
nine per cent in the previous year. The credit deposit ratio stood at 89 per
cent as at the end of March 2005.
During
the fiscal under review, the bank recorded a growth of 33 per cent in credit
to the agriculture sector at Rs118.59 crore from Rs77.78 crore in the previous
fiscal.
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