Rupee unchanged - G-Secs rise
Mumbai: The rupee closed almost unchanged from its previous levels, ending at 43.78 per dollar on Tuesday.

Forwards market: The 12-month premium closed at 1.50 per cent (1.39 per cent) and the six-month premium closed at 1.86 per cent (1.68 per cent).

G-Secs: Prices rose marginally by seven paise, but remained largely dull ahead of the auction results. The 10-year benchmark, the 7.38-per-cent 2015 paper closed at Rs104.75 (6.70/73 per cent YTM) against Monday's close of Rs104.63 (6.75 per cent YTM).

CBLO market: The market saw an all-time high of 170 trades aggregating Rs6,804.65 crore. This was put through in the rate range of 4.10 to 4.75 per cent.

Call rates: closed at 4.70/80 per cent.
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RBI: Govt. stock sale oversubscribed
Mumbai: The auctions of the 6.85 per cent Government bond 2012 and the 7.95 per cent Government bond 2032 were oversubscribed on Tuesday.

According to a dealer with a private broking house, the results were as expected. For the 7.95 per cent 2032 bond (27-year paper), the notified amount was Rs3,000 crore. The Reserve Bank of India received 135 competitive bids amounting Rs5,983.50 crore. The cut-off price was Rs101.75 (7.79 per cent YTM).

Of the competitive bids, 71 were accepted, amounting to Rs2,986 crore. The amount of underwriting accepted from the primary dealers was Rs1,540 crore. The RBI received and accepted 6 non-competitive bids for the 27-year paper, amounting to Rs14 crore.

For the 6.85 per cent 2012 paper (7-year paper), the notified amount was Rs5,000 crore. The RBI received 316 competitive bids amounting to Rs10,755.50 crore. The cut-off price was Rs100.25 (6.80 per cent YTM). Of the competitive bids 136 were accepted, amounting to Rs4,980.32 crore. The amount of underwriting from the primary dealers was Rs3,845 crore.

The RBI received and accepted 9 non-competitive bids for the 7-year paper, amounting to Rs19.68 crore.
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Allahabad Bank to spend Rs300 crore on tech upgrade
Kolkata: The Allahabad Bank has lined up a technology upgradation programme, which will entail an investment of Rs300 crore over the next two years.

The bank, which seeks to bring its services on an advanced technological platform, hopes to improve its performance in the coming years on the basis of new technology.

The bank has also proposed to fine-tune its retail business strategy with a view to increasing its focus on the retail customer. It offers a number of investment and savings products, through tie-ups with organisations such as LIC and UTI, and now it plans to increase fee-based income by utilising these tie-ups even further.
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