Goldman Sachs to invest $1bn in India
New Delhi: Global investment banking major, Goldman Sachs plans to invest $ one bn over the next two years in India for business expansion. Goldman Sachs says it has a long term view on the Indian market.
Currently, Goldman Sachs has its offices in Bangalore and Mumbai.
Back to News Review index page  

Rupee gains
Mumbai: The rupee gained due to dollar inflows. The rupee opened at around 46.12 and touched a high of 46.08, the day's close. On Monday, the rupee ended at 46.14/1450.

Forwards: The forward premia saw receiving interest with the six-month premium closing at 1.23 (1.36 per cent) and the 12-month premium closed at 1.25 per cent (1.34 per cent).

Bonds: Bond prices rallied by over 30 paise for the second consecutive day on Tuesday. Market participants said they expect the US Federal Reserve to pause the hike in interest rate cycle and the market will watch for the Fed meeting tomorrow which may hint at the interest rate policy in the US.

G-secs: The 7.59-per cent 10-year 2016 paper opened at Rs98.74 (7.77 per cent YTM) and closed at Rs99.07 (7.73 per cent YTM), higher than Monday's close at Rs98.74 (7.778 per cent YTM). The 8.07-per cent 11-year 2017 paper opened at Rs101.70 (7.82 per cent YTM) and ended at Rs102.04 (7.77 per cent YTM), higher than Monday's close at Rs101.72 (7.82 per cent YTM).

Call rates: Call rates were between 6.40 and 6.60 per cent against Monday's 6.25-6.35 per cent.

Reverse repo: In the first one-day reverse repo auction under LAF, the Reserve Bank of India received and accepted 7 bids amounting to Rs1,225 crore and in the second one-day reverse repo auction, 9 bids for R2, 900 crore.

CBLO: The CBLO market saw 366 trades aggregating to Rs21,972.15 crore in the 5.90-6.35 per cent range.
Back to News Review index page  

CSB to launch VISA money transfer
Chennai: Catholic Syrian Bank (CSB) has launched the Visa money transfer service. Customers can walk into any of the bank's ATMs, swipe their VISA cards and transfer money through VISA money transfer. This facility will allow even non-customers transfer money within India for a fee and the transfer can be completed in a day.

Under this scheme one can transfer money to any number of accounts through VISA transfer and none of them need to be CSB accounts. All one needs is a VISA card - credit or debit.

Bank officials said transactions can happen from the customer's bank account or debit card to any VISA card issued in India. Up to Rs1,25,000 can be transferred a day and the transfer takes 2-3 days for completion. The fee charged is a percentage of the transaction amount plus service tax and is deducted from the customer account.
Back to News Review index page  

Holding limit reached in Andhra Bank
Mumbai: The aggregate foreign share holdings by FIIs, NRIs, PIOs in Andhra Bank has reached the limit of 18 per cent of its paid up capital. The RBI has notified that further purchases of equity shares on behalf of FIIs, NRIs and PIOs will be allowed only on obtaining its prior approval.
Back to News Review index page  

HDFC Bank enters corporate loan and syndication business
Mumbai: HDFC Bank has entered the corporate loan and loan syndication business and is the only player among major private sector and foreign banks that had not entered this business till now. Other private banks like ICICI Bank and UTI Bank have all hit it big in the loan syndication business over the past few years.

HDFC Bank officials said, each proposal will be vetted based on promoters, cash flows and debt servicing capability of the project. The bank is open to both infrastructure and corporate financing, and is looking at long-term project finance but with annual interest resets.

As part of the loan syndication business, the bank is considering keeping a part of the loans in its books while selling off the remaining loans. It's looking at loan syndication sizes of up to Rs5,000 crore. The bank would be able to earn both fees and interest through this business, which would help it offer a complete range of loan products.
Back to News Review index page