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Rupee firms up further - G-secs gain
Mumbai: The rupee strengthened further against the US dollar on Wednesday closing firm at 43.49/50, up from 43.5425 on Tuesday.

Forwards market: The six-month premium closed at 1.2 per cent (1.05) and the 12-month at 1.23 per cent (1.05).

G-Secs: The 7.55 5-year 2010 paper closed at Rs104.10 (6.56 per cent YTM) against Tuesday's level of Rs 103.80. The most active stock, 7.37 9-year 2010 paper closed at Rs 103.95 (6.77 per cent YTM) against Tuesday's level of Rs 103.81 (6.86 per cent YTM).

Call market: The inter bank markets closed in the 5-5.10 per cent range.

CBLO market: 120 trades in the rate range of 4.89 to 5.12 per cent, amounting to Rs 4408.90 crore were realised.
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RBI: T-bill auctions fully subscribed
Mumbai: The auctions of the 91-day and 364-day Treasury Bills were fully subscribed, according to a press release from Reserve Bank of India.

The notified amount for both T-bills was Rs2,000 crore.
For the 91-day T-bills, RBI received 49 competitive bids, amounting to Rs2,958.50 crore. Of these RBI accepted 39 bids. The cut-off price was Rs98.71. The partial allotment percentage was 71.75 per cent from 20 bids. The weighted average price was Rs98.72.

RBI also received and accepted one non-competitive bid, amounting to Rs911.71 crore. The partial allotment percentage was 100 per cent and devolvement on RBI was nil.

For the 363-day T-bills, RBI received 55 competitive bids, amounting to Rs4,130 crore. Of these, RBI accepted 36 bids. The cut-off price was Rs94.71. The partial allotment percentage was 12.11 per cent from 12 bids. The weighted average price was Rs 94.73.

RBI also received and accepted one non-competitive bid amounting to Rs200 crore. The partial allotment percentage was 100 per cent and devolvement on RBI was nil.
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Rabo India kicks off merchant banking operations
Mumbai: Rabo India Securities, a wholly owned subsidiary of Rabo India Finance, has started its merchant banking activities with an initial capital investment of Rs5.5 crore, said a press release.

Rabo India Securities (RIS) will offer investment banking products such as advice on transactions ranging from capital structure to maximisation of shareholder value and protection against takeovers. The licence also allows RIS to execute open offers on behalf of clients and to participate in the capital raising.

It also plans to introduce products relating to mergers and acquisitions, initial public offers and bond offerings, in addition to expanding services such as underwriting of securities.
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Patni launches BPO services suite for insurers
Mumbai: Patni Computer Systems Ltd has announced the launch of a BPO Services suite specifically designed for insurance companies.

The "Defined Contribution BPO service suite" will allow insurance companies to offload common record keeping tasks associated with the administration of defined contribution plans, said a notice to the stock exchanges issued by Patni Computer Systems.

Administrators can reduce overall programme costs and improve the quality of service. Patni's Defined Contribution BPO Service transfers time-intensive back-end record-keeping tasks to the company's offshore delivery centres, reducing administrative costs and allowing insurance companies to focus on their core offerings.
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i-flex tool for Austrian banking major
Mumbai: Bawag PSK, Austria's third largest banking group, has selected i-flex Solutions' flagship product suite, FLEXCUBE, to replace its core banking solutions in central and east European countries, according to a release.

The implementation of the deal will be completed by the year-end, according to an i-flex spokesperson.
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IDBI growth strategy looks at acquisitions and mergers
Hyderabad: The Industrial Development Bank of India (IDBI) has chalked out a growth strategy that includes acquisition and merger of banks which have a strong presence in the commercial banking space and also a reasonable global presence.

Bank officials said that the acquisition targets would be looked into as and when opportunities arise. Officials said that the bank was seriously looking at establishing its presence in the Gulf, South East Asia, US and UK. The bank aims to occupy a slot among the top commercial banking majors in the country through both organic and inorganic routes in the next three years.

As a part of its organic growth strategies, IDBI plans to go aggressive in expanding its network of delivery channels, both branches and automated teller machines (ATMs).
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