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Rupee range bound - securities up
Mumbai: The rupee gained slightly against the dollar on Wednesday ending at 43.90, a shade higher from Tuesday's close of 43.91.

Forwards market: The 12-month premium closed at 0.6 per cent (0.68 per cent) and the 6-month premium ended at 0.55 per cent (0.65 per cent).

G-Secs: The 10.25 per cent 16-year 2021 paper closed at Rs126.49 (7.37 per cent YTM), up from Tuesday's level of Rs126.36 (7.38 per cent YTM). The 5.69-13 year-2018 paper closed at Rs87.36 (7.20 per cent YTM), marginally higher than the earlier level of Rs87.29 (7.2099 YTM). The 7.37 per cent 9-year 2014 paper closed at Rs102.60 (6.96 per cent YTM).

Call rates: The inter bank rates were dealt at 4.95-5.05 per cent (4.9-5.05 per cent) level.

Reverse repo: In the one-day auction, the RBI received and accepted 48 bids amounting to Rs46,975 crore.

CBLO market: 232 trades, for Rs8,365.90 crore, in the rate range of 4.7-4.9 per cent, were realised.
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RBI: T-bills auction fully subscribed
Mumbai: The auctions of the 91-day treasury bill and the 364-day treasury bill on Wednesday were fully subscribed, according to an RBI press release. The notified amount for the 91-day treasury bill was Rs4,000 crore, of which Rs3,500 crore was under the Market Stabilisation Scheme (MSS).

The Reserve Bank of India received 48 competitive bids, amounting to Rs7,936.22 crore, of which it accepted four bids. The cut-off price was Rs98.74. The partial allotment percentage amounted to 98.97 per cent from three bids. The weighted average price was Rs98.74.

In the case of the 364-day treasury bill, the notified amount was Rs2,000 crore, of which Rs1,000 crore was under MSS. The RBI received 55 competitive bids amounting to Rs3,276 crore. Of these, it accepted 27 competitive bids, amounting to Rs2,000 crore. The cut-off price was Rs94.71. The partial allotment percentage amounted to 98.90 per cent from eight bids. The weighted average price was Rs 94.72.
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Finance Ministry eases GDR norms
Mumbai: The finance ministry has announced a partial roll-back for companies that have already announced GDR and ADR issues, in the face of protests by India Inc of the sudden tightening of the norms for listing their shares through GDRs (Global Depository Receipts) and ADRs (American Depository Receipts).

Though the ministry tightened the norms for overseas listing on August 31, it has now provided some relief to Indian companies that filed for GDR and FCCB (foreign currency convertible bonds) issues by last month, enabling them to list their shares with the old norms.

For the listed companies, the revised pricing guidelines will not apply if they had filed for overseas issues by last month. But such listed companies will have to come out with their overseas issues by December 31, 2005.

Both listed and unlisted companies will get the exemptions if they have undertaken "verifiable effective steps" for overseas listing. It will be also applicable for the companies, which have obtained approval from overseas exchanges or paid the listing fees or obtained RBI nod for meeting issue-related expenses.
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