Rupee weaker
Mumbai: A stronger dollar overseas saw thr rupee close trade about 20 paise lower on Wednesday, at 45.75/76 against the previous close of 45.54/55.

Forwards: The forward premia were lower, with the six-month closing at 0.74 per cent (1 per cent) and the 12-month at 0.9 per cent (1.09 per cent).

G-Secs: The bond market was range-bound and prices fell by about 10 paise. The 7.59 per cent 10-year 2016 paper closed at Rs99.80 (7.6 per cent), lower than the previous close of Rs99.91 (7.6 per cent ). The 7.4 per cent six-year 2012 paper closed at Rs100.58 (7.28 per cent) against the previous close of Rs100.63 (7.26 per cent). The new 7.94 per cent 15-year paper, which was auctioned on Tuesday, traded below par at Rs99.90, before closing at Rs99.99.

Call rates: The inter bank rates were steady at 5.5-5.6%

Reverse repo: In the first one-day reverse repo auction under LAF, the Reserve Bank of India received and accepted 29 bids amounting to Rs35,675 crore and in the second auction, 40 bids for Rs29,325 crore. There was no repo bid.

CBLO: The CBLO market saw 307 trades, aggregating Rs16,443.65 crore in the 4.8- 5.1 per cent range.
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Higher yields on T-bills
Mumbai: The 91-day and 364 day Treasury-Bills had higher yields than last week, and the Reserve Bank of India had to lower the cut-off price.

For the 364-day T-bill, the notified amount was Rs2,000 crore, out of which Rs 1,000 crore was Market Stabilisation Scheme amount. The RBI received 52 competitive bids, amounting to Rs4,740 crore. The cut-off price was Rs93.97 (6.43 per cent YTM). The cut-off yield at the previous auction was 6.25 per cent, dealers said.

The RBI accepted 16 competitive bids amounting to Rs2,000 crore. The partial allotment percentage of competitive bids was 67.19 per cent from five bids. The weighted average price was Rs93.98. The RBI also received and accepted one competitive bid for Rs 650 crore. The partial allotment percentage was 100 per cent.

For the 91-day T-bill, the notified amount was Rs2,000 crore, out of which Rs1,500 crore was market stabilisation scheme (MSS) amount. The RBI received 37 competitive bids, amounting to Rs 1,281 crore. The cut-off price was Rs98.6 (5.69 per cent YTM). The cut-off yield at the previous auction was 5.65 per cent, said dealers. The RBI accepted 13 competitive bids, amounting to Rs511 crore. Of this, Rs11 crore was MSS amount. The weighted average price was Rs98.6. The RBI also received and accepted one competitive bid for Rs6.25 crore. The partial allotment percentage was 100 per cent.
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United Bank to target Rs55,000-cr biz for the fiscal
Kolkata: The United Bank of India (UBI) plans to close the current fiscal with a business turnover of Rs55,000 crore. The bank intends to use the remaining part of this year for expanding its network and reaching out to new segments of borrowers.

The bank, which proposes to widen its base in North and Central India, hopes to consolidate its presence in the regions in which it is relatively stronger — East and Northeast. About 50 branches have been planned during the fiscal, six of which are likely to be opened in the south.

The bank now hopes to restructure its capital, and shore up its fee-based income in the coming days. UBI has in association with the Administrative Staff College of India designed a course on leadership development, aimed at senior personnel. The first batch of 25 top executives has undergone training in Hyderabad.
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SBBJ records all time high growth in business
New Delhi: The State Bank of Bikaner and Jaipur (SBBJ) has recorded an all-time high growth in business during the year, with total business increasing by Rs6,496 crore to touch Rs37,790 crore.

While total deposits increased by Rs2,656 crore to Rs21,694 crore, total advances rose by Rs3,840 crore to Rs16,096 crore.

SBBJ has also been able to bring down its NPAs substantially, with gross NPAs improving from 3.26 per cent at the end of last year to 2.42 per cent at the end of March 2006. Priority sector advances rose by Rs1,401 crore to touch Rs6,970 crore, constituting 43.5 per cent of NBC, against the benchmark of 40 per cent.
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ING Vysya Q4 loss at Rs25-cr
Bangalore: ING Vysya Bank has posted a net loss of Rs24.6 crore for the quarter ended March 31, 2006 against a net profit of Rs 4.6 crore in the corresponding period during 2004-05.

The Bank's income, however, increased to Rs357.8 crore (Rs 332.5 crore). The bank posted a modest net profit of Rs9.06 crore for the year ended March 31, 2006 as compared to a net loss of Rs38.1crore during fiscal 2004-05.

The bank said given the level of profit it had earned it decided not to recommend any dividend .
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