Rupee firm
Mumbai: The rupee closed marginally stronger at 46.2975 per dollar on Friday as against previous close of 46.32. Bonds - the 7.28 per cent 2015 fell to a low of Rs 117.15/16. The 7.55 percent 2010 fell to Rs 112.90.
Market Call Rates were at 4.10 per cent levels.
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L&T Holdings' NCD programme upgraded
Mumbai: Fitch ratings India has upgraded the rating of the Rs 50 crore NCD programme of L&T Holdings Ltd to AAA+ from AA+. Based on the irrevocable and unconditional guarantee given by L&T the instrument has now been upgraded from its earlier status, according to a press release. The AAA rating denotes highest credit quality with the lowest expectation of risk and is unlikely to be adversely affected by foreseeable event.
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FDI cap in private banks hiked to 74 pc
New Delhi: The foreign direct investment (FDI) cap in private banks has been raised to 74 per cent under the automatic route from the existing 49 per cent. The guidelines notified today by the Department of Industrial Policy and Promotion (DIPP) has, however, placed a cap of 49 per cent on foreign institutional investor (FII) holding within the overall FDI limit.

The notification said that the 74 per cent limit would include "aggregate foreign investment from all sources." The 10 per cent limit for the holding of an individual FII has been retained. Similarly, for NRIs, the individual limit has been set at 5 per cent, while the aggregate NRI holding has to be within 10 per cent. The cap can be raised to 24 per cent by a special resolution issued by the general body of the bank.
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Tamilnad Mercantile Bank: High Court seeks status
Chennai: The Madras High Court has asked the board of directors of Tamilnad Mercantile Bank to go into the status of the recent agreement under which members of the Nadar community bought the bank's shares from Mr C. Sivasankaran of the Sterling group.

The board has been asked to look into whether the seven persons who had acquired 34 per cent of the shares constituted a group or were individual investors. Over 50 members of the Nadar community have expressed their intention to seek election to the board of directors.
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Foreign banks may set up 100 per cent subsidiaries
New Delhi: The Government has stipulated that foreign banks can set up 100 per cent subsidiaries in India, by choosing one among three alternatives. They can have a branch network or a wholly-owned subsidiary or a private banking subsidiary with aggregate foreign holding of up to 74 per cent. Foreign banks that are regulated by a banking supervisory authority in their home country would be allowed to adopt the 100 per cent subsidiary route.
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