Rupee appreciates sharply
Mumbai: The rupee appreciated sharply against the US currency on Friday as the Japanese Yen strengthened against the dollar overseas.

The Indian currency resumed strong at Rs45.51/52 per dollar from yesterday's close of Rs45.6125/6200 per dollar and thereafter ruled steady at Rs45.5000/5075 per dollar.

According to market traders, increased FII inflows and a 153-point jump in the stock market's benchmark Sensex have helped the rupee to strengthen against the dollar.

Meanwhile call rates opened on Friday at 6.30-6.40 per cent against yesterday's close of 6.35-6.45 per cent, reflecting routine demand for funds from banks amidst even supplies.
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S&P rates Exim Bank's ¥20bn Samurai bond issue at 'BB+'
New Delhi: Global rating agency Standard & Poor's assigned a 'BB+' rating to the Export and Import Bank of India's proposed ¥20 billion (about $167 million) Samurai bond issue on Friday. The rating is identical to the sovereign rating for the country.

The five-year bond marks Exim Bank's second foray into the Japanese capital market, after its successful maiden launch of a ¥23 billion Samurai bond earlier this year in February, S&P said in a release.

S&P said that the principal source of risk for this premier export financing institution relates to the persistent high public sector deficits of the Government of India, the owner of the bank.

However the agency pointed out that despite its public role of creating export capability, the bank operates on a commercial basis with a fair degree of autonomy and has so far maintained a consistent profitability.
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Govt clears IPOs for two PSU banks
Bangalore: In a flurry of approvals the Government has cleared proposals to sell shares in the Indian Bank and the Central Bank of India, according to Vinod Rai, secretary-banking, ministry of finance.

Rai also said that the United Bank of India's proposal to float an IPO would be cleared soon.
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UTI Bank Q2 net up 30 pc at Rs142-cr
Mumbai: UTI Bank Ltd has reported an increase of 30.24 per cent in net profit at Rs141.98 crore for the quarter ended September 30, as compared to Rs109.01 crore for the same quarter last year.

The bank has said that total income has increased 44.94 per cent to Rs1,254.86 crore for the second quarter ended September 30, up from Rs865.73 crore in the year ago period.
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Foreign company to pick up minority stake in Canara Bank AMC
Bangalore: The Canara Bank has said that it would sell a minority stake in its asset management company, CanBank Investment Management Services, to a foreign company. It also said that it expects to make the announcement in the current quarter.

According to MBN Rao, chairman and managing director, Canara Bank, the bank would retain management control in the company. "We have short-listed and narrowed down two potential parties. We will make an announcement in this (October-December) quarter," he said.

Rao also said that the bank would set up a life insurance business as a separate subsidiary with a foreign partner, and that plans would be finalised shortly.
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J&K Bank Q2 net up 53 pc at Rs84-cr
Mumbai: Jammu and Kashmir Bank Ltd said Friday that it had posted a 52.84 per cent increase in net profit at Rs84.02 crore for the quarter ended September 30, as compared to Rs54.97 crore for the year-ago period.

According to the bank, total income had surged 13.29 per cent to Rs502.46 crore for the second quarter this fiscal, up from Rs443.50 crore for the same period in 2005-06.
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