Rupee recovers marginally
Mumbai: The rupee gained and was quoted at 45.48/49 per dollar at close, down marginally from Monday's close of 45.46/47.

The call rate opened on Tuesday at 5.50-5.60 per cent the same as the yesterday's close of 5.50-5.60. There was routine demand for funds from banks to cover their daily reserve requirements.
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RBI asks banks to make service charges transparent
Mumbai: The Reserve bank of India (RBI) has asked banks to display and update, on their web site, the details of various service charges. The order is intended to ensure transparency in banking services charges.

RBI's move is in response to the representations from the public about the unreasonable and non-transparent service charges being levied by banks.

Furthermore, the RBI has asked the banks to furnish information on service charges on various facilities such as no-frills savings bank account, remittance services through own or other banks, Forex transactions, ATM facilities and credit and debit card services. Also, the RBI has told all banks to provide the details of service charges presently applicable before May 31, 2006, which would enable the regulator to upload the information on to the RBI web site.

The apex bank has left the decision to prescribe service charges at the discretion of the boards of individual banks. Banks would normally be expected, while fixing the service charges, to ensure that charges are reasonable, consistent with the cost of providing these services and that the customers with low value/volume of transactions are not penalised.
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Sakthi Sugars to raise $50mn via FCCBs
Mumbai: Sakthi Sugars Ltd said it would raise $50 million through Foreign Currency Convertible Bonds (FCCBs), proposed to be listed on the Singapore Stock Exchange.

The bonds would be issued in two series, the company informed the Bombay Stock Exchange.

It would raise $20 million through the Series A bonds and the remaining $30 million through the Series B bonds, which also includes a greenshoe option of $10 million.

Bonds in both the series are convertible into fully paid up equity shares, where the Series A bonds have a conversion price of Rs270.88 per share, representing 15 per cent premium over the closing price on NSE on May 15. The Series B bonds are convertible at a price of Rs282.66 per share representing 20 per cent premium over the closing price on NSE on May 15.

While the Series A bonds will mature on May 30, 2009, the Series B bonds will mature on May 31, 2011.
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Dabur Pharma to raise $25mn
New Delhi: Dabur Pharma Ltd, a Dabur Group company, has said that it will raise $25 million by way of shares or other securities.

At its board meeting the board approved raising the amount through the issue of shares, fully convertible debentures (FCD), partially convertible debentures (PCD) to qualified institutional buyers (QIBs), the company informed the BSE.

A dividend of Re 0.20 on shares of Re 1 each (20 per cent) has also been recommended at the meeting, it said. The dividend would be paid on or after July 19, if approved at the AGM.
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