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Rupee
falls
Mumbai: The rupee opened at 44.84/86 per dollar
on Tuesday. It reached a high of 44.97/98 and finally
closed at 44.87/89 per dollar after RBI stepped in through
state owned banks. The domestic currency continued to
fall for third consecutive day. Selling of dollars was
seen in the afternoon and hence, rupee recovered from
a session low of 44.97 per dollar.
G-Secs:
Government securities prices inched up on Tuesday increasing
by 15-30 paise in the latter half of the trading session.
However, there was cautious trading as an interest rate
hike was expected at the credit policy review.
The
yield of benchmark 7.38 per cent government stock maturing
in 2015 ended at 7.13 per cent as compared to 7.16 per
cent on Monday. Among the highly traded securities 10.25
per cent government stock maturing 2021 closed at Rs125.35
(7.47-per cent yield) as compared to Rs125.12 (7.49-per
cent yield) on Monday. Whereas, the 7.37 per cent government
stock maturing in 2014 ended 13 paise higher than Monday's
closing levels, to
Rs102.22 (7.02-per cent yields) from Rs102.09 (7.03-per
cent yields).
Meanwhile,
the Reserve Bank of India announced the cut-off price
for its weekly and fortnightly treasury bills. The cut-off
price of 91 day treasury bill was at Rs98.65 (yield of
5.4889 per cent for Rs2,000 crore out of which Rs1,500
crore was for market stabilisation scheme (MSS). For the
364-day treasury bill, the cut-off price was announced
at Rs94.49 (yield of 5.8473 per cent) for Rs2,000 crore
out of which Rs1,000 crore was MSS amount.
Call
rates: On the overnight call money markets, the call
rates ended at 4.95 per cent-- 5.05 per cent with enough
liquidity in the market.
Reverse
Repo: On a one day reverse repo auction RBI absorbed
Rs17,915 crore from the system.
Forwards:
Meanwhile, on the forward market front, the six months
annualised premium ended at 0.49 percent as compared to
0.77 percent on Monday.
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Dena
Bank to invest Rs150 crore in core banking platform
Mumbai:
Dena
Bank will launch a core banking platform across its
1,100-branch network in the next the two years and has
taken up the services of consultancy outfit Ernst &
Young to draw a roadmap to implement the integration solution.
The estimated cost for software, hardware, integration
and training for core solution is about Rs150 crore.
Initially, about 200 branches would be brought on platform
by September next year. Dena would bring the remaining
900 branches on core platform by September 2007.
The bank plans to do this at locations which have high
business volumes. The technological upgradation would
have a significant impact on the fortunes of the bank,
since the technology platform would drive efficiencies
and help the bank to compete better.
Most commercial banks have either put in place core banking
solutions integrating their branch network or are in the
process of doing so.
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IL&FS
profit up 158 per cent
Mumbai:
Infrastructure
Leasing &Financial Services (IL&FS) has posted
a 158-per cent growth in non-consolidated net profit for
the quarter ending September 30, 2005, according to a
company release.
Net profit stood at Rs17.38 crore, compared to Rs6.7 crore
for the same quarter last year.
Total
revenue stood at Rs47.67 crore (Rs22.87 crore). Earnings
per share (EPS), non-annualised, stood at Rs4.20 (Rs1.92).
The
company listed on the NSE and BSE after an IPO this quarter.
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Syndicate
Bank introduces rural housing scheme for women
Mangalore: Syndicate
Bank's Karwar regional office is launching `Synd Kuteera',
a rural housing scheme for women belonging to the below
poverty line (BPL) category, at Murdeshwar in Uttara Kannada
district on October 15.
The
scheme envisages a loan of Rs20,000 and subsidy amount
of Rs10,000 to each beneficiary for the construction of
low-cost houses. According to the bank the scheme is a
first of its kind to be introduced by the bank involving
a non-governmental organisation as a facilitator for its
implementation.
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