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Rupee sheds 5 paise — G-secs decline
Mumbai: The rupee dipped against the dollar on to end at 46.23/24, lower than Tuesday's close at 46.1850/1950.

Forwards market: The 6-month premia ended at 0.84 per cent (0.8) and the 12-month was unchanged at 0.65 per cent.

G-Secs: The recently auctioned 8.07-12 year-2017 paper closed at Rs106.33 (7.23 per cent YTM). The 10.25-16 year-2021 paper closed at Rs126.29 (7.37 per cent YTM), lower than Tuesday's Rs126.16 (7.385 per cent YTM).

Call rate: The inter bank rates closed at 5.25-5.3 per cent (5.30-35).

Reverse repo: In the first one-day auction, the Reserve Bank of India received and accepted 15 bids amounting to Rs13,500 crore. In the second auction, it received and accepted 11 bids for Rs4,030 crore.

CBLO market: There were 252 trades for Rs12,409.5 crore in the range of 5.2-5.4 per cent.
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Lupin launches $100 million FCCB
Mumbai: Lupin Ltd has successfully launched and priced an accelerated zero coupon US$100mn Foreign Currency Convertible Bonds (FCCB) offering. The bonds, of five-year tenure, are convertible into shares at a 50 per cent premium to the closing price of Rs756.05 on the Bombay Stock Exchange on Tuesday.

The yield to maturity has been set at 6.05 per cent per annum. The bonds are to be listed on the Singapore Stock Exchange.
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S. Kumar's to invest Rs.400 crore for expansion
Mumbai: S.Kumar' Nationwide Ltd plans to invest about Rs400 crore over the next four years for an expansion cum diversification project. The expansion costs will be funded through internal accruals and equity related investments / FCCB's / ADRs / GDRs.

The company wants to tap the growing opportunities in the post-quota regime, and also wants to take advantage of the prevailing optimistic textile industry scenario. It will invest Rs90 crore to expand the Reid & Taylor Manufacturing capacity, Rs80 crore for the home textiles division, and Rs130 crore for the high value fine cotton shirting division.

The company also plans to increase the number of showrooms from 16 to 200 and retail outlets to 11,000 from existing 5,800 by 2008. Following these investments and expansion, the turnover is likely to reach about Rs1,800 crore by 20090-10. Exports are expected to rise to Rs180 crore next year.
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