Rupee gains
Mumbai: The rupee gained as overseas investors resumed buying in the stock markets on rising corporate earnings.

The rupee rose to 44.19 per dollar and is expected to rise to 44.10 in the next few days.

The rupee had fallen earlier on speculation refiners were stocking up on dollars to buy crude oil, after the price of the fuel declined almost 15 percent this year.
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New pension money to be invested in stocks
New Delhi: With the support of 19 states and despite opposition from Left parties, the Centre has decided to notify an interim investment pattern for funds collected under the New Pension Scheme that will allow putting in a part of such amount in stock markets.

The new pattern would give an option for investing five per cent of the amount in stock markets and would also have the option of putting all the money in government bonds, said finance minister P Chidambaram after a meeting with all state representatives.

The Left-ruled states of West Bengal, Kerala and Tripura have however, voiced vehement opposition to the proposed investment pattern for NPS and are also against the Pension Fund Regulatory and Development Authority (PFRDA) Bill, pending in Parliament.
However, NDA-ruled states demanded expeditious passage of the Bill.

The NPS says that non-government provident funds can now invest up to 5 per cent of their corpus in shares of companies with investment grade debt rating from two rating agencies, 25 per cent in central government securities, 15 per cent in state government securities, 25 per cent in bonds and securities of public financial institutions and the balance in any of these three categories.

Till date, all funds collected from new government recruits under the NPS (about Rs1,500 crore) were deposited with the Public Account of India. This yielded a return of only 8 per cent per annum to the subscribers.
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YES Bank net up 73 pc
Mumbai: Yes Bank has registered a 73 per cent rise in net profit to Rs25.10 crore in the third quarter ended December 31 against Rs14.50 crore in the period year-ago.

Total income was up 152 per cent to Rs205.69 crore (Rs81.74 crore). The bank's total advances grew by 151 per cent to Rs4,800 crore. Total deposits went up by 207 per cent to Rs5,461 crore, said a press release by the bank.
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Kotak Bank records 39-pc rise in net
Mumbai: Kotak Mahindra Bank has posted a 39 per cent rise in net profit to Rs45.40 crore in the third quarter ended December 31 against Rs32.64 crore in the period year-ago on the back of rise in net interest income and other income.

"The profit is after considering an additional provision of Rs6.39 crore on standard assets, accounting provision of Rs20.36 crore on stressed assets acquired from other banks or NBFCs and a provision of Rs3.29 crore on account of liability for employee benefits," said a press release by the bank.

Net interest Income was 88 per cent up at Rs171.28 crore. Other income increased by 96 per cent to Rs95.43 crore.

The deposits grew 75 per cent to Rs9,710 crore. Current account and savings account deposits (excluding temporary deposits received as collection bankers) comprised 18 per cent of the total deposits. Advances grew 78 per cent to Rs9,485 crore.

The bank has 90 branches.
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Bajaj Allianz Life to go for capital infusion
Kolkata: Bajaj Allianz Life Insurance Co is going in for a Rs100 crore capital infusion by March 31. The company aims to infuse at least Rs150 crore every year if it can sustain the current rate of growth and hopes to break-even in a few years.

The company is targeting a premium income of Rs5,000 crore this year which will translate into a growth of 100 per cent. The rate of growth will be in line with what was recorded last year.

Bajaj Allianz recently launched a health care product, targeted at individuals in the 18-57 years age bracket with a minimum cover of Rs10,000. The plan will allow hospital cash, surgical benefit, post-hospitalisation benefit and critical illness cover. There will be an accidental permanent total/partial disability cover too — Rs50,000 payable on total disability and Rs25,000 payable on partial disability.
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J & K Bank 3Q net up 66 per cent
Mumbai: Jammu & Kashmir Bank's third-quarter profit rose 66 per cent on the back of interest earnings from loans. Profit in the three months ended December 31 rose to Rs83.9 crore ($19 million) from Rs50.6 crore a year earlier, the Srinagar-based bank said in a statement to the Bombay Stock Exchange.

Interest and non-interest income rose to Rs500 from Rs447 crore for the quarter ended December 31. Earnings per share rose to Rs17.30 from Rs10.45, the bank said.
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Indian Bank IPO slated for launch on Feb 5
Chennai: Indian Bank's initial public offer (IPO) of 85,950,000 equity shares of Rs 10 each for cash at a premium to be decided through 100 pc book-building process opens for subscription on February 5, 2007 and closes on February 9, 2007. The price band for putting in bids for the IPO, has been fixed between Rs77 and Rs91 per share.

The offer constitutes 20 pc of the post issue fully diluted paid up equity capital of the bank. Post-IPO, Government of India will hold 80pc of the public sector bank's equity share capital.

The bank has reserved 10 pc of the issue, i.e., 8,595,000 equity shares for allocation to eligible employees and the balance 77,355,000 equity shares constitute the net offer to the public. Of the net offer to public, 60 pc shall be allotted to qualified institutional buyers (QIB). Within the QIB portion 5 pc will be available for allocation to mutual funds. Further, 10 pc will be available for allocation to non-institutional bidders and the balance 30 pc will be available for allocation to the retail investors on a proportionate basis.
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