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Rupee gains marginally
Mumbai: The rupee gained marginally against the
US dollar, ending trade at 45.54/54, against the previous
close of 45.57.
Forwards:
The six-month premium closed at one per cent (1.1
per cent) and the 12-month premium closed at 1.09 per
cent (1.17 per cent).
G-Secs:
In the bond market on Tuesday, prices moved in the 8-12
paise band.
The
7.59 per cent 10-year 2016 paper closed at Rs99.91
(7.6 per cent YTM), lower than Monday's Rs99.97 (7.60
per cent YTM). The 7.40 per cent six-year 2012
paper ended at Rs100.63 (7.26 per cent YTM).
Call
rate: The inter bank call rates closed at 5.55 per
cent (5.5-5.6).
Reverse
repo: In the first one-day reverse repo auction under
LAF, the Reserve Bank of India received and accepted 32
bids amounting to Rs37,850 crore and in the second auction
41 bids amounting to Rs29, 540 crore. There were no repo
bids.
CBLO:
The CBLO market saw 285 trades, aggregating Rs17,096.3
crore in the 4.80 - 5.25 per cent range.
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RBI
sets 7.94 pc cut off for 15-year paper
Mumbai: The Reserve Bank of India has set 7.94
per cent as the cut off yield for the auction of the Rs5,000
crore, 15-year 2021 government paper.
The
RBI received 153 competitive bids for Rs11,368.5 crore,
of which it accepted 69 bids. The partial allotment was
38.33 per cent from eight bids. It also received and accepted
22 non-competitive bids amounting to Rs28.65 crore.
The
partial allotment was 100 per cent. There was no devolvement
on primary dealers.
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UCO
Bank does away with zonal offices
Kolkata: The UCO Bank has begun functioning without
zonal offices as of Monday. The employees from three such
offices have been redeployed in other branches.
The
bank has implemented the suggestion of the Boston Consulting
Group (BCG), which favoured a three-tier structure in
place of the four-tier one, with which the bank had been
operating with so far.
The
BCG's road map for a new organisation structure also includes
other changes for implementation in phases. While earlier,
it was geography-led, now it would be operation-based.
Thus, instead of having region-based general managers,
the bank would now be having general managers in charge
of flagship corporates (meaning big companies), mid corporates,
small-scale industries and retail banking.
The
new structure would be firmly in place by June-end and
would help achieve the business target of Rs110,000 crore
in 2006-07, as compared to Rs93,400 crore in 2005-06.
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lAAA
rating for ICICI Lombard
New Delhi: ICICI Lombard General Insurance Company
Ltd has been assigned IAAA rating by ICRA, an associate
of Moody's Investors Service, indicating highest claims
paying ability.
According
to a statement, the company said that this is the first
rating assigned to a private sector general insurance
company in India. The rating takes into consideration
ICICI Lombard's strong parentage, the high growth prospects
for general insurance business in the country, strong
capitalisation level, its prudent underwriting and reinsurance
strategy, and its satisfactory underwriting performance.
ICICI
Lombard's competitive cost structure and prudent underwriting
practices places it in a favourable position to compete
in the anticipated de-tariffed environment.
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Max
NY Life set to cross 1 million policies
Visakhapatnam: Max New York Life is all set to
cross one million policies by June, and the company has
sold 9.3 lakh policies so far, with the sum assured being
Rs27,000 crore.
According
to Gary Bennett, its CEO and managing director, the company
"has built up a quality business portfolio by insuring
young and healthy lives, and the sales force is widely
recognised as being among the best in the Indian marketplace."
He
said the company had set up 66 offices in 41 cities across
the country and was offering 22 products, with eight options.
He said the company had 2,600 employees and over 15,000
agent-advisers. The paid-up capital was Rs557 crore.
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