India Business

Bank Credit Climb Up 23.4%

The credit paid out by listed commercial banking institutions arose 23.4% (Rs 3,654.48 billion) on a yearly basis on Aug. 3, 2007 that is under the growth of combined bank deposits of 24.3%.

In its weekly statistical supplement of Aug 10, 2007, Reserve bank Of India reported that the total disbursals as on this date stood at Rs 19,301.03 billion.

Bank credit matured 31.1% in the matching phase of 2005-2006. Therefore, the credit growth came down surprisingly for the week ended Aug. 3, 2007, entailing that RBI’s stand of constraining the monetary policy produced desirable solutions.

Buy Unitech At Rs 439-460: Manghnani

Anil ManghnaniAnil Manghnani of Modern Shares & Stock Brokers is of the vision that the investors interested in buying Unitech, will buy it between Rs 460 and Rs 439.

Infrastructure Sector Growth Declines To 5.3% In Jun`07

The fall in the crude oil production and retardation in the productivity of other products backed out the development of six key infrastructure businesses to 5.3% in June 2007 as compared to 7.7% a year ago.

In the April-June quarter (2007), the growth of the six infrastructure industries recorded dim growth at 6.9% from 7.4% in the first quarter of 2006-07.

Amongst the six, crude oil fabrication slumped to 2,774,000 tons in June, 1.8% lower than 2,826,000 tons a year ago.

Inflation Rate Down To 4.05%

New Delhi: For the week ended August 4, inflation turned down to 4.05 per cent as against to 4.45 per cent in the last week because of lower prices of poultry chicken, moong, fruits, vegetable and some man-made things.

The wholesale prices-based inflation was 5.08 per cent in the matching week of the last year. During the week, the prices of vegetables, fruits and poultry chicken slumped by five per cent each, whereas those of moong and fish-marine descended by one per cent.

IDBI Plans 3 Overseas Branches

Industrial Development Bank of IndiaThe Industrial Development Bank of India (IDBI) is ready to establish branches at Moscow, Singapore and Bahrain.

Yogesh Agarwal, chairman and managing director of IDBI said, “We have already applied to the regulator in this regard and the work will commence when we get the necessary clearance.”

The bank is looking to raise Rs 300 crore via debt as tier II capital during the current fiscal and has no plans to go via equity route, he added.

Banks Should Perk Up Staff Abilities To Control Money Laundering - KPMG

New Delhi: KPMGIn a report, global consultancy firm KPMG stated that Indian Banks and some other Asia-Pacific countries should perk up their staff abilities to control money laundering actions as training programmes are fairly unsophisticated and laws outdated.

According to a worldwide study by KPMG Forensic, “Respondents across Asia-Pacific tell us that training in many parts of the region is relatively unsophisticated, reflecting outdated legislation and lack of regulatory pressure.”

The study mentioned that 17 per cent of the responders in the area alleged they give training in anti-money laundering (AML) actions to below 40 per cent of their employees.

Sify Combined its Consumer Businesses

Chennai: Sify LimitedSify Limited has incorporated its portal, i-Way cyber café chain and Sify broadband to home services into one sole business entity.

Bharti Airtel To Amplify Its Presence, Investing $200 Mn In Sri Lanka

Bharti AirtelNew Delhi: Bharti Airtel Lanka Pvt Ltd will invest up to $200 million by 2009 for offering mobile services in Sri Lanka. The recent plan is a part of company’s strategy to amplify its presence beyond India.

The company is all set to instigate both 2G and 3G mobile services in Sri Lanka by the end of the current fiscal.

India's Time Has Come - Ratan Tata

Ratan TataNew Delhi: Industry dean Ratan Tata advised that nonattendance of strong unified ideological conception in Parliament would hold back the inspiring growth drive, whilst pressing out worry over large scale economic inequality.

On the occasion of Independence Day, Tata narrated, “In its 60th year, clearly India's time has come.”

"The country is now universally recognised as a nation on the move and takes its place amongst the successful economies of the region" he added.

PNB Raises Interest Rates On Fixed Deposits

Punjab National BankNew Delhi: Punjab National Bank (PNB) increased its fixed depository rates in certain time blocks.

The enhancement ranged 25 to 125 basis points in various maturity periods that would be effective from August 16. On domestic term deposits, the rate of interest increased by the bank in January this year.

Punjab National Bank (PNB) was established in 1895 in Lahore by Lala Lajpat Rai. It is the second biggest public sector Indian commercial bank with about 4500 branches and offices all through the country.

Rupee May Relieve Today

Mumbai: Rupee is likely to jump down on Thursday, terrified of capital outflows as regenerated concerns about a worldwide credit squeeze beat Asian stock markets.

Equity inflows have been a key driver for the rupee that hit a nine-year high of 40.20 a dollar in July.

Foreigners have purchased about $9.5 billion of local shares in 2007, appending to $7.9 billion last year, but they have been decompressing this month.

The partly exchangeable rupee dangled to 40.75/76 on Tuesday, its feeblest closing since June 28.

BRICS Securities ordered to pay Penalty of Rs 10 Lakh by SEBI

Brics SecuritiesBRICS Securities has been ordered by SEBI to pay a penalty of Rs 10 Lakhs. SEBI has found BRICS Securities guilty of allowing Manoj Seskaria to trade from their account. Manoj Seskaria was banned from capital markets.

Earlier, SEBI fined ASK Financial Securities for the same reason. SEBI officials stated that no company should deal with Manoj Seskaria and if they find any other Brokerage firm in future, more strict action can be taken against them.

ICICI Bank Enters Pact With MITCON

ICICI BankChennai: For offering up one-stop answer to business firms for Clean Development Mechanism (CDM) projects and Carbon Credit business, ICICI Bank has signed up a Memorandum of Understanding (MoU) with MITCON Consultancy Services Limited.

According to the company release the novel deal would assist several SME units, who would be capable of availing a full services package through direction from consistent partners with confirmed knowledge in the Carbon Credit business with the backing of ICICI Bank.

Rupee Ends Steady Against Dollar

CurrencyOn Dollar demand by Indian oil importers, the Indian Rupee closed flat against US currency.

The Indian unit that climbed up to 40.53 in the morning session gave up its advances on intense Dollar demand by Indian oil importers. Furthermore, foreign monetary funds also ramped up Dollar positions today further assisting the US currency in opposition to Rupee.

Rupee Energizes On Equity Inflow Anticipations

Mumbai: Rupee climbed as Asian stock markets stabilized, regenerating anticipations for foreign capital inflows into local shares.

The partly convertible rupee came up as against its weakest close in over a month on Friday. In late July, it hit a nine-year peak of 40.20.

In the last two sessions, foreigners have purchased $142 million of shares after selling over $600 million so far this month.

Pricey Food Items Push Inflation To 4.45%

Food ProductsNew Delhi: For the week ended July 28, inflation based on the wholesale price index (WPI) came up to 4.45% from 4.36% in the preceding week on expensive food items and a few man-made products.

During the corresponding week of the last year (2006), the inflation stood at 4.72%.

The costs of food items like fruits and vegetables, mutton, eggs, masur and bajra went up in the week under review. Food products that come under manufactured group like coffee powder, baby food, sooji, maida and flour also became expensive.

Centurion Bank reduces Depository Interest Rates

Centurion Bank of PunjabMumbai: Indian private sector lender Centurion Bank of Punjab reduced its depository interest rates by 50-150 basis points.

The bank said in a statement that the novel interest rates on deposits will be effective from Monday.

Today, Centurion Bank shares closed the day after making a gain of 2.65 per cent up at Rs 38.75 in a weak Mumbai market.

Bank Credit Climb Up 23.2% As On Jul 27

The credit paid out by scheduled commercial banks climbed up 23.2% to Rs 3,608.88 billion on yearly basis as on Jul. 27, 2007, which is under the growth of aggregate deposits of 25.7%.

According to the RBI’s weekly statistical supplement of Aug. 10, 2007, the total disbursals stood at Rs 19,172.31 billion in the period under review.

In the corresponding period of 2005-2006, bank credit arose 31.2%. Therefore, the credit growth has decreased amazingly for the week ended Jul. 27, 2007, connoting that RBI’s stand of tightening up the monetary policy produced worthy results.

Buy Neyveli Lignite on every fall in Price - Anil Manghnani

Neyveli Lignite CorporationAnil Manghnani is bullish on Neyveli Lignite and is of the view that investors should accumulate the stock at any fall.

"Neyveli is still interesting; every fall you would see this sharp bounces because of the stock actually broken out on the longer term came after a long time. In this move it is Rs 81 is important if it crosses Rs 81 that’s a trading target then you could rally back to Rs 87, which is a recent top at Rs 93. But again if it comes down, back closer to Rs 70 and Rs 66 levels definitely accumulate the stock at any fall,” Mr. Manghnani stated.

Forex Reserves Surge By $3.307 Billion

ForexOn the back of jump in foreign currency and assets collections, Forex reserves soared up by USD 3.307 billion to USD 225.35 billion as on July 27.

According to RBI’s weekly statistical supplement, foreign currency and assets got to USD 218.096 billion on the back of USD 3.306 billion. In the same period, reserve position in IMF dropped by USD 10 million to USD 455 million.

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