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Rupee recovers - securities up
Mumbai: The rupee finally closed the day at 43.68/69, up from Wednesday's close at 43.77/78.

Forwards market: The six-month premium rose ending at 1.13 per cent (0.92/93 per cent) while the 12-month premium closed at 1.13 per cent (one per cent).

G-Secs: The 7.55 5-year 2010 paper finally closed at Rs103.55 (6.69 per cent YTM), up from Wednesday's Rs103.45/47 (6.72 per cent YTM). The 8.07 12-year 2017 paper finally closed at Rs108.15 (7.03 per cent YTM), higher than Wednesday's Rs108.05/10 (7.04 per cent YTM).

Call rates: The inter bank rates remained unchanged at 4.95-5.05 per cent.

CBLO market: 179 trades aggregating Rs8,046.55 crore in the rate range of 4.72 to 5.00 were realised.
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ICICI PruLife unveils Invest Shield
Mumbai: ICICI Prudential Life Insurance Company has unveiled a range of unit-linked products that protect the policyholder's capital with an opportunity to earn market-linked profits under the umbrella brand of 'Invest Shield'. The unit-linked capital guarantee insurance plans come in four variants.

Invest Shield Life gives the customer the value of the policy at the end of the term.

Invest Shield Cash provides liquidity benefits during the policy term and the policy value at the end.

Invest Shield Gold is a policy for those who want a limited premium-paying term, but are seeking the protection and savings benefits over the longer tenure.

Invest Shield Pension is a retirement solution.

The plans are structured so that the invested premiums are parked in a market-linked unit fund to provide potentially higher returns over a long period.

A maximum 30 per cent of the fund is invested in equities and the balance in debts or bonds.
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IBA and unions sign wage pact
Mumbai/Thiruvananthapuram: Bank unions and the Indian Banks Association have concluded a wage agreement, allowing higher pay and payment of arrears for bank employees.

As per the recommendations, bank employees will get arrears of wages from November 1, 2002 to May 31, 2005. This works out to Rs692 crore per annum, distributed under various heads. Over 2 lakh officers and over 5 lakh award staff from 27 public sector banks and 13 old private sector banks will benefit from these arrears.

The basic pay for bank employees will increase by 8.22 per cent post the wage revision. The basic scale for officers, which was in the range of Rs7,100-23,000, will increase to between Rs10,000 and Rs32,600 post the revision.

Another significant feature of the recommendations is dearness allowance compensation, which has been raised from 75 per cent to 100 per cent. The per capita rise will be Rs3,750 per officer.
The pension scheme, which was reduced to 42 per cent of the last drawn pay in 1997, has been restored to 50 per cent.
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