Rupee weaker; bonds decline
Mumbai: The domestic currency declined by another 10 paise to end at 43.9450/95 per dollar on Thursday compared to its previous closing at 43.85.

Forwards Market: The six-month premium ended at 1.20 per cent (1.96 per cent), while the premium for one-year ended 55 per cent (1.50 per cent).

G-Secs: The ten-year benchmark yield hardened to 6.60 per cent levels against Wednesday's levels at 6.56 per cent. The 7.38 per cent 2015 paper closed lower at Rs105.85/90 against yesterday's closing at Rs106.23. The 9.39 per cent 2011 paper closed at Rs114.80/85 at 6.55 per cent yield to maturity.

Call Rates: Easy at 4.70 per cent.

CBLO Market: 136 trades were conducted for an amount of Rs 3,251.35 crore, in the rate range of 4.01 per cent to 4.85 per cent.
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Roadmap for FDI hike in private banks to be announced soon
New Delhi: The Finance Minister, P. Chidambaram, has hinted that the roadmap for allowing foreign banks to pick up to 74 per cent stake in Indian private sector banks would be announced within the next few days.

"The tsunami relief efforts had taken away some time (seven-ten days). So you can add those 10 days to the current month," he told reporters when asked about the timeframe by when the roadmap is likely to be announced.
The Minister, in the first week of December last year, announced that the roadmap for banking sector reforms, including the hike in foreign direct investment (FDI) in private banks from 49 per cent to 74 per cent, would be announced by that month-end.
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Shriram group to merge three finance companies
Chennai: The Chennai-based Shriram group is set to merge three of the four of its finance companies, although not immediately, the group's Chairman, R. Thyagarajan, has said.

Shriram Investments Ltd and Shriram Transport Finance Company Ltd are identical companies, with few differences either in the operations or capital structure. As on March 31, 2004, the two companies had net worth of Rs136.75 crore and Rs131.52 crore, respectively. Both companies are into truck financing. The third company, Shriram Overseas Finance, came into the group's fold through an acquisition.

The fourth, Shriram City Union Finance, which is a joint venture with the City Union Bank, is likely to remain a separate company. Today, Shriram City Union is also into truck financing, but will soon exit the business and focus only on consumer financing, where the network and brand image of the City Union Bank would be of help.
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