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DLF gains on metro rail fund raising plans
DLF rallied nearly 3% to Rs 373. The scrip touched an intra-day high of Rs 376. Around 3.9 million shares changed hands at the counter as against its two-week average traded quantity of 3.8 million shares.

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M&M gets into Aerospace, acquires two Aussie firms
This will enable the firm to tap the defence offset market.

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Pak media hails resumption of Indo-Pak talks
Hailing the decision of the two neighbouring countries to resume dialogue, the Pakistan media today said credit must go to both sides for "seizing the moment and breaking the impasse" and that they should build on the "breakthrough" achieved in the meeting between the two Prime Ministers.
Public Relations

Bank of Baroda net up 60.4%

Control on operating expenses and growth in margins and other income helped Bank of Baroda (BoB) post a 60.4 per cent rise in net profit to Rs 634.18 crore for the second quarter ended September 2009. Its net profit in July-September 2008 was Rs 395.29 crore. - Hexaware up 11% - Andhra Bank net up 69 per cent - Bank of Baroda profit jumps 60% to Rs 634 cr - FII-TO-FII TRADES: PNB traded at 8% premium - FII-TO-FII TRADES: BoB traded at 3% premium - Zee net up 12% at Rs 111 crore The total income rose 17.5 per cent to Rs 4,730.75 crore while the net interest income grew 22.5 per cent to Rs 1,388.6 crore. Chairman and Managing Director MD Mallya said deposits were getting repriced (at lower rates). The cost of domestic deposits declined to 5.87 per cent in July-September 2009 from 6.2 per cent a year ago. The repricing at lower rates is expected to continue in the third quarter. There was a sharp drop in yield on advances. Yields dipped to 10.2 per cent from 11.1 per cent a year ago. The net interest margin was 2.89, a shed lower than 2.92 per cent in same period last year. The benefit from lower cost of funds accrues over a period while the effect of low credit off-take and cut in lending rates on yield on advances is immediate. This has put pressure on margins of banks. The deposits rose 28.7 per cent to Rs 2,07,355 crore over Rs 1,61,069 crore at the end of September 2008. Advances were up 25.4 per cent to Rs 1,48,919 crore. “We expect to grow credit by 20-21 per cent for 2009-10”, Mallya said. The gross non-performing assets (NPAs) rose marginally to Rs 1,956.59 crore from Rs 1,954.39 crore at the end of September 2008. However, in percentage terms, the ratio of gross NPAs to gross advances declined to 1.3 per cent from 1.62 per cent. The capital adequacy ratio was 14.67 per cent at the end of September 2009. The bank has raised Rs 300 crore through perpetual bonds in the third quarter till date. The bank’s stock closed higher by 2.14 per cent to Rs 497.15 on the Bombay Stock Exchange.


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