Currency derivative turnover rises 25%
The currency derivative turnover on the country’s three bourses rose 25% to about R48.50 lakh crore in the first six months of 2013-14 despite Sebi’s move in July to tighten the exposure limits in the segment. The currency derivative turnover on the three stock exchanges — NSE, MCX-SX and USE — stood at R38.77 lakh crore in the April-September period in 2012-13, as per the latest data available with the Securities and Exchange Board of India (Sebi). Moreover, the volumes of currency derivatives trading on the three stock exchanges also grew by nearly 16.3% at 81.46 crore in the first half of the current fiscal compared with the same period year-ago.
PNB revises FCNR deposit rates
Punjab National Bank on Friday revised foreign currency non-resident (b) deposit rates, according to a filing by the bank on BSE. According to the bank website, the lender decreased its deposit rates on dollar deposits by 3-9 basis points across different maturity periods. Similarly, Central Bank of India revised its FCNR (b) deposit rates. The bank now offers interest of 5.44 % for dollar deposit of 5 years. The rates will be effective from November 1.
New India: Pricing has stabilised
Largest general insurer New India Assurance feels pricing in the industry has stabilised to a great extent compared with two years ago period. “Pricing has certainly improved and stabilised compared to what it used to be two years ago...,” chairman and managing director G Srinivasan has said. This is significant given the state of affairs in the general insurance industry, in which many players don’t make profit from core operations but report profit on the back of earnings from investments. As per the company, pricing of premia has substantially improved in the group health insurance, which has seen losses in the past due to inadequate premia.