Rupee rises
Mumbai: The rupee moved up against the dollar on Thursday, following the movement of other major currencies.

The rupee opened at 44.40, higher from Tuesday's close of 44.47/48. It later dipped during the day to end at 44.43/44. Dealers said data showing the US current account deficit widening caused the dollar to lose ground against all the other major currencies such as the euro and yen.

Forwards: In the forward premia market, the six-month premium closed at 2.33 per cent (2.68/2.72) and the 12 month ended at 1.87 per cent (2.06/2.08).

Bonds: Though thin volumes were traded, bond prices moved up as the RBI did not inject liquidity in the market through the repo window. Dealers said that sentiment was cautious ahead of the advance tax outflows to the tune of Rs25,000 crore.

G-secs: The 8.07 per cent-11 year-2017 paper opened at Rs104.77 (7.40 per cent YTM) and closed at Rs104.95 (7.39 per cent YTM).The 9.39-5 year-2011 paper opened at Rs109.25 and ended at Rs109.38 (7.22 per cent YTM).

Call rate: The call rate closed at 6-6.10 per cent (6-6.10).

Repo auction: In the one-day reverse repo, under the liquidity adjustment facility, RBI received and accepted one bid amounting to Rs140 crore. In the second auction, RBI received 24 bids for Rs10,170 crore through the reverse repo window.

CBLO: The CBLO market saw 372 trades, aggregating Rs18,764.4 crore in the rate range of 4.50 to 6.00 per cent.
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Goldman Sachs to invest $1 billion in India
Mumbai: The US-based global investment bank, Goldman Sachs, has announced that it would invest $1 billion (about Rs4,500 crore) in private equity, real estate, private wealth management, and other businesses in India for its institutional clients in the next couple of years.

The bank made this announcement immediately after it ended a 10-year relationship with its Indian partner, the Kotak Mahindra group, by selling 25 per cent stake each in Kotak Mahindra Capital Company (for Rs210 crore) and Kotak Mahindra Securities (Rs123 crore).

Goldman Sachs also plans to start its own investment banking, asset management, and securities businesses following the exit from the joint ventures.

According to officials, 45 per cent of the Forbes 400 list of wealthiest people form part of Goldman Sachs private wealth management group. The $1-billion investment in India would be over and above the amount of Rs333 crore received from the Kotak Mahindra group, the officials added.

The development comes soon after two big deals namely the acquisition by US investment bank, Merrill Lynch, of its Indian partner's stake in DSP-Merrill Lynch for $500 million in December 2005 and the alliance between Hong Kong-based CLSA with SBI Caps for tapping lucrative investment banking opportunities such as share issuances, M&As, and institutional brokerage.
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ING Group revitalizing India operations
Mumbai: ING Group is preparing a long-term business plan in India to revitalise the Indian operations. The bank is targeting 100 million euros in annual profits.

Michel Tilmant, chairman of the ING Group said he had asked the Indian team to come out with a business strategy for the country.

Tilmant said ING has long-term commitments in India and capital is not the only issue. Management and talent are equally important.

Currently, profits from Indian operations, which consist of banking, asset management and insurance, account for a very small percentage of the group's total earnings.

He said the group was keen on exploring the opportunities in the fast growing Asian markets, including India.

ING operates in 60 countries and employs 110,000 employees.
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Deutsche to invest $ 75 million in Sical's FCCBs.
Chennai: Deutsche Bank will invest $ 75 million in subscribing to Sical Logistics' (formerly, the logistics division of South India Corporation (Agencies) Ltd ) foreign currency convertible bond issue.

The company has announced to the stock exchanges that the FCCBs would be of a tenor of five years and the conversion price will be Rs563.55, which is a premium of 30 per cent over the closing price of Rs433.5 on the Bombay Stock Exchange on March 14.

The bonds carry a zero coupon rate, but if they are not converted into shares, there is a provision for such interest rate as would work out to a yield-to-maturity of 6.32 per cent. The FCCBs are to be listed on the Singapore Exchanges Securities Trading Ltd.
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ICICI Bank, Toyota Kirloskar Motor offer co-branded card
New Delhi: Japanese auto major Toyota Kirloskar Motors has tied-up with the largest Indian private bank ICICI Bank to launch a co-branded credit card offering special benefits to customers.

Toyota ICICI Bank credit card will offer benefits on all aspects of motoring from car to fuel purchases.
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BSLI signs bancassurance agreements with five co-ops
Mumbai: Birla Sun Life Insurance (BSLI) has entered into bancassurance tie-ups with five cooperative banks namely the Indian Mercantile Cooperative Bank in Lucknow, Krishna Mercantile in Bhopal, Thane Bharat Sahakari Bank, Nagaland State Cooperative Bank and Jamshedpur Urban Cooperative Bank.

According to a release from BSLI, the bancassurance channel contributes nearly 45 per cent of its total individual life sales. The company currently has tie ups with Citibank, Deutsche Bank, IDBI Bank, Catholic Syrian Bank, Karur Vysya Bank, Development Credit Bank and HBL Global.

BSLI, which has set up a team within the organisation to drive this initiative, is evaluating possible tie-ups with several other cooperative banks in the country as well.
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