2. The rupee rose the most in a week after the group of 20
nations pledged to refrain from intervening in currency
markets to support exports.
The rupee advanced 0.6% to 44.345 per dollar at the
close of trade , its biggest gain since Oct 14. The
currency has strengthened 5.9% in the past three
month.
Fund based abroad have pumped record $24.3 billion
into Indian equities this year.
3. Some of the India’s biggest business house such as
Tatas, Aditiya Birla group, Manindras, L$T and
Religare are bringing on board banking sector veterans
to fortify their chances of obtaining a banking license ,
the norms for which RBI is expected to unveil soon.
The last burst of licensing of private banks was over 15
years ago included IDBI ,UTI.
4. Union bank of India quarterly net profit tumbled 40%
as it provided more for risky loans which may keep
rising but at a slower pace.
Sept quarter earning was Rs 304 crore down from
Rs505 crore a year earlier. Share fell 5.9% to Rs392.80.
The bank’s tier-1 capital has fallen below the stipulated
8%leveland it has made a pitch to the government for
capital infusion.
5. Dhanlaxmi bank will invest Rs 13 crore to buy a 15%
stake in online broking company Destimoney securities
even as its quarterly profits tumbled on investment s in
people and technology.
The bank board approved the investment which lead to
purchase of fresh shares in the firm that is partly owned
by PE firm New Silk Route founded by former
Mckinsey head Rajat gupta.
Company has netwoek of 14 branches and more than
100 franchisees spreading across 50 cities.
