Rupee declines
Mumbai: The rupee declined against the dollar as demand for the US currency rose. The Indian currency opened at 45.24/26 and ended the day at 45.37, against Tuesday's close of 45.2750. The Indian currency has appreciated by nearly a rupee in the past month rising from 46.29 on September 13 to 45. 2750 on October 17.

Forwards: In forwards, the six month closed at 1.62 per cent (1.72) and the 12 month ended at 1.55 per cent (1.58).

Bonds: Bonds were lacklustre positions ahead of the Credit Policy. Total traded volume on the order matching system was Rs1,595 crore (Rs1,360 crore).

Dealers said the Federal Open Market Committee meeting on October 24 and the domestic credit policy at the end of the month will help build a view as to which way the market is headed.

G-secs: The 7.59 per cent-10 year-2016 paper opened at Rs99.45 (7.67 per cent YTM) and closed at Rs107.39 (7.49 per cent YTM), against Tuesday's Rs99.41 (7.68 per cent YTM).
The 9.39-5 year-2011 paper opened at Rs107.45 (7.98 per cent YTM) and ended at Rs107.39 (7.49 per cent YTM).

Call rates: Call ruled unchanged between 6.75-6.85 per cent on tight liquidity.

In the first one-day reverse repo auction under LAF, the RBI received and accepted three bids amounting to Rs420 crore and in the second one-day reverse repo auction, six bids for Rs745 crore.

The CBLO market saw 384 trades aggregating Rs22,483 crore in the 6.1-6.4 per cent range.
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Union Bank of India registers 300 per cent rise in Q2 net
Mumbai: Union Bank of India has posted an increase of more thann 300 per cent in net profit at Rs194.16 crore for the quarter ended September 30, against Rs61.10 crore for the same period last year.

The total income increased 25.87 per cent to Rs1964.13 crore for the quarter ended September 30, from Rs1560.44 crore a year ago the bank informed the Bombay Stock Exchange.
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Govt may remove voting cap in pvt banks
New Delhi: The Government plans to consult with its allies to arrive at a consensus for removing the current cap of ten per cent on voting rights in the board of private sector banks. For this the government would have to pass an amendment in the next session of parliament.

The Left parties are opposed to amendment of the Banking Regulation Act (BRA), fearing that increase in voting rights in the private sector banks would lead to takeover of these banks by foreign entities.

Banking sources said the present cap of ten per cent does not hold good in the changing scenario in the banking industry.
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Vijaya Bank Q2 net up 36 pc
Mumbai: Vijaya Bank has posted a 36.34 per cent increase in net profit at Rs102.33 crore for the quarter ended September 30, as compared to Rs75.05 crore for the corresponding quarter last year.

Total income rose 12.08 per cent to Rs745.99 crore for the second quarter during 2006-07 from Rs665.55 crore in the year-ago period, the bank informed the Bombay Stock Exchange.
The bank also said that its board of directors had declared an interim dividend of Rs1 per equity share of Rs10 each (10 per cent) for the financial year 2006-07.
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