Rupee falls; bonds see marginal rise
Mumbai: The rupee fell against the US dollar on Tuesday due to month-end demand from companies. The rupee opened at 45.06/08 and ended at 45.26, almost 20 paise lower than Monday's close of 45.0450/05.

Forwards: In the forwards market, the six-month closed at 1.53 (1.66 per cent) and the one-year closed at 1.03 per cent (1.20 per cent). In the bond market, prices rose by around 10 paise due to positive global factors and expectations of improvement in domestic liquidity by January.

G-Secs: The 8.07 12-year 2017 paper opened at Rs 106.36 (7.225 per cent YTM) and ended at Rs 106.45 (7.21 per cent YTM), higher than Monday's close of Rs 106.40 (7.21 per cent YTM)

The 10.25 16-year 2021 paper opened at Rs 126.16 (7.38 per cent YTM) and closed at Rs 126.25 (7.37 per cent YTM), higher than Monday's 126.21 (7.38 per cent YTM),

Call Rates: The call rate closed at the same level at 6.50-6.75 per cent, but touched an intra-day high of 7.20 per cent.

Reverse repo: In the one-day reverse repo auction, RBI received no bids, and in the repo auction it accepted 36 bids for Rs 17,835 crore. In the second auction, RBI received two bids for Rs 480 crore in the reverse repo auction and eight bids for Rs 3,580 crore in the repo auction.

CBLO: There were 329 trades for Rs 10,922.60 crore in the range of 6.24-6.70 per cent.
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ICICI Bank offloads Federal Bank stake for Rs.54.18 crore
Mumbai: ICICI Bank has sold 4.8 per cent stake in Federal Bank in the open market with a total realisation of Rs 54.18 crore. Goldman Sachs and Kuroto Fund bought most of these shares.
ICICI Bank sold these shares in two deals of 22.50 lakh shares at Rs 170.40 per share and 9 lakh shares at Rs 176. Goldman Sachs purchased 20 lakh shares and Kuroto Fund bought 9.80 lakh shares.

At the end of September 2005, ICICI Bank had 20.76 per cent stake in Federal Bank. FIIs investment in the bank at that time was 15.51 per cent.

In today's trading, Federal Bank stock gained 4.27 per cent to close at Rs 177.9 on the BSE.
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Bank of Rajasthan ties up with Electra Card services
Mumbai: Bank of Rajasthan (BoR) has tied-up with Electra Card Services (ECS) to provide complete back-end support for the bank's credit card business. ECS will engage in acquisition, issuance, authorisation, transaction processing, bill production, statement generation and settlement and personalisation of credit cards on behalf of the bank, the bank said.

ECS will also offer transactions on multi-currency and multi-lingual platforms.
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IMD redemption to benefit SBI: Purwar
Mumbai: AK Purwar, chairman, State Bank of India said that the bank would benefit from the India Millenium Deposit (IMD) redemption in the medium and long term.

"The bank would gain positively from the IMD redemption as the cost of funds was higher that time than the current market conditions. The bank would pay the amount on time," he said.

Purwar added that SBI would 'aggressively' target tapping the money that NRIs would get from the forthcoming redemption of IMD through its existing reinvestment schemes. "We expect to tap almost 15 per cent of the money," he said.
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