Rupee down by seven paise
Mumbai: The rupee lost against the dollar on Wednesday as it tracked overseas currencies' movement closing at 44.41/42, seven paise lower than Tuesday's 44.34/35.

Forwards market: The six-month premium closed at 1.92 per cent (1.74 per cent) and the one-year premium ended at 1.4 per cent (1.32 per cent).

G-Secs: The 8.07 per cent-11 year 2017 paper ended trade at Rs106.48 (7.21 per cent YTM), against the earlier close of Rs106.60 (7.19 per cent YTM). The 10.25 per cent-15 year 2021 paper closed at Rs126.44 (7.35 per cent YTM), 10 paise lower than the previous level of Rs126.54 (7.34 per cent YTM).

Call rates: The inter bank rates were at 6.40 per cent (6.75 per cent).

Reverse repo: In the first one-day reverse-repo, the RBI received one bid for Rs15 crore and 19 bids for Rs8,395 crore in the repo auction. In the second one-day reverse-repo auction, the RBI received two bids for Rs255 crore and 17 bids for Rs4,810 crore in the repo auction.

CBLO market: There were 342 trades for Rs14,013.75 crore in the rate range of 6.12-6.38 per cent.
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Bank of Maharahtra and LIC in bancassurance venture
Pune: Bank of Maharashtra (BOM) has signed a memorandum of understanding (MoU) with the Life Insurance Corporation of India (LIC) for the distribution of LIC products under bancassurance tie up.

As per the understanding, the bank will initially make the scheme available in select 200 branches, and then subsequently expand the service to about 500 odd branches within two years. BoM officials said that they expect an income of around ten crore during the first year of operation.

BoM will shortly enter in to a tie up with United India Insurance Company for non life Insurance products such as accident insurance policy, fire insurance policy, mediclaim etc. The bank said that it expects to finalise the matter within a month.
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HDFC Q3 net up 21 per cent
Mumbai: Housing Development Finance Corporation has reported a 20.53 per cent increase in net profit for the third quarter ended December 31, 2005.

Net profit rose to Rs284.52 crore, up from Rs236.05 crore reported for the corresponding quarter of the previous fiscal. Income from operations rose 24.2 per cent to Rs1,051.97 crore (Rs846.89 crore).

Total expenditure too rose by over 24 per cent to touch Rs697.93 crore (Rs558.38 crore). Profit before tax for the quarter stood at Rs352.30 crore (Rs285.51 crore). Provision for tax stood at Rs67.68 crore (Rs49.46 crore).

Approvals during the nine months ended December 31, 2005 aggregated Rs17,777 crore compared with Rs13,465 crore during the same period of the previous year - representing an increase of 32 per cent, said a news release from the company.

Disbursements during this period amounted to Rs13,805 crore (Rs10,652 crore), an increase of 30 per cent.
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Syndicate Bank posts Rs.188-cr net in Q3
Manipal: Syndicate Bank has registered a net profit of Rs188 crore for the third quarter of the current financial year as against the loss of Rs78 crore in the corresponding period of the previous financial year.

The board of directors of the bank has also declared an interim dividend of 15 per cent. The bank has fixed February 3, as record date for the purpose of payment of interim dividend.

The bank has brought down its investment portfolio to Rs16,634 crore from Rs20,741 crore as on December 2004. The bank recorded a net profit of Rs526 crore for the nine months period ended December 31, 2005, compared to Rs123 crore reported for the corresponding period of the previous year.

The operating profit for third quarter of 2005-06, which grew by 33 per cent, was placed at Rs291 crore, which is an increase from Rs218 crore in the third quarter of 2004-05.

The net interest income for the third quarter, excluding one-off benefits, stood at Rs508 crore as against Rs395 crore in the corresponding period of the previous year. The net NPA of the bank has come down to 1.22 per cent (2.52 per cent) during the period. The gross NPA came down to 4.22 per cent (6.93 per cent).
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Bank of Rajasthan approves rights issue
Mumbai: Bank of Rajasthan has reported a net profit of Rs9.6 crore for the quarter ended December 31, 2005, against Rs7 crore in the year-ago quarter. The bank has also approved a rights issue in the ratio of 1:5 (one share against every five shares held on record date) at a price of Rs50 per share, said a press release from the bank.

Each share in the rights issue will be attached with five warrants (one warrant each of 5 series) entitling the warrant-holders to subscribe for the share at a discount of 15 per cent to the average market price of the previous month, subject to a minimum of Rs50 per share.

The total income was Rs150.95 crore (Rs137.7 crore), while the net interest income was Rs59.3 crore (Rs53 crore). Other income was Rs20.81 crore (Rs14.39 crore). The total expenditure was Rs158.42 crore (Rs123.26 crore).

The capital adequacy ratio was 13.06 per cent (15.76 per cent). The proportion of net NPAs to total assets was 1.82 per cent (3.67 per cent).

Total deposits rose to Rs7,680.55 crore (Rs6,016.79 crore), while total advances increased to Rs3,155.83 crore (Rs2,696.84 crore).
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South Indian Bank Q3 net dips
Kochi: The South Indian Bank has reported a growth in its net profit by 243 per cent to Rs34.59 crore (Rs10.07 crore) during the first nine months of the current fiscal.

The net profit declined to Rs20.65 crore (Rs23.19 crore) for the third quarter ended December 2005. The total business went up by Rs1,981 crore between December 2004 and 2005. Deposits increased by Rs973 crore and advances by Rs1,008 crore.

Net interest income has increased by 16.01 per cent to Rs230 crore (Rs199 crore). Net NPA has come down from 3.85 per cent to 2.42 per cent, mainly on account of the higher recovery.

The bank also proposes to come out with public issue aggregating Rs150 crore by the second week of February, the release said.
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Federal Bank Q3 net up at Rs.72-cr
Kochi: The net profit of Federal Bank has grown by 190 per cent to Rs174.48 crore (Rs60.23 crore) for the nine-month period ending December 2005. The operating profit has grown nominally to Rs309.47 crore (Rs307.66 crore). The operating profit excluding trading gains grew to Rs289.93 crore (Rs257.38 crore) mainly on account of a spurt in net interest income by 9.4 per cent.

The net profit increased to Rs71.64 crore (Rs12.01 crore) during the third quarter ending December 2005. The operating profit grew to Rs112.59 crore (Rs83.99 crore) during the same period.
The total business volumes increased to Rs26,963 crore. Total deposits grew by 28 per cent to Rs16,447 crore and total advances grew by 26 per cent to 10,515 crore.

Total income grew 13.12 per cent to Rs1,193.44 crore (Rs 1,055.06 crore), even as total expenditure grew 18.27 per cent to Rs883.97 crore (Rs747.40 crore). The growth in expenditure was partly due to disbursement of salary arrears as per the national level settlement and increased outgo of Rs109.20 crore as interest expenses. The total investments increased to Rs6207.78 crore (Rs4792.25 crore).
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Dena Bank Q3 net up 263 per cent
Mumbai: Dena Bank has reported a net profit of Rs83.18 crore for the quarter ended December 31, 2005, up 263 per cent from Rs22.92 crore in the corresponding quarter last year.

The total income was Rs602.27 crore (Rs477.78 crore). While the net interest income stood at Rs203.58 crore (Rs170.14 crore), other income was Rs142.51 crore (Rs53.73 crore).

The total expenditure decreased to Rs399.26 crore (412.06 crore). The capital adequacy ratio (CAR) was 9.82 per cent (10.04 per cent).
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