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Rupee, Bonds remain flat
Mumbai: The spot rupee remained flat against the dollar ending at 45.08, against the earlier close of 45.06/07.

Forwards: The forward premia market was stable, with the six-month closing at 0.47 per cent (0.5 per cent) and the one-year at 0.44 per cent (0.46 per cent).

G-secs: The 7.37 per cent-9 year-2014 paper closed at Rs102.57 (6.96 per cent YTM). On Wednesday, it had ended at Rs102.56 (6.96 per cent YTM). The 10.25-16 year-2021 paper closed at Rs125.62 (7.44 per cent YTM). The 7.38-10 year-2015 benchmark paper closed at Rs102.17 (7.07 per cent YTM).

Call rate: The call rate closed at 5.25-5.3 per cent (5.25 per cent).

Reverse Repo: In the one-day reverse repo, under the liquidity adjustment facility, the RBI received and accepted 40 bids amounting to Rs26,510 crore.

CBLO: In the CBLO market, there were 282 trades for Rs11,813.80 crore in the rate range of 4.90-5.25 per cent.
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SBI Life launches 'Dhana Vriddhi'
New Delhi: The SBI Life Insurance Company has announced the launch of a single premium product that offers guaranteed additions of 5.75 per cent on sum assured, compounded annually.

The rate of return from 'Dhana Vriddhi' can range from 5.86 per cent to 6.29 per cent on gross single premium depending upon the amount of sum assured.
The plan is available for both resident Indians and NRIs.

SBI Life is a joint venture between SBI and Cardif SA.
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MetLife to offer group cover for PNB account holders
New Delhi: Metlife India Insurance Co has tied up with Punjab National Bank (PNB) to launch a group life insurance cover - Met Group Life - specially designed for the bank's account holders. The scheme has been arranged through PNB Principal Insurance Advisory Company Ltd.

The insurance cover would be available to all the current and savings account holders of PNB between 18 and 64 years of age holding accounts in any of the 1,426 centralised banking solution (CBS) branches of PNB. According to the arrangement, PNB would be the single group policyholder.

Met Group Life is a yearly renewable term plan with options of covers of Rs1 lakh, Rs2 lakh and Rs3 lakh. The premium for each of the cover for a person aged between 18 and 44 years would be Rs228, Rs446 and Rs648, respectively. On authorisation, the premium amount would be directly debited from the applicant's bank account.

In the case of join account holders, both individuals may choose to insure their lives individually though they would have to pay separate premium as applicable to their age group. The insurance cover would not require any medical tests.
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Tata AIG Life and FPSB to offer Financial Planner programme
Mumbai: Tata AIG Life Insurance has tied up with the Financial Planning Standards Board of India (FPSB) to offer the "Certified Financial Planner (CFP)" educational programme to its advisors, channel partners and employees.

The company will set up training centres in Mumbai, Kolkata, Bangalore and Chennai.

The company has training facilities in 50 offices spread across 44 locations.

For the 2006 "CFP" examinations, around 200 people have registered of which, 120 are advisors, 70 trainers and 11 channel partners.
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Bank and Finance cos. results: SBI, Syndicate Bank, Karnataka Bank

SBI Q2 net profit up 12.34 per cent
Bangalore: Public behemoth State Bank of India (SBI) has posted a net profit of Rs2,438.19 crore in the first half of the fiscal 2005-06, compared to Rs2,140.29 crore in the corresponding period last year, registering a growth of 13.92 per cent.

The bank said the net profit for the quarter ended September 30 rose by 12.34 per cent to Rs1,215.36 crore over the same period last year. Operating profit for the period was higher at Rs5,422.40 crore as against Rs4,676.31 crore in the same period the previous year, up by 15.95 per cent.

Despite lower profit on sale of investment, the growth in net profit was achieved due to higher Net Interest Income and the lower provisions required for NPAs during the half-year.

The bank's deposits grew to Rs3,80,052 crore at the end of September 2005 from Rs3,37,684 crore in September 2004, a growth of 12.55 per cent on year-on-year basis. Domestic deposits (excluding India Millennium Deposits) recorded a YoY growth of 13.89 per cent.

Syndicate Bank net zooms 132 per cent in Q2
Bangalore: Syndicate Bank has reported net profit of Rs175.19 crore for the second quarter of this financial year, a 132 per cent increase over the corresponding period of the last financial year.

The bank said it achieved the growth on account of the low provisioning and low depreciation for investments.

The bank has recorded a fall in the operating profits in the second quarter this year against last year. Operating profits for this second quarter stood at Rs216.48 crore (Rs255.82 crore) due to rise in operating expenditure. The bank's provisioning was only Rs24.29 crore ( Rs135.24 crore).

Gross expenditure in Q2 this year stood at Rs901.42 crore, up from Rs786.56 crore. Interest expenditure rose marginally during the period to Rs510.34 crore, from Rs505.76 crore. Operating expenditure, on the other hand, rose to Rs391.08 crore from Rs260.80 crore during the period.

The bank reported a gross income of Rs1,117.90 crore in Q2, up from Rs1,042.38 crore during the corresponding period of the last financial year. Interest income during the period went up to Rs990.27 crore (Rs927.25 crore). Other income also rose to Rs127.63 crore (Rs115.13 crore).

Karnataka Bank Q2 net up 34 per cent
Mangalore: Karnataka Bank has declared a net profit of Rs41.81 crore for the second quarter of the current fiscal against Rs31.28 crore in the corresponding previous period, recording growth of 33.66 per cent.

A bank release said on Thursday that the bank posted net profit of Rs83.50 crore for the first half against Rs70.01 crore earlier.

Total income during the second quarter increased to Rs285.25 crore (Rs243.15 crore). Net interest income stood at Rs76.36 crore (Rs94.67 crore). Total expenditure stood at Rs219.94 crore (Rs164.81 crore).

Total turnover stood at Rs 18,309 crore, including deposits of Rs11,572 crore.

The release said that the bank has targeted turnover of Rs20,000 crore for the current fiscal.
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