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Rupee firms up as securities fall
Mumbai: The rupee ended firmer against the dollar on Thursday closing at 43.81, up from Tuesday's 43.89/90.

Forwards market: The 12-month premia closed at 0.6 per cent (0.55) and the 6 month ended at 0.53 per cent (0.42).

G-Secs: The 10.25-16 year-2021 paper closed at Rs126.50 (7.37 per cent YTM), marginally changed from Tuesday's Rs126.49 (7.37 per cent). The 7.37-9 year-2014 paper closed at Rs102.55 (6.97 per cent YTM), lower than Tuesday's Rs102.58 per cent (6.96 per cent YTM). The 7.38-10 year-2015 benchmark paper was dealt at Rs102.55 (7.02 per cent YTM).

Call rates: The inter bank rates closed at 4.90-5.05 (4.90-5).

Reverse repo auction: In the one-day auction the Reserve Bank of India received and accepted 47 bids amounting to Rs49,090 crore.

CBLO market: 220 trades for Rs13,045.10 crore, in the rate range of 4.25-5 per cent, were realised.
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RBI: Eleven State govt.'s to raise Rs.2,900 crore
Mumbai: The Reserve Bank of India has announced that eleven State governments would raise loans amounting to around Rs2,900 crore by selling 7.53 per cent 10-year State Development Loan 2015, by way of on-tap sale under the normal market borrowing programme, through a press release.

The States that will raise the loans are Arunachal Pradesh, Haryana, Himachal Pradesh, Jammu and Kashmir, Madhya Pradesh, Meghalaya, Mizoram, Nagaland, Sikkim, Uttar Pradesh and West Bengal.

The auction will be held on September 13. Successful bidders will have to make the payment on September 15.
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RBI: NBFCs of asset size Rs.100 crore and above to file monthly returns
Mumbai: According to a notification issued by the RBI, all non-banking banking finance companies with an asset size of Rs100 crore and above will have to submit monthly returns to Reserve Bank of India.

As per the notification the return should be submitted within seven days of the month following the month to which it pertains.

The companies will also be required to indicate classifications in their returns such as loans, investments, hire purchase, leasing etc.

Regarding capital market exposure, NBFCs will have to furnish information about financing of IPOs, gross sales and guarantees issued on behalf of share brokers.

The notification states that non-submission of the returns will be viewed seriously and penal action will be taken.
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Kotak Life aims for 100 per cent year-on-year growth
Coimbatore: Kotak Life is looking at growing 100 per cent year-on-year, having achieved 148 per cent growth in the overall premium income last year and 140 per cent growth during the first five months of the current fiscal. According to company officials Kotak Life will be targeting first premium income of Rs550 crore in the current fiscal.

The company reported a total premium income of Rs374.75 crore in 2004-05 and is confident of achieving Rs700 crore (first premium plus regular premium) before March 2006.

In line with its growth focus, Kotak Life is planning to expand operations in Tier II cities and towns in the second phase of its segmented expansion plans. It plans to add around 20 branches, to its existing network of 44, in Tamil Nadu, Kerala, Punjab, and Gujarat.
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Fifteen per cent dividend and bonus issue from GIC
Mumbai: The General Insurance Corporation of India (GIC) has declared a 15 per cent dividend, which will involve an outgo of Rs64.5 crore.

The company has also declared a 1:1 bonus issue, and its enhanced equity capital will now stand at Rs430 crore.

GIC's net premium income grew 10.83 per cent to touch Rs4,613.87 crore. Net incurred claims in 2004-05 approximated Rs3,702.80 crore. The net retention ratio stood at 90.09 per cent in 2004-05, against 89.7 per cent in 2003-04.

Total investments of GIC as on March 31, 2005, stood at Rs15,434.31 crore. Total assets increased to Rs19,551.84 crore and total funds stood at Rs11,767.69 crore.

GIC caters to the reinsurance needs of the country and also underwrites risks globally.

"On the strength of Indian business and with focused marketing efforts in the Afro-Asian region, GIC aims at positioning itself among the top 20 global re-insurers in the years to come," said a press release.
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