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Rupee steady - Securities dull
Mumbai:
The rupee market closed at 43.51 against the US dollar, marginally up from Tuesday's level of 43.5350.

Forwards market: The 12-month premium closed at 1.35 per cent (1.34 per cent) and the 6-month at 1.51 per cent (1.52 per cent).

G-Secs: The 7.27-8 year-2013 paper, currently the most active, closed at Rs100.70/75 (7.1450 per cent YTM), down from Tuesday's close at Rs100.80 (7.14 per cent YTM). The 7.38 - 10 year-2015 benchmark paper was dealt at Rs101.91 (7.11 per cent YTM), up from Tuesday's Rs101 (7.22 per cent YTM). The 7.55 - 5 year-2010 paper closed at Rs103.15 (6.77 per cent YTM).

Call rate: The inter bank rates closed at 4.95 per cent (5.25-5.40) though some deals were realised at 5.25 per cent.

CBLO market: 187 trades in the 4.90-5.30 per cent range, amounting to Rs7,765.70 crore were realised.
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T-bill bids receive unsatisfactory response
Mumbai:
The auction of the 91-day treasury bill on Wednesday received bids for less than the notified amount and not all the bids were accepted. The notified amount for the 91-day treasury bill was Rs2,000 crore.

The 182-day treasury received bids for the notified amount and again, all the bids were not accepted, according to an RBI press release.

The Reserve Bank of India received 39 competitive bids for the 91 day T-bill, amounting to Rs1,805.38 crore. Of these, RBI accepted 16 bids amounting to Rs837.13 crore. The cut-off price and the weighted average price was Rs98.65.

In the case of the 182 -day treasury bill, the notified amount was Rs1,500 crore. RBI received 56 competitive bids, amounting to Rs3,868 crore. Of these, the RBI accepted 5 bids amounting to Rs550 crore. The cut-off price and the weighted average price was Rs97.25.

The RBI also received two competitive bids amounting Rs 308.50 crore of which it accepted one bid of the same amount.
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BoB and SIDBI to co-finance SME and infrastructure projects
Mumbai:
The Bank of Baroda (BoB) and the Small Industries Development Bank (SIDBI) of India have signed an MoU for co-financing of projects in the SME sector and infrastructure projects, according to a bank release.

Under this arrangement, the two banks will work jointly to identify projects and take up co-financing or exclusive financing of term loans, with the working capital being exclusively extended by BoB. To begin with, the tie-up would be introduced at eight centres covering 48 clusters involved in industries such as textiles, pharmaceuticals, and electrical goods.

SIDBI already has tie-ups with Bank of India, UCO Bank, and Yes Bank to offer credit and other financial products to the SME sector.
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Crisil to rate SSI clients of UCO Bank
Kolkata:
The rating scheme devised by the NSCI-Crisil combine will now cover borrowers operating in the small-scale sector, which are being assisted by UCO Bank.

The last Union Budget underlined the need for a performance and credit rating mechanism for the small-scale sector, NSIC (National Small Industries Corporation) has stated.

A scheme for SSIs was worked out in association with Indian Banks' Association (IBA) and the rating outfits and ANSIC was mandated as the nodal agency to implement the scheme through various empanelled agencies.

A number of benefits are expected to flow out from performance and credit rating. The latter will result in third-party opinion on credit-worthiness of SSI units. Besides, it will lead to the availability of credit at attractive rates, it is pointed out. For the lending institutions, access to an independent evaluation is considered important.

As per the mechanism drawn up, SSIs will be free to choose from among the empanelled rating agencies.
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Uttam Galva FCCB issue raises $30mn
Mumbai:
Uttam Galva Steels has announced that it has raised $30 million through five-year foreign currency convertible bonds.

The bonds, which mature in 2010, carry a coupon rate of two per cent payable semi-annually. The yield to maturity is set at 7.25 per cent at the end of five years.

The initial conversion price, determined at Rs64.46 per share represents a 45 per cent premium to the reference price.
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MetLife in tie up with Apna Bazar
Mumbai:
MetLife India Insurance and Apna Bazar have announced the launch of `Apna Life', a Group Life insurance cover which will be extended to the customers of Apna Bazar.

This product will be available to customers who fulfil certain criteria.

On the purchase of pre-paid coupons worth Rs6,000, any customer of Apna Bazar coming under the age band of 18 to 40 years and who satisfies certain health parameters as laid down by MetLife, will be eligible for a life cover of Rs1 lakh sum assured, under this policy. The customer does not have to undergo a medical test but would have to fill up an application form, a good health questionnaire along with supporting documents.

According to a press release, from MetLife, the company has always looked at deepening and widening its base for insurance products and Apna Life is an effective option for them to achieve this objective.
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Karnataka Bank RTGS facility for customers
Mangalore:
Karnataka Bank Ltd will introduce a funds transfer facility, `Money Quick', under Real Time Gross Settlement (RTGS) system from July 15.

A bank release said here on Wednesday that the customers at its 280 offices could avail themselves of this facility and make instantaneous transfer of funds to beneficiary's account at other banks at a nominal cost. Similarly, the customers of the bank can also get instant transfer of funds to their accounts from parties of other banks, provided those banks offer similar facility.

The release said that the bank, which is a member of RTGS system since July 16, 2004, has been settling inter-bank transactions in Mumbai. The bank is embarking on a slew of technology-enabled products in the near future in tune with customer needs, it said.
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domain-B : Indian business : News Review : 14 July 2005 : banking and finance