Volatility strikes
The market suffered a bout of volatility in the afternoon. Market recovery from the lower level in early afternoon trade could not be sustained. Earlier, the Sensex pared gains after a firm opening. Tata Steel, L&T and HDFC firmed up. Tata Motors continued weak, but cement shares pared gains.
At 13:42 IST the Sensex was up 31 points, at 14,072. From 14,129 at 11:24 IST, the benchmark index drifted to 14,075 by 12:06 IST. It had recovered to 14,114, at 12:37 IST, but slipped once again to 14,050.68 by 13:33 IST.Index heavyweight Infosys shed 0.4% to Rs 2225. Its ADR rose 1.5% on Tuesday, to $57.59.Bhel rose 2.3% to Rs 2371, ahead of its Q3 results, which will be out tomorrow.
Corporation Bank on the march
Corporation Bank gained 1.61% to Rs 316.20, on 27.30% rise in net profit for Q3 December 2006.
Corporation Bank reported 27.30% rise net profit for Q3 December 2006 to Rs 146.4 crore as against Rs 115 crore in Q3 December 2005. Total income rose to Rs 1046.11 crore (Rs 783.48 crore). Its other income was up at Rs 159 crore (Rs 106 crore). The CAR stood at 13.7% versus 14.9%.
As many as 28,304 shares were traded in the counter on BSE.The stock declined ahead of its results. From Rs 324.95 on 17 January, the stock declined to Rs 311.20 by 23 January.
Corporation Bank has increased interest rates on domestic term deposits from 9 January 2007. A bank release said that term deposits of less than Rs 15 lakh, the revised interest rates are 5.25% (4.75%) for a maturity period of 30-45 days, 5.5% (5.5%) for 46-90 days, 6.25% (5.75%) for 91-179 days, 7.25% (6.5%) for 180 days to less than one year, 8.25% (7.25%) for one year to less than three years and 7.5% for three years to less than five years.
The rates are applicable to fresh deposits and on renewing old deposits maturing on or after the effective date.
The OIC alliance, a consortium comprising Oriental Bank of Commerce, Indian Bank and Corporation Bank, will take its first step towards any branch banking for their customers in 2007. The three banks, which have payment products high on their agenda, will initially start providing services such as issue and paying of demand drafts at any of the three banks' branches.
The other priorities for the alliance are getting a foreign partner for their proposed credit card venture, establishing one-stop financial shop in three to four centres involving one-two branches of each of the three banks and entering into an arrangement with a common equity brokerage house and a common depository for providing demat accounts.
'We have already made operational use of 2,000 ATMs of the three banks for customers. Paper-based payment services such as demand drafts being paid and issued across alliance branches would be lunched by the first week of January,' said a spokesperson of the alliance.
The alliance has identified 50 branches each of the three banks for launching any-branch, paper-based payment services. The alliance plans to add more branches to the any-branch banking facility in phases. After about two weeks of launching the first phase, another 50 branches will be added to try and cover all OIC branches over three-four months.
The alliance has already established business syndication cells in Mumbai, Delhi and Chennai. The troika will initially start working on origination of fund-raising mandates, and thereafter devise a common format for appraisal.
Corporation Bank plans to increase the number of branches to 1,000 from the current 840, in the next 16 months. The bank also plans to add around 100 new ATMs by March 2007. Corporation Bank is strong in its technology initiatives and in customer relationships. The state-run bank focusses on retail as well as industrial lending.
At 13:42 IST the Sensex was up 31 points, at 14,072. From 14,129 at 11:24 IST, the benchmark index drifted to 14,075 by 12:06 IST. It had recovered to 14,114, at 12:37 IST, but slipped once again to 14,050.68 by 13:33 IST.Index heavyweight Infosys shed 0.4% to Rs 2225. Its ADR rose 1.5% on Tuesday, to $57.59.Bhel rose 2.3% to Rs 2371, ahead of its Q3 results, which will be out tomorrow.
Corporation Bank on the march
Corporation Bank gained 1.61% to Rs 316.20, on 27.30% rise in net profit for Q3 December 2006.
Corporation Bank reported 27.30% rise net profit for Q3 December 2006 to Rs 146.4 crore as against Rs 115 crore in Q3 December 2005. Total income rose to Rs 1046.11 crore (Rs 783.48 crore). Its other income was up at Rs 159 crore (Rs 106 crore). The CAR stood at 13.7% versus 14.9%.
As many as 28,304 shares were traded in the counter on BSE.The stock declined ahead of its results. From Rs 324.95 on 17 January, the stock declined to Rs 311.20 by 23 January.
Corporation Bank has increased interest rates on domestic term deposits from 9 January 2007. A bank release said that term deposits of less than Rs 15 lakh, the revised interest rates are 5.25% (4.75%) for a maturity period of 30-45 days, 5.5% (5.5%) for 46-90 days, 6.25% (5.75%) for 91-179 days, 7.25% (6.5%) for 180 days to less than one year, 8.25% (7.25%) for one year to less than three years and 7.5% for three years to less than five years.
The rates are applicable to fresh deposits and on renewing old deposits maturing on or after the effective date.
The OIC alliance, a consortium comprising Oriental Bank of Commerce, Indian Bank and Corporation Bank, will take its first step towards any branch banking for their customers in 2007. The three banks, which have payment products high on their agenda, will initially start providing services such as issue and paying of demand drafts at any of the three banks' branches.
The other priorities for the alliance are getting a foreign partner for their proposed credit card venture, establishing one-stop financial shop in three to four centres involving one-two branches of each of the three banks and entering into an arrangement with a common equity brokerage house and a common depository for providing demat accounts.
'We have already made operational use of 2,000 ATMs of the three banks for customers. Paper-based payment services such as demand drafts being paid and issued across alliance branches would be lunched by the first week of January,' said a spokesperson of the alliance.
The alliance has identified 50 branches each of the three banks for launching any-branch, paper-based payment services. The alliance plans to add more branches to the any-branch banking facility in phases. After about two weeks of launching the first phase, another 50 branches will be added to try and cover all OIC branches over three-four months.
The alliance has already established business syndication cells in Mumbai, Delhi and Chennai. The troika will initially start working on origination of fund-raising mandates, and thereafter devise a common format for appraisal.
Corporation Bank plans to increase the number of branches to 1,000 from the current 840, in the next 16 months. The bank also plans to add around 100 new ATMs by March 2007. Corporation Bank is strong in its technology initiatives and in customer relationships. The state-run bank focusses on retail as well as industrial lending.
posted by SY at 2:40 PM
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