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Rupee weakens - bonds up
Mumbai: The rupee slipped against the dollar on Monday, closing at 45.16/17. On Friday, the rupee had closed at 45.06/07.

Forwards: In the forward premia market, the 6-month premium closed at 0.58 per cent (0.5) and the 12-month premium ended at 0.51 per cent (0.49).

G-Secs: The 7.37-9 year-2014 paper closed at Rs102.38 (6.99 per cent YTM), higher than Friday's close at Rs102.275 (7 per cent YTM). The 10.25 per cent -16 year-2021 paper closed at the same level. On Friday, it had closed at Rs125.42 (7.46 per cent YTM). The 7.38-10 year-2015 paper was dealt at Rs101.95 (7.099 per cent YTM).

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

Reverse Repo: In the one-day reverse repo, under the LAF, RBI received and accepted 29 bids amounting to Rs14,275 crore.

CBLO: In the CBLO market, there were 274 trades for Rs14,415.90 crore in the rate range of 4.98-5.30 per cent.
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RBI wants Govt. pass on high oil prices to market
Mumbai: The Reserve Bank of India has warned again that if the Government does not pass on the increase in international oil prices to the domestic market, it will pose a significant risk to the country's fiscal situation.

The RBI said in its mid-term review, 'Macro-economic and Monetary Developments,' released a day before the bank's mid-year policy review, said that the hike in international oil prices and the possibility that they may remain high longer than anticipated, poses significant risk to the fiscal deficit, directly or indirectly, unless appropriately passed on.

In its annual report the RBI had cautioned the Government if domestic oil prices are not allowed to keep pace with the international price, the fiscal burden of the Government could increase and also hurt investors of public sector oil companies.
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Dutch Dy.PM: Dutch banks, insurance companies plan to come to India
Bangalore: The Dutch deputy prime minister and minister for economic affairs Laurens Jan Brinkhorst said there was a hesitation in his country that it would lose jobs by outsourcing its back office work to overseas sites and one of the purposes behind his visit to India was to witness what outsourcing was all about.

Addressing mediapersons during to his visit to the campus of IT services and wireless telecom company LogicaCMG here on Monday, Brinkhorst said many Dutch banks and insurance companies are looking forward to come to India but this is being delayed due to the slow response by the Indian Government.
The Dutch minister said the Indian govt. needs to further open up the banking and insurance sectors so as to allow more FDI into the country. "This is one area in which China is doing much better than India,'' he added.

Regarding the visa problems faced by Indian IT professionals to the Netherlands, Brinkhorst said the government was trying to address these problems in tandem.

The Dutch minister is expected to be in Delhi soon where he is expected to sign MoUs relating to agriculture, biotech, pharma development and food-nutrition.
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BNP Paribas acquires 50 per cent of Sundaram
Mumbai: France's BNP Paribas Asset Management is acquiring a 49.9 per cent stake in Indian mutual fund Sundaram Asset Management for Rs10 crore (US$22mn).

The deal represents another major French investment in India after the asset management arm of Societe Generale acquired 37 per cent of SBI Funds Management last year.

Sundaram Asset Management, earlier broke up with Britain's Newton Investment Management three years ago, believes the BNP Paribas partnership will enable it to offer more specialised products to its clients.

The Indian firm is owned by Sundaram Finance, whose shares were up 6 per cent at 370.45 rupees in midday trade.
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ICICI Bank set to expand abroad
Mumbai: ICICI Bank, India's second largest commercial bank, is expanding its international banking operations by opening branches in new locations like the US, Sri Lanka and Hong Kong.

The main aim of the overseas arm of ICICI Bank will be to assist Indian companies in raising corporate and project finance for investments abroad.

ICICI Bank has subsidiaries in Britain, Canada and Russia, branches in Singapore and Bahrain and representative offices in the US, China, the United Arab Emirates, Bangladesh and South Africa.

The bank has so far focussed on locations where there is a large population of non-resident Indians so as to fulfil their personal financial services needs like remitting money to India.
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Vijaya Bank to open seven overseas branches
Bangalore: Vijaya Bank plans to open branches in Hong Kong, Beijing, Seoul, Singapore, Bangkok, Abu Dhabi and London.

According to the bank's chairman and managing director M S Kapur, the bank would increase its number of branches from 912 to 1,000 and be known as the `thousand branches' bank by march-end next year.

The bank has also launched a loan scheme `V-Swashakti' targeting women entrepreneurs.
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Vijaya Bank Q2 net up 5 per cent
Bangalore: Vijaya Bank has reported a 5-per cent increase in net profit for the second quarter of the current financial year.

According to a release from the bank net profit for Q2 was Rs75.05 crore, up from Rs71.43 crore during the corresponding period of the last year. However, during the period the bank reported a lower operating profit of Rs163.47 crore, down from Rs189.43 crore.

The bank said the drop in operating profits was on account of an increase in gross expenditure which went up to Rs502.08 crore during the period, up from Rs403.40 crore. Interest expenditure rose to Rs338.64 crore (Rs265.61 crore).

During the period, the bank's gross income went up to Rs 665.55 crore (Rs 592.83 crore), interest income was up Rs 571.50 crore (Rs 509.35 crore) and other income touched Rs 94.05 crore (Rs 83.48 crore).
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Canara Bank Q2 net drops 23 per cent
Mumbai: Canara Bank has recorded a 22.75 percent fall in net profit at Rs306.51 crore for the second quarter ended September 30, 2005 as against Rs 396.79 crore in the quarter ended September 30, 2004.

Canara Bank informed the BSE that its total income increased 13.05 percent to Rs2,494.11 crore in Q2FY06 from Rs2,206.12 crore in Q2FY05.
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Andhra Bank Q2 net up 22 per cent
Mumbai: Andhra Bank has recorded a growth of 21.54 percent in net profit at Rs132.89 crore for the second quarter ended September 30, 2005 as against Rs109.33 crore in the quarter ended September 30, 2004.

According to a release issued by Andhra Bank to the BSE today, total income declined 9.11 per cent to Rs753.23 crore in Q2, 2006 as compared to Rs828.79 crore in Q2, 2005.
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