Rupee breaches 44-mark to touch 8-month high
Mumbai: The rupee breached the psychological 44-mark on Monday and touched an eight month closing high at 43.6350/6450 against the dollar. The domestic currency had last seen similar closing levels on April 12, when it had ended at 43.64/65 per dollar. A higher finish was seen on March 31 at 43.60/65, when the rupee had touched nearly a four-year closing high. Dealers said that in Monday's trade alone FIIs invested nearly $50 million to $1 billion across Indian markets.

Forwards Market: The six-month annualised premium finished at 1.53 per cent (1.58 per cent) while the twelve-month premium ended at 1.07 per cent (1.15 per cent).

G-secs: Bond prices fell by around 50 paise across maturities in the domestic debt market on selling pressure by bond traders, but staged a 30 paise recovery by the end of the day.

The benchmark 7.38 per cent 2015 paper recovered to Rs104.92 at an yield of 6.77 per cent. The 7.55 per cent 2010 recovered to close at Rs105.05.

Call Rates: In the range of 4.60-4.80 per cent.

CBLO market: 125 trades worth Rs4,960.30 crore were transacted.
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Securitisation Act amendment Bill tabled in Lok Sabha
New Delhi: The Minister of State for Finance, S.S. Palanimanickam, has introduced two Bills in the Lok Sabha to replace the Enforcement of Security Interest and Recovery Debts Laws (Amendment) Ordinance, 2004 and the Securities Laws (Amendment) Ordinance, 2004.

The first Bill seeks to amend the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (SARFESI), the Recovery of Debts Due to Banks and Financial Institutions Act, 1993 and the Companies Act, 1956.

The amendment has been sought in the light of the Supreme Court's judgment with regard to Mardia Chemicals Ltd, where the requirement for a deposit of 75 per cent of the amount claimed, before entertaining an appeal by the Debt Recovery Tribunal (DRT) was declared to be violating Article 14 of the Constitution.

Following this, the Finance Minister, P. Chidambaram, in his 2004-05 Union Budget speech, promised to amend the relevant provisions of SARFESI "to appropriately address the Supreme Court's concerns regarding a fair deal to borrowers while, at the same time, ensuring that the recovery process is not delayed or hampered."

Accordingly, the new Bill provides for the borrower to make an application before the DRT without making any deposit, while, at the same time, making it necessary for the tribunal to "dispose of such application within 60 days from the date of such applications so that the total period of pendency of the application with such tribunal shall not exceed four months."

The Bill for carrying out these amendments was originally introduced by the previous National Democratic Alliance Government last year, but lapsed because of the dissolution of the 13th Lok Sabha.
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SBI to go for second phase of overseas debt issue
Mumbai: The State Bank of India plans to come out with the second phase of its overseas debt offering in a couple of months. SBI is raising the funds to finance its overseas operations. The bank also plans to acquire a medium-sized bank abroad in a couple of months.

Earlier this month, SBI had raised $400 million as a debut offering, which was part of its $1 billion (around Rs4,500 crore) medium-term note programme, of bonds with tenure of five years listed in the Singapore stock exchange. The bonds were priced at 4.75 per cent, at a yield of 4.847 per cent to investors. The initial size of the offering this month was $300 million which was upsized to $400 million, following excellent customer response.
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SBI plans acquisitions abroad
Mumbai: The State Bank of India is looking for acquisitions in Africa and Asia. The bank would open ten new overseas offices in the next six-nine months as part of plans to grow international business, Chairman of SBI A K Purwar has said.

On the bank's plans for acquisitions abroad, Purwar said SBI is looking for medium sized banking entities with quality assets in Asia and Africa. SBI expects to make announcements in next few months, he added.
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ICICI Bank plans ADR
Mumbai: ICICI Bank proposes to go in for a sponsored ADR issue.

The board will meet on December 13 to "consider a proposal for sponsoring an issue of ADRs against existing shares held by its shareholders".
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Syndicate Bank staff asks for debate on merger of PSBs
Kochi: The Syndicate Bank Staff Association (SBSA) has urged the Union Government to initiate a round table debate on merger of public sector banks with representatives of trades unions, banking industry, depositors association, experts from financial sector, RBI and the public.

The SBSA has said in a press release that the Government should come out with a White Paper which should be placed before Parliament.
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