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Banks in Maharashtra to remain closed on day two
Mumbai: In view of the incessant downpour that paralysed Mumbai, the Maharashtra state government declared holidays on Wednesday and Thursday under the Negotiable Instruments Act due to which banks remained closed in the state.

There were no transactions and settlements in Government securities and money markets on these two days. Settlement of all outstanding transactions will accordingly get postponed to July 29. Transactions under the liquidity adjustment facility conducted on Tuesday (July 26) will also be reversed on Friday (July 29).

The RBI in a press release said that its offices in Mumbai and Belapur would also remain closed on Thursday.
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UTI Mutual gets ready for pension foray
Mumbai: UTI Mutual Fund is getting ready to foray into pension funds, once the regulators allow mutual funds to participate in pension schemes. The government is expected to take a decision in this regard during the monsoon session of Parliament, though it has stiff resistance from the Left parties.

The fund house has set up an independent research team to analyse various aspects of this sector and has no plans of mixing up the existing system with the pension sector. UTI Mutual will instead set up a new team and a whole new network.
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ING Vysya Bank turns profitable in Q1
Mumbai: ING Vysya Bank has reported a net profit of Rs 9.15 crore for the first quarter ended June 2005 against a net loss of Rs 20.04 crore in the same quarter last fiscal.

Total revenue for the period increased to Rs330.27 crore against Rs 298.76 crore in the corresponding quarter a year ago.
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Exide acquires GMR's stake in ING Vysya Life
Mumbai: Exide Industries has informed the Bombay Stock Exchange (BSE) that its board had approved acquiring 49.13 per cent stake in ING Vysya Life Insurance Company from GMR Industries Ltd.

Exide Industries has acquired the shareholding of GMR for Rs 203 crore, thereby valuing the insurance entity at Rs 413 crore.

In May this year, Gujarat Ambuja Cements bought out ING Vysya Bank's entire holding of 14.87 per cent stake in the life insurance entity for Rs 60.9 crore. However, Gujarat Ambuja has not yet received the necessary clearance from the Insurance Regulatory and Development Authority (IRDA).

Exide has also informed the board of directors that it will subscribe to ING Vysya Insurance shares worth Rs 28.4 crore, taking its total holding in the life insurance venture to 50 per cent.
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