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Weekend news


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  • 1. Prepared By: NEELAM MONGA MBA-2C
  • 2. Union Bank posts disappointing results  One of the leading names in the Indian banking industry, Union Bank of India has recently posted disappointing Q2 results in the Indian market wherein the banking giant has said that it net profits have fallen by close to 40%.  While the bank said that it has provided more for rising bad loans which may keep rising, but at a slower pace. According to the numbers posted by the bank, the earnings stood at Rs 304 crore, which was much down from the Rs 505 crore earned by the bank in a year ago period
  • 3. Canara Bank share rise to all time high  State-owned Canara bank posted 10 percent growth in net profits. Today, at Bombay Stock Exchange the bank touched it's all time high, of Rs. 693.30 while surging 5 percent.  For second quarter which ended on 30 September, 2010, the bank reported Rs 1,007.8 crore net profits compared to the profit of Rs. 910.5 crore, in the same period of the last fiscal year.
  • 4. US stocks rise across board on G20 pledge  The three US benchmark stock indexes rose Monday, buoyed by agreement among the Group of 20 nations in South Korea to prevent a currency war and stronger home sales.  The gathering of G20 finance ministers and central bank chiefs in Kyongju, South Korea, over the weekend produced a call to move towards exchange rates determined by the market. The agreement follows months of allegations aimed mainly at China of exchange rates being kept artificially low in order to boost their own economies.
  • 5. SBI hikes the base rate  The State Bank of India (SBI), the major lender in the nation, publicized an increase in its loan rates.  The base rates, which rolled up into effect by July 1, 2010, by 0.1 % to 8.6 % and the benchmark prime lending rate (BPLR) by 0.25 % to 12.5 % on Wednesday. The fresh new rates shall be implemented from Thursday.  The BPLR increased by SBI is probably to influence the equated monthly installments (EMIs) of the current home and auto loan borrowers by Rs 16 per lakh for almost 20year loan.
  • 6. Thank You