Rupee moves in range
Mumbai: The rupee was range-bound against the US dollar. However, the rupee ended higher than the previous close. The rupee opened at 45.10 and traded in range of 45.10-45.20. It ended at 45.09/10, higher than the previous close of 45.18.

Forwards: In the forward premia market, the six-month ended at 1.09 per cent (1.12 per cent) and the 12-month at 1.08 per cent (1.16 per cent).

Bonds: Bond prices rose by 40-50 paise and the traded volumes were high at around Rs 5,700 crore.

G-Secs: The 9.39-5 year-2011 paper opened at Rs 110.25 (6.99 per cent YTM) and closed at Rs 110.60 (6.92 per cent YTM), up from Tuesday's Rs 110.05 (7.04 per cent YTM). The 8.07 per cent-11 year-2017 paper opened at Rs 104.40 (7.46 per cent YTM) and closed at Rs 104.94 (7.39 per cent YTM).

Call rates: The call rates were unchanged at 5.5/5.6 per cent. In the one-day reverse repo auction, under LAF, RBI received and accepted 29 bids amounting to Rs 22,660 crore in the first auction and 41 bids for Rs 38,030 crore in the second. There were no repo bids.

CBLO: The CBLO market saw 376 trades, aggregating to Rs 24,669.4 crore in the rate range of 4.6-5.9 per cent.
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SBI Caps to expand operations
Mumbai: State Bank of India's investment-banking arm, SBI Capital Markets, is in an expansion mode to increase its share of business in the domestic capital markets, mergers and acquisitions (M&As) and IPO segments. To expand its business the company plans to hire 200 executives in the next two years and has hired over 100 executives in the last one year.

Indrajit Gupta, managing director & CEO of SBI Cap, said, "In the last one year, we have recruited more than 100 executives, which is huge number. Very few consultancy companies have (a total of) 100 executives while we have crossed 300 people. In the next two years, we will have over 500 people," he said.

He said SBI Cap is advising the Government of Oman on two projects - a water desalination plant and distribution of filtered water. It was also advising the Government of Botswana for setting up a power plant, besides involving with a hotel project in Oman for the private sector. SBI Cap was also expecting a mandate from the Government of Qatar for a steel plant and another mandate from the Government of Maldives for the setting up of a bridge connecting two islands in the archipelago, he said.

Gupta said SBI Caps had handled 692 public issues so far (from 1989) and the number was expected to touch 700 by June 2006. At present, its ranking is sixth among domes .
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IIFCL, IL&FS to fund power projects
New Delhi: The India Infrastructure Finance Company (IIFCL) and Infrastructure Leasing and Financial Services (IL&FS) have entered into a collaboration to develop and finance generation and transmission projects in the power sector.

The initial projects identified are Oil and Natural Gas Corporation's 1,100 MW gas-based power project in Tripura (Rs 3,500 crore), 630 km transmission linkage for this project from Tripura to Bongaigaon (Rs 2,000 crore), the 1,500 MW Teesta-III hydro power project in Sikkim (Rs 5,500 crore), a 2,000 MW gas-based power project in Andhra Pradesh (Rs 6,000 crore) and 1,600 MW Krishnapatnam imported coal project (Rs 5,500 crore).

IIFCL, which has been promoted by the Centre to provide long-term finance to infrastructure projects directly as well as to banks and financial institutions for loans of a tenor exceeding 10 years, will be the lead fund arranger for these projects.
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