Rupee up and G-secs rally
Mumbai: The rupee closed at 43.80 to the dollar on Tuesday, around 16 paise stronger than its previous day closing of 43.95/96.

Forwards Market: The six-month forward closed at 2.01 per cent (2.05 per cent).

G-Secs: Bond prices gained by around 30 paise across maturities. The 7.38-per cent 2015 paper got dealt up to Rs106.30 at 6.54 YTM (Rs106). The 7.55-per cent 2010 paper closed at Rs105.30 (Rs105).

Call Rates: In the range of 4.75 per cent in the inter-bank market.

CBLO Market: 116 trades were conducted for Rs4,082.60 crore in the rate range of 4.45 per cent and 5 per cent.
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On-tap sale of State Government bonds closed
Mumbai: The 'on tap' sale of 7.02 per cent ten years State development loans, in which twenty States are selling securities to raise Rs6,000 crore, has closed in respect of nine States.

The States of Andhra Pradesh, Haryana, Jharkhand, Karnataka, Kerala, Madhya Pradesh, Maharashtra, Rajasthan and Tamil Nadu have received their target amounts, said a press release.

The sale on tap in respect of loans for the remaining eleven States, viz., Assam, Bihar, Himachal Pradesh, Jammu & Kashmir, Manipur, Meghalaya, Nagaland, Punjab, Tripura, Uttar Pradesh and West Bengal will be kept open on January 12, to collect the balance target amount, the release said.
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Tata Motors: Crisil reaffirms ratings
Mumbai: CRISIL has reaffirmed the `AA+/Stable/P1+' ratings outstanding on the debt instruments of Tata Motors Ltd. The rating reaffirmation follows the announcement of the merger of Tata Finance Ltd (Tata Finance) with itself.

Crisil said that the proposed merger of Tata Finance is not likely to have a material impact on the credit profile of Tata Motors. Crisil believes that the operational synergies derived from the merger, both on the marketing front as well as on the funding side, will assist the company's asset financing business to enhance its market position.

The merger takes the integration of the vehicle finance operations of the Tata Group to its logical conclusion. Crisil expects Tata Motors to maintain its strong business and financial profile in the medium term. The company's healthy cash accruals and its successful FCCB issue provide adequate cushion against any business downturns.

Crisil has upgraded ratings for Tata Finance following its merger with Tata Motors.
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Andhra Bank to open forty more branches by March
New Delhi: Andhra Bank plans to open new branches by using up all its pending 40 licences within the current fiscal itself.
The new branches would be spread all across the country thereby giving Andhra Bank a more national look.

On the operational front, the Andhra Bank hopes to attain a business of Rs40,000 crore by March 2005 against Rs36,000 crore at the end of the previous fiscal.
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