Stock market analysts have maintained ‘buy’ rating on ICICI Bank with an intraday target of 650.

According to them, interested traders can purchase the stock above Rs 635 with a strict stop loss of Rs 630. If the stock market remains positive, the stock pricing becomes more attractive, and reach above Rs 660.
 

Karachi - US-based Citibank has advised Pakistan to secure help from the International Monetary Fund (IMF) to avoid default on its foreign debt repayments in the face of an ongoing political crisis.

The report, "Pakistan: Could the Political Chaos Lead to Sovereign Default?" released in New York Wednesday, cited a rising chance of default over mounting political instability, dwindling foreign exchange reserves and the weakening Pakistani rupee.

Leading public sector lender Union Bank of India will soon ink a Memorandum of Understanding (MoU) with KBC Management Services, a 100% subsidiary of KBC Group of Belgium.
 
The source close to the bank said that after signing the MoU at Mumbai, State-run Union Bank of India will be the owner of 51% partnership while 49% will be owned by KBC Management Services.

KBC asset management has deep rooted presence in central eastern Europe and Belgium.

Recently, the bank has formed alliance with Wealth Advisors, with the target to offer Wealth Management Services to about 600 customers by March 2009.

Public sector lender Indian Overseas Bank has informed that it will soon raise Rs 700 crore through bonds to meet capital requirements.

The bank further stated its board of directors has approved the issue of unsecured, reedemable bonds, which will be raised shortly.

According to sources, the bank is in talks with state-run insurer Life Insurance Corp of India to sell bonds up to Rs 700 crore. The bonds will have a 15-year maturity, with call option at the end of the 10th year.

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