The Bankex, tracking movement of the banking sector stocks, fell sharply by 7.75 per cent on the Bombay Stock Exchange on margin pressure, fear of slow loan growth and rise in bad debts.

Bankex slips 7.75%, HDFC Bank worst hit

Business Standard

Insurance companies, which hold a substantial chunk of Ranbaxy Laboratories, feel the open offer price of Rs 737 a share is quite attractive and will trim their stake in the company.

Insurance firms find open offer price attractive

The Centre would give first preference to state cooperative banks while reimbursing the debt waiver amount, according to P Mohanaiah, chief general manager, National Bank for Agriculture and Rural Development (Nabard).

Co-ops to get preference in debt waiver

State Bank of Mysore (SBM), the Bangalore-based associate bank of State Bank of India, has registered a massive 80.35 per cent drop in net profit at Rs 14.31 crore compared to the corresponding period last fiscal.

State Bank of Mysore net drops 80% in Q1

Housing Development Finance Corporation (HDFC) has posted a 25.56 per cent rise in its net profit at Rs 468.11 crore for first quarter ended June 2008 as against Rs 372.81 crore in the same period of 2007-08.

HDFC Q1 net up 26% at Rs 468.11 cr

The US Securities and Exchange Commission (SEC) subpoenaed Wall Street's biggest firms and hedge-fund advisers in a widening effort to crack down on suspected manipulation of Lehman Brothers holdings Inc and Bear Stearns Cos shares, said three people with knowledge of the matter.

SEC calls top bankers in hunt for `manipulators`

Borrowers can absorb up to 200 bps increase, says Parekh
The country's largest home loan player HDFC today said that it may have to raise lending rates further if the Reserve Bank of India (RBI) increases key policy rates in the forthcoming monetary policy review on July 29.

Rates may rise again: HDFC

HDFC today said its net profit in the first quarter of 2008-09 rose 25.56 per cent to Rs 468.11 crore, compared to Rs 372.81 crore during April-June last year.

HDFC first quarter net up 26%

The country&#39;s outward foreign direct investments (FDI) rose by 29.6 per cent to $17.4 billion in 2007-08, backed by India&#39;s Inc large-scale acquisitions, growing appetite for an overseas presence and the hunt for energy assets.

India`s outward FDI up 29.6% at $17.4 bn in FY08

The demand for bank credit continues to remain strong despite the signs of an economic slowdown.

Credit rise dips below 25%: RBI

Credit rating agency ICRA today said it will assign ratings to Vijaya Bank's loans and other exposures under the standardised approach of Reserve Bank of India's New Capital Adequacy Framework for Basel-II.

ICRA to rate Vijaya Bank's loans, exposures

Press Trust of India

The All India Bank Employees Association (AIBEA) today threatened to go on a nationwide strike on August 20.

Union plans bank strike on August 20

State Bank of Travancore (SBT) has reported a 52.88 per cent drop in net profit to Rs 41.12 crore during the first quarter of the current financial year, compared to Rs 87.28 crore during April-June 2007-08.

SBT net declines 52.8% in Q1 to Rs 41.1 cr

Rating agency ICRA has assigned the highest credit quality rating to Canara Bank's Rs 15,000 crore certificate of deposits (CoD) programme.

ICRA's A1+ rating for Canara Bank

With a view to reach out to the unbanked and the underbanked areas in the country, HDFC Bank, a leading private sector bank, plans to open 8 dedicated micro-finance branches during the current fiscal.

HDFC to open 8 micro-finance branches

Economic slowdown and high inflation will be the two main challenges for the Indian economy in 2008-09, Crisil Managing Director and Chief Executive Officer Roopa Kudva said on Thursday.

Growth will slow down to 7.8 per cent: Crisil

Corporate India is staring at fresh losses on foreign exchange derivatives, thanks to the sudden, 7-per cent depreciation of the rupee in the quarter ended June 2008, with much of the fall coming in May.

Falling rupee creates fresh losses on forex derivatives

Unsecured loans increase five-fold in 5 years; share in total advances jumps to 21.2%.

Indian banks` appetite for risk growing

SBI Life has seen a 100 per cent growth in new premium for the first quarter ended June 30.

SBI Life Q1 premium rises 100%

Oriental Bank of Commerce (OBC) today said it has increased its prime lending rate (PLR) by 50 basis points to 13.75 per cent to maintain its margin.

Oriental Bank of Commerce hikes PLR by 50 bps

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