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Rupee
regains some ground - bonds rise
Mumbai:
The rupee recovered partially against the dollar on
Friday along with the appreciation of the euro and buoyancy
in the stock markets. The domestic currency closed slightly
lower at 45.06/07, up from Thursday's close at 45.23/24.
Forwards:
In the forward market, the 12-month ended at 0.49 per
cent (0.47) and the 6-month at 0.50 per cent (0.5).
Bonds:
In the bond market, the mood was bullish after a long
bearish phase. The recovery of the rupee was a positive
trigger for the bond market. A dealer at a private bank
said that globally, the easing of the price of crude to
US$60 and a fall in US yields from 4.48 per cent YTM to
4.43 per cent YTM also aided the domestic bond market.
The
7.37- 9 year - 2014 paper closed at Rs102.275 (7
per cent YTM), up from Thursday's close at Rs101.91 (7.06
per cent YTM). The 10.25-16 year-2021 paper ended
at Rs125.42 (7.46 per cent YTM), higher than Thursday's
close at Rs124.97 (7.51 per cent YTM). The 7.38-10
year-2015 paper was dealt at 7.13 per cent YTM.
Call
Rate: The call rate closed at 5.05-5.10 per cent (5-5.05).
Reverse
Repo: In the three-day reverse repo, under the LAF,
RBI received and accepted 28 bids amounting to Rs15,980
crore.
CBLO:
In the CBLO market, there were 258 trades for Rs12,265.60
crore in the rate range of 4.90-5.48 per cent.
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Oriental
Bank records lower Q2 net post GTB merger
New
Delhi: The Oriental
Bank of Commerce has a recorded a net profit of Rs165
crore for the quarter ended September 30, 2005, a 23 per
cent decline against Rs215 crore in the same quarter a
year ago.
Total
income increased 28 per cent to Rs1,179 crore during the
quarter against Rs918 crore.
The
bank said the lower profit has mainly been on account
of an increase in operating expenses arising from its
amalgamation with the erstwhile GTB and also from the
shifting of Government securities from AFS to HTM category.
This has resulted in the booking of a net depreciation
of Rs172.08 crore.
The
bank's total business had gone up by 22.6 per cent to
Rs79,403.80 crore as on September 2005 from Rs64,740.33
crore as on September 2004.
During
the first half, the bank recovered Rs328 crore, reducing
gross NPAs from Rs2,492.27 crore as on March 2005 to Rs2,385.29
crore as on September 2005 (9.1 per cent to 7.9 per cent).
Net NPA were reduced from Rs327 crore as on March 2005
to Rs211.94 crore as on September 2005 (1.3 per cent to
0.8 per cent).
The
capital adequacy ratio stood at 13.68 per cent at the
end of September 2005 against 16.07 per cent on September
2004.
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Tata
AIG records 84 per cent higher premium
income in H1
Mumbai:
Tata
AIG Life Insurance has reported 84 per cent higher
total premium income at Rs355.50 crore for the half of
the year ending September 30, 2005, as against Rs193.43
crore for the corresponding period in the previous year.
The
first year premium income has shown an increase of 68
per cent to Rs189.25 crore, from Rs112.3 crore for the
same period.
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UTI
Bank to enter credit card business
Thiruvananthapuram:
The UTI Bank is all set to enter the credit card business
and intends to launch its credit cards in the next quarter
of the current fiscal.
According
to bank officials, the UTI Bank occupies the third place
in the number of debit cards issued, after State Bank
of India and ICICI Bank, and has over three million debit
card holders.
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Mid-term
policy review: RBI to provide banks with more capital
options
Mumbai:
The Reserve Bank of India (RBI) in its mid-term review
of the 2005-06 monetary policy may be detail a framework
which will provide multiple capital raising options for
banks, including tier III capital.
The urgency for clearly laying down new capital raising
options has been prompted by the Basel II norms, which
are a revised set of guidelines requiring banks to allocate
capital more efficiently for credit and market risk and
also for newly introduced operational risk.
The tier III instruments would be subordinated bonds of
two-year maturity and provide the capital for market risks.
Primary dealers in government securities are allowed to
raise capital through this route.
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