LIC Housing Finance has posted a 23 per cent growth in net profit at Rs 41.87 crore for the first quarter ended June 2004 as compared with Rs 33.95 crore for the quarter ended 30 June 2003.


LIC Housing net up 23% at Rs 41.87 cr

Business Standard

Punjab National Bank has reported a 28.2 per cent increase in net profit at Rs 322.67 crore in the first quarter of 2004-05 compared with Rs 251.76 crore in the corresponding quarter last financial

PNB net rises 28% to Rs 322.67 cr

Andhra Bank has reported a 26.5 per cent rise in net profit to Rs 150.16 crore in the first quarter ended June 30, 2004, compared with Rs 118.67 crore in the corresponding quarter last year.


Andhra Bank first quarter bottomline rises 26%

Bank of India has posted a 20.2 per cent drop in net profit at Rs 162.69 crore for the quarter ended 30 June 2004 as compared with Rs 203.92 crore for the quarter ended 30 June 2003.


Bank of India net down 20% to Rs 162.7 cr

Dena Bank has posted a 25.75 per cent increase in net profit at Rs 36.72 crore for the first quarter ended June 30,2004, as against Rs 29.20 crore in the corresponding period last year.


Dena Bank net up 25.75% to Rs 36.72 cr

Public sector banks (PSBs) on Friday made a representation to the Reserve Bank of India (RBI) asking the government to consider diluting its stake in public sector banks.


PSBs push for dilution of govt stake

Housing Development Finance Corporation (HDFC), Indiaâ€™s largest mortgage lender, today reduced home loan rates by 10 basis points.Interest on housing loans below Rs 30 lakh would now be 10.15 per cent, while for loans of more than Rs 30 lakh, the interest would be 10.4 per cent, HDFC said in a release. The fact that the Reserve Bank of India (RBI) cut the cash reserve ratio (CRR) by 200 basis points in the last one year resulted in a decline in the cost of funds for all lenders.Keki Mistry, vice-chairman and chief executive of HDFC, said, â€œThe entire benefit of the reduction in the cost of funds has been passed on to customers, including old customers.â€ Interest on existing loans to NRIs had also been reduced, HDFC said.Todayâ€™s cut would reduce equated monthly instalments by Rs 7 per lakh on home loans for 20 years. â€œOver the past couple of months, we have seen a drop in CRR and a cut in the repo rate, which have resulted in our cost of fun

HDFC cuts home loan rates by 10 bps

BS Reporter

Cash dollars and one-month forwards slipped into discount territory today owing to acute shortage of greenback.


Cash dollar slips into discount zone

Madhavpura Mercantile Co-operative Bank Ltd (MMCB) has for the first time indicated that it might not be in a position to meet the repayment guidelines chalked out as part of the revival package for

MMCB likely to miss repayment schedule

The rupee failed to hang on to its early gains today and ended at a new six-week closing low on dollar demand from importers eyeing the dollar's broad strength overseas. The rupee edged down

Re slips to 43.78/$

The foreign exchange market today witnessed a bulk rollover of exporter contracts with spot rupee depreciating to an intra-day low of 43.8250 to a dollar after opening at 43.75 for the day.


Rupee`s decline triggers bulk rollover of exporter contracts

Contrary to what has been widely reported, the JJ Irani committee has recommended deposit insurance for companies accepting public deposits. 


Insurance coverage for protecting depositors` money

The rupee rebounded smartly on today, gaining one-fifth of a percent on its previous session's six-week closing low on strong capital inflows. The euro's recovery from eight-month lows

Re recovers to close at 43.70/$

Union Bank of India today raised $ 75 million in the overseas markets. The bank will use the proceeds to give out export credit. 


Union Bank raises $75 mn

The Securities and Exchange Board of India (Sebi) is learnt to be working out a separate set of risk management standards for the National Securities Clearing Corporation Ltd (NSCCL).


Separate risk norms for Clearing Corp on cards

The rupee closed higher today, as easing importer demand for the dollar combined with strong capital inflows. The rupee was supported by a fall in the dollar ahead of US jobs data. Rupee

Re strengthens further to close at 43.62/$

Despite a late sharp rally from 1-1/2 month lows, the rupee lost considerable ground against the us currency due to month-end pressures, rising oil prices and a robust dollar overseas in fairly

Re loses ground against the dollar during the week

Press Trust of India

Oriental Bank of Commerce (OBC) has given top priority to cut down its non-performing assets, which rose to 9.1% of total advances after the takeover of Global Trust Bank (GTB) last year.&nbsp;

OBC to reduce NPAs of GTB

Karnataka Bank has announced the revised rates on non-resident (external) rupee (NRE) term deposits with effect from June 1. 


Karnataka Bank revises rates

Indian bank, which is raising Rs 600-1,200 crore through IPO sometime in September,&nbsp; is likely to price its initial public offer (IPO) at about Rs 60 a share. "The bank's IPO will hit the

Indian Bank to fix IPO price at Rs 60/share

The rupee finished at a one-week high today on accumulated dollar inflows over the weekend and as the dollar dipped overseas following last week's gloomy US jobs data. The rupee ended at 43

Re closes at a 1-week high at 43.57/$

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