Rupee rises further - securities edge up
Mumbai: The rupee rose against the dollar on Thursday, closing the day at 45.42, up from Wednesday's 45.73/74.

Forwards: In the forward premia market, the six- month closed at 0.85 per cent (0.76) and the 12-month at 0.70 per cent (0.65).

Bonds: The 8.07- 12 year-2017 paper closed at Rs106.51 (7.20 per cent). On Wednesday it had closed at Rs106.45 (7.21 per cent YTM). The 10.25 - 16 year-2021 paper closed at the same level, up from Wednesday's Rs126.25 (7.375 per cent YTM).

Call rates: The call rate closed at 6-6.05 per cent (6), touching an intra-day high of 6.25 per cent.

Reverse Repo: In the first one-day reverse repo auction, the Reserve Bank of India received and accepted three bids amounting to Rs545 crore. In the second auction, it received and accepted three bids for Rs5,205 crore.

CBLO: In the CBLO market, there were 309 trades for Rs12,421.30 crore in the range of 6-6.25 per cent.
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ICICI Bank to continue its focus on retail-led growth
New Delhi: ICICI Bank, the country's largest private sector bank plans to continue its focus on the retail segment to drive its organic growth.

The bank's managing director KV Kamath said, "Our growth will continue to be retail-led. With Indian GDP growing at over 8 per cent, we see good scope for growth in this segment. We are not looking at any acquisition. We will continue to follow organic growth."

Kamath also said he does not see any upward movement in interest rates in the short run.
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HDFC Bank introduces credit card for farmers
Mumbai: The HDFC Bank has launched a credit card for farmers jointly with Visa Card. In the first phase, the card will be available in Punjab and Haryana and will be launched across the country by March 2006, said a press release from the bank.

The card can be used at any HDFC Bank ATM across the country. Kisan cardholders will be issued chequebooks, through which they can access their account at any HDFC Bank branch. Other facilities include free personal accident insurance cover of Rs2 lakh and free investment advisory.

The daily withdrawal limit through the card is Rs15,000 at ATMs and Rs25,000 for usage at merchant outlets. According to the press release the card is aimed at meeting the production and investment needs of farmers such as purchase of agriculture-related equipment or implements, construction of farm-related buildings, investment in allied activities such as dairy, piggery and bee-keeping.
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Fitch upgrades SBI, ICICI Bank
Mumbai: International rating agency Fitch Ratings has upgraded individual ratings for ICICI Bank and State Bank of India to `C' from `C/D'.

The outlook on the ratings is stable for both banks, a press release from the agency said.

According to Fitch, the individual rating for SBI recognises the considerable progress the bank has achieved in strengthening its balance sheet and reflects a significant improvement in its asset quality and solvency indicators such as net non-performing loan (NPL) to loan ratio, compared with that two to three years ago.

It said SBI's recent push into consumer banking, which is now at 25 per cent of total loans, has also diversified its loan book from a predominant corporate exposure previously.
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