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Banking Sector

HDFC Bank to hike deposit rates, others to follow

by admin on July 29, 2010

in Stock-News

One day after the Credit Policy, banks have started pushing up deposit rates. HDFC Bank was the first of the block raising deposit rates from 25 to 50 basis points, reports CNBC-TV18. Central Bank of India will hike deposit rates by 25-50 bps from August. Sources at Axis Bank said they too should be shortly [...]

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GIC Housing Finance gains on higher Q1 bottom line

by admin on July 28, 2010

in Stock-News

GIC Housing Finance gained 2.51% to Rs 122.60 at 13:20 IST on BSE, after net profit rose 14.63% to Rs 19.35 crore on 0.22% increase in total income to Rs 78.02 crore in Q1 June 2010 over Q1 June 2009. The company declared its results during trading hours today, 27 July 2010. Meanwhile, the BSE [...]

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Axis Bank –Buy- Angel Securities

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Axis Bank is exploring options to monetize its 4,200 automatic teller machines (ATMs). For an upfront payment, the bank may allow a third-party service provider to collect interchange fees from other banks to let customers use Axis Bank’s ATMs. Thus, the bank will be able to move its ATM assets off its balance sheet and [...]

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Uco Bank sees 33.4% rise FY11 net profit

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The bank expects it’s April-June credit and deposit growth at 19%, while the net interest margin is expected to be around 2.6% State-run lender, Uco Bank expects to post a net profit of Rs1,350 crore in FY11, executive director Ajai Kumar said at shareholders meeting on Monday. “During 2009-10 our net profit stood at Rs1,012 [...]

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Banking Codes and Standards Board of India

by admin Personal Finance

Banking Codes and Standards Board of India had introduced new rules for banks to increase transparency and customer services. Let’s look at these new rules 1. Interest rate information: In case if a customer has borrowed against a floating rate of interest, then he/she has to be informed about any change in rate through given [...]

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BoR shareholders approve merger with ICICI Bank

by admin Stock-News

The shareholders of Bank of Rajasthan have approved the bank’s merger with ICICI Bank. The bank’s shareholders have passed a resolution with requisite majority under section 44A of the Reserve Bank of India (RBI) Act and will file the EGM resolution with the Bombay Stock Exchange, the National Stock Exchange and the bank. This comes [...]

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Bank of Rajasthan to merge with ICICI Bank

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BoR, one of the oldest private sector banks in the country, plunged into a crisis early this year after Reserve Bank slapped Rs25-lakh fine on the bank for alleged violation of various norms Trouble-torn Bank of Rajasthan on Tuesday announced that it would merge with India’s largest private sector lender ICICI Bank. An agreement for amalgamation [...]

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IDBI bank inches up on recalling its short term loans from Kingfisher

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IDBI Bank is currently trading at Rs. 116.90, up by 0.50 points or 0.43% from its previous closing of Rs. 116.40 on the BSE. The scrip opened at Rs. 116.00 and has touched a high and low of Rs. 117.65 and Rs. 113.65 respectively. So far 775370 shares were traded on the counter. The BSE [...]

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Allahabad Bank –Buy- Sharekhan

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Allahabad Bank has reported a net profit of Rs224.5 crore in Q4FY2010—down 15% year-on-year (y-o-y) and well below our estimate of Rs282 crore. The underperformance, despite inline net interest income (NII), was a result of a higher than expected provisions during the quarter. The NII for the quarter stood at Rs742.6 crore, up a healthy [...]

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Indian Bank –Buy- Kotak Securities

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Core earnings remained strong; concern on asset quality to wane after 32% decline in restructured book at the end of moratorium. Net interest income (NII) grew at a robust pace of 39.9% y-o-y on back of healthy asset growth along with improvement in the margin from 3.34% in Q4FY09 to 3.88% in Q4FY10. Net profit [...]

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