Money market: Rupee falls on aggressive purchase of dollar
Mumbai: Aggressive buying by a number of state-run banks saw the rupee close at 43.83/83 against the previous finish at 43.76 levels.
Forwards Market: Closed lower by five paise, with the six-month finishing at 1.3 per cent (1.5 per cent) and the 12-month at 1.2 per cent respectively (1.4 per cent).

G-Secs: The benchmark 7.38 per cent 10-year paper ended at 6.51 per cent, down a shade from Monday's 6.50 per cent.

Call Rates: Steady in the 4.60-4.80 per cent range.

CBLO market: 103 trades aggregating Rs3,252.15 crore were put through in the rate range of 4.60-4.75 per cent.
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LIC to set up joint venture company in Saudi Arabia
Thiruvananthapuram: LIC has entered into agreements with New India Assurance and Al Hokair of Saudi Arabia to set up a joint venture company in that country. The corporation has said that while the exact pattern of shareholding is yet to be worked out, LIC will have the majority stake in the new company.

The corporation had firmed up plans to launch a joint venture company in Dubai as well, and the company is expected to be in place within the next six months.

While the corporation has already set up a company in Kenya, plans are afoot to start similar ventures in Madagascar and Tanzania. LIC Offshore Ltd, based in Mauritius, will be the holding company for the corporation's operations in the African countries.

LIC is also eyeing "strategic" stakes in the banking sector. It currently holds 27 per cent stake in Corporation Bank and 14 per cent in UTI Bank. The idea is to help LIC actively participate in the emerging bancassurance business.
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