Axis Bank opens branch in Srinagar

Axis Bank entered Srinagar, by opening its branch at Exhibition crossing in the heart of the city.

With the opening of the branch, the number of branches of Axis Bank in the state rose to three with 16 ATMs.

Senior Vice-President and Compliance Head Rajesh Wadhwa who inaugurated the branch, said it was yet another step towards extensive consumer banking focus which the bank is providing across the country and reinforces commitment to bring superior banking services, marked by convenience.

The bank has a network of 936 branches, 8 extension counters and 3,951 ATMs across the country. The branches, spread across more than 583 cities and towns, enables the bank to reach out to a large cross-section of customers with an array of products and services catering to both the retail and the corporate segment, he said.

He said the bank has the second largest EDC network, the third largest ATM network in India and also has the fourth largest base of debit cards in the country.

The market capitalisation of the bank as on November 26 was Rs 40,180 crore, which makes it the fourth largest in terms of market capitalisation in India. The bank's centralised database enables customers to operate their accounts from anywhere in the country, he said.

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Bajaj Auto Nov sales up 73 per cent

Wed, 2 Dec 2009

Bajaj Auto, India's no. 2 motorcycle maker, said on Wednesday its November sales rose 73 per cent from a year earlier to 276,759 vehicles.

It motorcycles sales in the month rose an annual 84 per cent to 242,390 units.

The company said it will launch a sub-150cc Pulsar on Dec. 9

Financials and Energy Lead Decline in Stocks

DECEMBER 2, 2009

Stocks turned lower as bearish analyst comments hurt bank shares, and a slide in oil prices dented shares of energy producers.

The Dow Jones Industrial Average recently was off 36 points, or 0.3%, at 10436. Financials were the Dow's weakest components with J.P. Morgan Chase, American Express, and Bank of America off more than 1% each. The Wall Street Journal reported that two chief executive candidates said Bank of America should consider breaking itself up, though the board has rejected that idea.

Also weighing on banks, UBS analysts predicted that capital markets' seasonal slowing could come earlier this year, and cut their fourth-quarter earnings target for Morgan Stanley, J.P. Morgan, Bank of New York Mellon and others. In addition, Sanford C. Bernstein said J.P. Morgan could face a revenue decline of as much as $3 billion under a "worst case" scenario for derivatives legislation.

Technology shares were a relative bright spot, helping the Nasdaq Composite Index to scratch out a 0.2% gain. But the S&P 500 was off 0.2% to 1107, led by a 1% decline in its energy sector following the release of data showing surprisingly robust U.S. reserves of oil.

Crude futures were recently down $1.99 to $76.38 a barrel on the New York Mercantile Exchange.

The Dow reached a new 14-month closing high on Tuesday as fears over a default of billions of debt in Dubai subsided and investors moved back toward riskier investments. Some of that movement reversed Wednesday, though traders said the move hasn't been accompanied by sufficient volume to confirm that a new downtrend is underway.

"It would be good to see us break into a new trading range, but that's been difficult to do," said Don Bright, a partner at the proprietary firm Bright Trading in Chicago. "Barring any big news, like another Dubai type of development, that may continue to be the case through the end of the year."

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World Bank Seeks More Capital from India, Ups Loans

• DECEMBER 2, 2009

The World Bank pledged to lend more to India and sought the country's support to expand the multilateral lender's own capital base, underscoring its tilt toward developing countries to draw on resources as rich nations struggle out of a deep global downturn.

If India decides to increase its contribution, it will help the World Bank meet its developmental finance needs, a statement from the Indian government said, citing World Bank President Robert Zoellick.

Mr. Zoellick is on a four-day trip to India and the statement follows his meeting with Finance Minister Pranab Mukherjee.

The World Bank is also in talks with several other developing nations, such as Brazil and China, to boost its capital.

These economies have escaped relatively unhurt from the global financial crisis, with brisk economic growth returning to China and India.

India's economy expanded 7.9% in July-September--a faster pace than expected--helped by the government's stimulus measures.

"I was very delighted to see the very strong quarter growth," Mr. Zoellick told reporters after the meeting with the finance minister.

India's government is spending heavily to keep more cash in the hands of its rural population, which constitutes nearly 65% of the country's people, and largely represents the strong consumer base that is lapping up new mobile phones and motorcycles.

Many of the South Asian country's development projects, which aim to boost rural infrastructure, are funded by the World Bank. India is the multilateral lender's largest borrower.

"The prime purpose of the visit is to ensure how we (the World Bank) can deploy our resources most efficiently," Mr. Zoellick told reporters.

The World Bank expects its current commitments to India to rise to $7.0 billion in 2009, from the past four year's annual average of $2.3 billion.

Its portfolio for the country consists of 68 projects with a total commitment of $19.57 billion.

The bank plans to offer between $5 billion and $6 billion over the next three years as interest-free loans and grants to India, Mr. Zoellick said.

The International Bank for Reconstruction and Development, an arm of the World Bank, plans to lend $18 billion over three years to India, while International Finance Corp.--the private equity arm of the multilateral lender--plans to lend $3.5 billion over same period, Mr. Zoellick added.

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