Bank on the growth of Banking

UAE bank launches its first Islamic Fund

 The Union National  Bank ( UNB ), bank of the UAE,  has launched its first Islamic Fund that will focus on Islamic equities and other Sharia compliant investment instruments.

 

The AI Samaha Islamic Fund aims at investing in a balanced portfolio targeted at capital growth both in the short and long term. 

 

The Fund is an open-ended fund with weekly liqridity.

Maruti raises car prices by up to Rs 18,000

The company has hiked the price of its latest model Swift Dzire by Rs 18,000. It had launched the sedan with an introductory price ranging Rs 4.49 lakh and Rs 6 lakh across different variants.

 

Others Motor companies are expected to follow the suit.

Kotak Mahindra Bank allots equity shares

The committee of Kotak Mahindra Bank has allotted 11,910 equity shares of Rs 10 each.

These shares were allotted at the committee meeting held on 17 May 2008.

Titagarh Wagons Limited

 

TWL is one of the leading private sector wagon manufactures in India.  TWL operates in rail wagon, mining, bailey bridges, other modular steel bridges, special equipment for nuclear power sector and defence sector.  TWL entered into a Joint Venture cimpany with Freight Car Inc, America for manufacture of Aluminium Rails case,  Cooperation and Funding Agreement entered into with JPMorgan Maritius Holding Limited for investment in Cimmco Birla Limited.

PNB banks on strong Q4 figures

 

The bank announced the results during trading hours yesterday, 15 may 2008.  The banks current equity is Rs 315.30 crore.  Face Value per share is Rs 10. 

PNB's net profit rose 33.03% to Rs 2048.76 crore on 25.42% increase in total income to Rs 16262.50 crore in the year ended March 2008 over the year ended FY07.

Sales Growth of LIC at 0.2%

 

LIC has registered  a 0.2% in sales  in FY08  as compared to 90.7%  in FY07.   Rason  being the lack of takers for ULIPs which accounted for 80% of its sales in the previous year.  Investors  stayed away from ULIPs  due to the volatile stock market.  Growth of private insurance players has also fallen by 20%.