Rupee up
Mumbai: The rupee moved up slightly against the dollar. The domestic currency opened at 44.61/63 and touched an intra-day high of 44.58 before winding up at 44.62, up from Friday's close at 44.66. Dealers said FII inflows helped the rupee to appreciate.

In forwards, the six-month closed at 2.26 per cent (2.10) and the 12-month ended at 2.10 (1.99 per cent).

Bonds: Bonds rallied by 25 paise, tracking softening US yields to 4.40 per cent. Total traded volumes on the order matching system were Rs8,465 crore (Rs4,490 crore).

G-secs: The 7.59 per cent-10 year-2016 paper opened at Rs101.20 (7.40 per cent YTM) and closed at Rs101.35 (7.39 per cent YTM) against Friday's Rs101.08 (7.42 per cent YTM). The 8.07 per cent-11 year-2017 paper opened at Rs104.62 (7.41 per cent YTM) and closed at Rs104.75 (7.40 per cent YTM) against Rs104.53 (7.42 per cent YTM) on Friday.

Call rates: Call rates ruled unchanged between 6.1 per cent and 6.2 per cent.

Reverse repo: In the first one-day reverse-repo auction under LAF, RBI received and accepted seven bids for Rs3,430 crore. There were no repo bids.

CBLO: The CBLO market saw 288 trades aggregating to Rs17,256.9 crore in the 5.91-6.05 per cent range.
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NBFCs allowed to issue credit cards, distribute MFs
Mumbai: Non-banking finance companies (NBFCs) that have a minimum net-owned fund of Rs100 crore and have been showing a net profit for two years can distribute mutual funds and issue co-branded credit cards with commercial banks with approval of RBI.
The RBI notification said the NBFCs should not have more than three per cent net NPAs and non-deposit-taking NBFCs should have a capital adequacy ratio of 10 per cent and deposit-taking NBFCs should have 12 per cent or 15 per cent, as applicable to the company.

For issuance of credit cards the notification said the role of the NBFC under the tie-up arrangement should be limited only to marketing and distribution of the co-branded credit cards. The co-branded credit card issuing bank would be subject to all the instructions or guidelines issued by the concerned regulatory authority," said the RBI.

The bank issuing co-branded credit card would be solely responsible for fulfilment of KYC requirements.
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Paramount raises $27mn through FCCBs
New Delhi: Paramount Communications has raised $27 million to put up a new production facility and other expansion plans. With two manufacturing units in Haryana and Rajasthan and a combined capacity of 25,000 km of power cables, the company is in the process of expanding its capacities to manufacture High Tension power cables. The amount was raised through unsecured Foreign Currency Convertible Bonds (FCCBs) at a coupon rate of one per cent, which will be convertible into equity shares at a conversion price of Rs265. The bonds have been issued for five years with a Yield to Maturity of 8.5 per cent.

Currently, Paramount has three strategic business segments namely telecom, power and railways for which it manufactures a range of cables and wires.
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DVC to set up Rs1,700-cr pension fund
Kolkata: Damodar Valley Corporation (DVC) plans to form a Rs1,700 crore pension fund over the next five years and is also planning to bring the pension liabilities to the accounting books, which were hitherto not required by its 'pay-as-it-goes' structure.
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