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Rupee rises a bit; volumes remain low
Mumbai: The rupee appreciated a bit against the dollar on Thursday due to small dollar inflows.
The rupee opened at 44.03 and touched an intra-day high of 43.9850/99, closing the day at 44.01/02, higher than Wednesday's close at 44.04/05. The rupee may strengthen further Monday, as dollar inflows accumulated over the long weekend enter the market.

Forwards: In the forward premia market, the 12-month premium closed at 0.72 per cent (0.65) and the 6-month premium closed at 0.75 per cent (0.65).

Bonds: Prices fell on lack of buying support as a result of the strike. Dealers said that the price of global crude, which touched $ 66.63 was a concern. As it was the eve of the fiscal half-yearly closing, traders stayed away from taking big positions. Volumes were very thin at Rs 235 crore.

G-Secs: The 10.25-16 year-2021 paper opened at Rs 125.77 (7.44 per cent YTM) and closed at Rs 125.68 (7.44 per cent YTM, lower than Wednesday's at Rs 125.78 (7.43 per cent YTM). The 7.37-9 year-2014 paper opened at Rs 102.34 (7 per cent YTM) and ended at Rs 102.20 (7.02 per cent YTM), down from Wednesday's close at Rs 102.29 (7.01 per cent YTM).

Call rate: The call rate closed at 4.75-5 per cent (5.10).

Reverse Repo: In the one-day reverse repo auction, the Reserve Bank of India received and accepted 35 bids amounting to Rs 25,705 crore. In the one-day repo auction, the RBI received and accepted one bid amounting to Rs 1,000 crore.

CBLO: There were 177 trades for Rs 4,699.30 crore in the rate range of 1-5.3 per cent.
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Sujana Universal completes $16-million GDR issue
Mumbai: Sujana Universal Industries Ltd, manufacturer of consumer durables, on Thursday said it has completed issue of its $16 million Global Depository Receipts (GDRs).

Each GDR was priced at $0.80 each, and represents ten underlying shares of the company, it informed the BSE.
The GDRs will be listed on the Luxembourg Stock Exchange, it said.
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Sponsors to pay Rs 1,237 crore to government for UTI AMC transfer
New Delhi: UTI Asset Management Company (AMC) is to be transferred to its four sponsors for a consideration of Rs 1,237 crore. The amount will be split equally between the sponsors - LIC, SBI, Punjab National Bank, and Bank of Baroda.

The transfer of the AMC would be effective from October 1.
The sponsors would have to take prior approval of the government for any future transfer of shares, either among themselves or to an outside party.

The four sponsors hold 25 per cent each of the Rs 10-crore paid-up capital of the company.

The government has also said that the "sponsor institutions would be indemnified against all claims pending as on date on account of activities of the erstwhile Unit Trust of India (UTI) prior to the appointed date (February 1, 2003)."
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SBI Mutual hikes stake in Nagarjuna Construction
SBI Mutual Fund has increased its stake to 5.2215 per cent in Nagarjuna Construction Company.

SBI Mutual Fund acquired an additional 2,50,000 shares on September 22 through market purchase and now holds 41,51,487 shares of the company.
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SBI Capital Markets to get into retail broking
Mumbai: The booming stock market has attracted SBI Capital Markets to get into stock broking.

On Thursday SBI Cap markets floated a new outfit 'SBICAP Securities' to offer equity broking services to both institutional and retail clients.

SBICAP Securities Ltd (SSL) will operate in 12 retail broking centres in the metros, which would be increased to 30 by this fiscal end and 100 by the next one year.

The centres, which would be brick and mortar selling points, would operate on cash section for the next few months and thereafter offer futures and options. SSL is aiming to become a trusted neighbourhood broker from a fringe player.

The bank would invest Rs 10-12 crore in the venture. Under its three-year projection, the company was planning to add a clientele of about three-lakh investors including the regular SBI customers.
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SBI looking to acquire banks in Asia and Africa
Mumbai: State Bank of India (SBI) is looking to acquire banks in Asia and Africa and is also open to domestic acquisitions.

The bank says it would at acquiring foreign banks irrespective of its presence in that country.

SBI has already acquired banks in Mauritius and is in talks for an acquisition in Bangladesh.
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SBI advances grow over 30 per cent
Mumbai: State Bank of India's advances have grown by over 30 per cent growth in on the back of continuing strong growth in the economy. The bank is now stepping up efforts to mobilise more deposits to support the rise in credit.

The bank has seen growth in credit across retail, corporate, mid-size corporate and farm sectors. Infrastructure sector also had a substantial demand for credit.

The bank is also making huge efforts to mobilise deposits through opening of salary accounts.

SBI is revising its targets for deposit and credit growth in 2005-06 following a missive from the union finance minister P Chidambaram's to public sector banks for projecting slower growth rates than in 2004-05 when the economy was growing in excess of 7 per cent.

According to the bank, interest rates would remain stable in "near short term". There is some degree of pressure from factors such as an increase in the US federal reserve rate. Oil prices have softened a bit but they still rule high.
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SBI wants stock split in associate banks
Mumbai: The State Bank of India (SBI) has asked the central government to consider a stock split in its three associate banks and also to do away with the cap on individual shareholding limits in these banks.

Currently, individual shareholders are not allowed to hold more than 200 shares in SBI's three listed associate banks.
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Banks to remain open for extra hours on Saturday
New Delhi: Banks have been asked to remain open on Saturday (October 1) for extra hours following the two days closure due to today's strike and tomorrow's bank closing day.

Finance minister P Chidambaram said, "We will ask banks, at least some of them, to remain open for some extra hours to deal with the backlog," after a briefing on cabinet meeting.

He said the decision was being taken in the interest of the public.
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IndusInd Bank plans $1-billion infrastructure fund
Dubai: The Hinduja brothers-promoted IndusInd Bank is launching a $1-billion fund for deployment in the country's infrastructure sector besides its foray into semi-urban and rural areas.

S P Hinduja, chairman of Hinduja Group, said that the $1-billion fund would be marketed among NRIs all over the world and will be targeted at infrastructure projects in India.
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