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Rupee falls further
Mumbai: The rupee further fell against the dollar on Thursday amid a fall in the stock market and fears of FII outflows that led to heavy demand for the dollar.

The rupee opened at 44.90/91 and fell further to 44.96/97. It then touched an intra-day high of 44.87/88 before finally closing lower at 44.9450/9550. On Tuesday, the domestic currency had closed at 44.86/87.

To stop the fall of the rupee the Resrve Bank sold dollars at 44.95 levels causing the rupee to appreciate slightly during the day.

Forwards: In the forward market, the 12-month premium closed at 0.55 per cent while the six-month premium ended at 0.63 per cent.

Bonds: In the bond market, prices were flat as dealers held light positions ahead of the half-yearly review of the Credit Policy. Traded volumes were thin at Rs 870 crore.

Bonds opened weak and closed at the same level or slightly higher.

G-Secs: The 10.25-16-year-2021 paper, currently the most active, opened at Rs125.20 (7.49 per cent YTM). It moved up to Rs125.37 before closing at Rs125.20 (7.49 per cent YTM). The 8.07-9-year-2014 paper opened at Rs106.16 (7.258 per cent YTM) and closed at Rs102.26 (7.24 per cent YTM). The 7.38-10-year-2015 benchmark paper opened at Rs101.54 (7.158 per cent YTM) and closed Rs101.60 (7.15 per cent YTM).

Call rates: The call rate closed at 5-5.05 per cent.

Reverse Repo: In the one-day reverse repo auction, the Reserve Bank of India received and accepted 31 bids amounting to
Rs18,590 crore.

CLBO: In the CBLO market, there were 279 trades for
Rs11,667.65 crore in the rate range of 4.78-5.25 per cent.
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ICICI Bank Q2 net up 31 per cent
Mumbai: ICICI Bank has reported a 31.21-per cent increase in net profit at Rs580.05 crore for the second quarter ended September 30, 2005 as against R 442.08 crore in Q2FY05.

In a notice to the BSE the bank said total income increased to
Rs4,324.86 crore in Q2FY06 from Rs3,065.92 crore in Q2FY05.

The notice also said that the bank's board had cleared a proposal to raise additional equity capital by way of a public issue of shares in India and an issue of American Depositary Shares (ADSs) in the United States. The capital raising is expected to be around
Rs7,000 crore ($1.6 billion) with a greenshoe option of 15 per cent.
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New York Life picks up 24 per cent in finance company
New Delhi: New York Life Investment Management Holding (NYLIM) a wholly owned subsidiary of New York Life Insurance, has acquired a 24.6-per cent stake in the Delhi-based company Jacob Ballas Capital India.

NYLIM bought the stake in Jacob Ballas from a Singapore-based investment company. Jacob Ballas has been valued at $10 million and would exclusively manage NYLIM's investments in India and has been working closely with the company since 1999. It managed New York Life Insurance's joint venture deal in India.

Jacob Ballas is headed by Rajan Jetley, earlier CEO of Air India.

NYLIM has earmarked $60 million of its own funds for private equity deals in the country besides the $140 million expected to be raised from third-party investors.

Jacob Ballas would also manage public funds and the fund would begin operation once the secondary market operations team is in place.

Of the $60 million committed in private equity, NYLIM has already invested $20 million in Punj Lloyd, Reliance Energy and ABG Shipyard.

NYLIM, with $4 billion invested in private equity globally, expects that money from the $140 million to be raised from the third party investors globally would be available for investment from the second quarter of 2006.
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IDBI's property fairs prove to be money spinners
Chennai: IDBI Bank is looking at garnering about Rs600 crore this year from its property exhibition 'Homes 2005,' to be held in seven cities across India.

IDBI Bank said its home portfolio business generation churns out about Rs350 crore a month and is expected to increase by about Rs550 crore in the next three months.

'Homes 2005' is being organised in Chennai, New Delhi, Bangalore, Hyderabad, Chandigarh, Kolkata, and Jaipur. The exhibition will go on till the end of December.

The personal loans introduced by the bank introduced eight months ago is expected to grow by 20 per cent this year ( it is about Rs600 crore now).
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