document.writeln("

Rupee moves up - securities flat
Mumbai: The rupee strengthened against the dollar on Tuesday closing the day at 43.87/8750, up from Monday's 43.90/91.

Forwards market: The 6-month premium closed at 0.71 per cent (0.50) and the 12-month at 0.69 per cent (0.40).

G-Secs: The 10.25 16 year-2021 paper closed at Rs126.54 (7.37 per cent YTM) against Monday's level of Rs126.53 (7.36 per cent). The 7.37 per cent 9 year-2014 paper ended at Rs102.74 (6.93 per cent YTM), higher than the earlier level of Rs102.71 (6.93 per cent YTM). The 7.38-10 year-2015 paper was dealt at Rs102.68 (7 per cent YTM) against the previous level of Rs102.7 (6.99 per cent).

Call rates: The inter bank rates opened at 5.10 per cent and closed at 5-5.05 per cent (5.10-5 per cent).

Reverse repo: In the one-day auction, RBI received and accepted 34 bids amounting to Rs17,810 crore.

CBLO market: 209 trades, for Rs8,278.25 crore in the rate range of 4.97-5.15 per cent, were realised.
Back to News Review index page  

GIC mulling strategic buys in Afro-Asian reinsurance companies
Kolkata: The General Insurance Company (GIC) is exploring possibilities of picking up strategic stakes in Afro-Asian reinsurance companies. According to GIC officials, strategic stakes between 5% and 10%, will enable the reinsurer to procure quality and relatively risk-free portfolio from these countries.

GIC, however, would be facing increased competition from US and UK based reinsurers as they have suffered heavy claims in the recent past, and in a bid to balance their portfolio, are keen on procuring risk-free portfolio from Afro-Asian reinsurers.

The company has also entered into informal talks with Asian reinsurers for sharing business through a regional reinsurance forum, which it set up a couple of years ago. Currently, this forum has 12 member companies from China, South Korea, Thailand, Taiwan, Hong Kong, Singapore, Philippines, Indonesia and Japan.

GIC is targeting US$500mn business from international operations in 2006-07, which will be double the volume it achieved last year. The company is accordingly planning to set up a few sourcing offices in the Afro-Asian market and emerging CIS countries.
Back to News Review index page  

Corporate Debt Restructuring Cell launches its website
Mumbai: The Corporate Debt Restructuring Cell has launched its Web site, (www.cdrindia.org) providing information about its three-tier structure, its members, the restructuring proposal format, restructuring process and the monitoring mechanism.

The Web site has information on policy guidelines, performance statistics and documents containing international experiences.

V.P. Shetty, chairman and managing director, IDBI and chairman of CDR Standing Forum and CDR Core Group, officially launched the Web site on September 16, said a press release.

The CDR Mechanism was instituted as per the guidelines issued by the Reserve Bank of India in August 2001 to ensure timely and transparent co-ordinated programme of restructuring the debts of viable corporates and to minimise the losses to creditors and other stakeholders.

As on August 31, 124 cases having aggregate debt of Rs72,721 crore were restructured, of which 97 have been fully implemented, with nearly 75 per cent cases performing well and meeting their debt service obligations on time, the release added.
Back to News Review index page