The Hindu Business Line : Saturday, December 05, 2009

MONEY & BANKING

MERGERS & ACQUISITIONS: IAG pays Rs 542 cr for 26% in SBI General Insurance
Insurance Australia Group has paid Rs 542.10 crore to pick up a 26 per cent stake in SBI General Insurance. Of this, while the equity capital is only Rs 39 crore, the balance Rs 503 crore is the share ...

PEOPLE: Keki Mistry to head HDFC
Housing finance major HDFC Ltd has announced changes in the ...

DERIVATIVES MARKETS: NSE worried over poor response to interest rate contracts
Plans to rope in public sector banks as market-makers. Tepid response to trading in interest rate futures (IRF) contracts, especially among public sector banks, has prompted the National Stock Exchange to consider introducing a market making ...

GENERAL INSURANCE: 26/11: GIC hopes to settle hotels' claims by March
Rs 100-150 cr inflows into terror pool likely. The insurance claims of the three Mumbai hotels — Oberoi, Taj and Trident — damaged in the 26/11 terror attacks, are expected to be settled from the terror insurance pool by March 2010, ...

EVENTS: No need to shy away from financial innovation: Pranab
India must not shy away from financial innovation or use of complex financial products even though there is a fear of such products in the present global economic scenario, Mr Pranab Mukherjee, Union Finance Minister, ...

PUBLIC SECTOR BANKS: United Bank gets Govt nod for public issue; float in Jan
Plans to achieve business of Rs 1,20,000 cr by end of March. United Bank of India on Friday received the Centre's approval for an initial public offering, said the bank Chairman and Managing Director, Mr ...

LIFE INSURANCE: IDBI Fortis registers 74% growth in six months
Despite the fluctuations in the stock market, IDBI Fortis Life Insurance Company has registered 74 per cent growth in first premium collections in the first six months of the current fiscal against the corresponding period ...

FOREX: Forex reserves rise by $1.37 b
Forex reserves increased by $1.379 billion to $286.723 billion for the week ended November 27, according to the Reserve Bank of India's Weekly ...

FINANCIAL SERVICES: Bajaj Allianz's tax-planning campaign
Bajaj Allianz has launched ‘Meet-Save-Smile' a tax campaign using a hi-tech van. The van, christened as ‘tax emergency van', will travel across the city to disseminate information ...

FINANCIAL SERVICES: Muthoot staff training centre
The Kerala-based Muthoot Group is setting up its regional staff training centre for Tamil Nadu at Madurai. The centre is to be launched during the last week of December, Mr Jeorge Jacob Muthoot, Joint Managing Director of the Group, ...

PEOPLE: HDFC rejigs top management
It has appointed Ms Renu Sud Karnad, currently the Joint Managing Director, as the Managing Director for a period of five years. She will continue to be responsible for operations, human resource and ...

FOREX: Re weakens on importer buying
Good demand for the dollar from importers saw the rupee weakening by 22 paise, on Friday, said forex dealers. The domestic currency opened weaker at 46.15, tracking the stock market, which opened lower. Pressure on the rupee continued during ...

GOVT BONDS: Bond prices decline
Bond prices tanked after the aggressive auction cut-offs announced by the Reserve Bank of India sparked fears of a rate hike, said dealers. The RBI auctioned Government securities worth Rs 10,000 crore on Friday. The market was expecting ...

LIFE INSURANCE: Max NY Life cuts fund charges
Max New York Life has announced a cut in its Fund Management Charges (FMC) to 1.25 per cent for all its equity-oriented ULIP funds.This will be applicable on the Growth Super Fund and Dynamic Opportunities Fund from December 1 and on High ...

SHORT TERM INSTRUMENTS: Call rates unchanged
Inter-bank call rates closed unchanged at 3.2-3.3 per cent. In the first three-day auction under the Liquidity Adjustment Facility, the Reserve Bank of India received and accepted 32 reverse repo bids amounting to Rs 63,080 crore. In the ...

CONSUMER FINANCE: IDBI Bank ties up with Toyota
IDBI Bank Ltd and Toyota Kirloskar Motor Private Ltd have entered into a memorandum of understanding for providing auto finance. According to the MoU, TKM and its dealer network will collaborate with IDBI Bank to facilitate financing of ...

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Markets (Dec 4)

Nifty (at close)	5,116.60 (-15.10)
US Dollar (Buy/Sell)	46.28/29
Brent crude (a bbl) Rs	3,580
Gold (a gram) Rs	1,716
Silver (a kg) Rs	30,830

Cross Currency Rates

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No need to shy away from financial innovation: Pranab

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Nov. 22-Nov. 28
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