Rupee breaches 45 level
Mumbai: The rupee fell by more than 30 paise against the greenback on the back of dollar buying by oil companies as well as the Reserve Bank of India (RBI). The domestic currency closed the day at 45.19, down from 44.8350/8450 on Monday.

Forwards market: The six month closed at 1.17 (1.25) and the 12 month ended at 1.25 per cent (1.34).
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India Inc. raises $2bn through ECBs in Feb.
Chennai: Indian companies raised $2 billion (around Rs9,000 crore) through external commercial borrowings (ECBs) in February, according to data provided by the Reserve Bank of India. About 49 companies, in all, raised money during the month. Cumulatively, about 527 companies have raised about $13.64bn through ECBs during the fiscal.

The lead fund raiser in February was Ranbaxy Laboratories, raising $440mn through foreign currency convertible bonds for an overseas acquisition. The bonds had a tenor of five years.
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Kotak Mahindra Old Mutual Life Insurance to launch four new products
New Delhi: Kotak Mahindra Old Mutual Life Insurance Ltd said it has recorded a 100 per cent jump in first year premium income at Rs349 crore during 2005-06 and will infuse Rs50 crore capital to expand its operations to double the premium income to Rs700 crore this fiscal.

The company, a joint venture between Kotak and Old Mutual of South Africa, is also planning to launch four new products this fiscal, its officials said.

Of the four products, two each will be unit linked and conventional. The company has already filed application with insurance regulator IRDA for Platinum Advantage Product (ULIP). The other ULIP scheme would be a child plan, while two conventional products would relate to whole life and rural areas.
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