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.
