document.writeln("

Rupee edges up; bonds recover
Mumbai: The rupee rose marginally against the US dollar on Thursday closing at 45.74/75 against Wednesday's close of 45.77/78. During trade the rupee touched a high of 45.68.

Forwards: The six-month premia closed unchanged at 0.5 per cent and the one-year premium at 0.43 per cent (0.45 per cent).

G-Secs: The 7.49 per cent-12year-2017 paper closed at Rs101.63 (7.27 per cent YTM), up from Wednesday's Rs101.56 (7.28 per cent). The 7.37 per cent-9 year-2014 paper ended at Rs102.54 (6.96 per cent YTM), higher than Wednesday's close at Rs102.47 (6.07 per cent).

Call rates: The call rate ended at 6.10 per cent (6.30-40).
Reverse Repo: In the one-day reverse repo, under the LAF, the RBI received and accepted four bids amounting to Rs605 crore. In the one-day repo auction, the RBI received and accepted five bids amounting to Rs2,500 crore.

CBLO: There were 298 trades for Rs12,262.50 crore in the rate range of 5.90-6.50 per cent.
Back to News Review index page  

ICICI Bank files for ADS issue
Mumbai: ICICI Bank is issuing Rs7,000 crore worth of domestic and overseas issues this calendar year in order to fund its growth plans, besides meeting Basel-II requirements.
The issues would be floated simultaneously either this month or the next month, subject to regulatory approvals. The offers will carry a 15 per cent green shoe option, which will raise the issues size to Rs8,050 crore.

While the registration statement filed by the bank with the United States Securities and Exchange Commission seeks to register up to 118.4 million equity shares, the final numbers will be decided prior to filing of the red herring prospectus.

The split between the two issues has not been decided yet, but the domestic float will be larger than the overseas listing.

The proceeds form the issue would be used for the bank's growth, investment in subsidiaries such as ICICI Prudential Life Insurance and shoring up capital adequacy ratio to meet Basel II requirements.

Merrill Lynch, Morgan Stanley and Nomura International will be the lead managers of the issues.
Back to News Review index page  

SBI officers plan strike
Kochi: The State Bank of India Officers Association has threatened to go on a nation-wide strike on December 15, `against the management's neglect of their just and genuine demands', a press release from the association has said.
Back to News Review index page  

RBI increases cap on NRE deposit rates
Mumbai: The Reserve Bank of India has hiked the interest rate cap on Non-Resident External Rupee deposits to 75 basis points over LIBOR or swap rates for the US dollar from the earlier 50 basis points over LIBOR, with immediate effect.

In a press release, RBI said the maturity period of repatriable NRE deposits would continue to be one to three years while the interest rate for three-year deposits would be applicable in case the maturity period exceeds three years.

The changes in interest rates will also apply to repatriable NRE deposits renewed after their present maturity period.

The interest rate on NRE savings deposits will be at rates applicable to domestic savings deposits (as against the ceiling of LIBOR/Swap rates for six month maturity on US dollar deposits) effective close of business in India on November 17.
Back to News Review index page