Rupee
declines
Mumbai: The rupee declined by around five paise, tracking
the movement of the euro and yen against the dollar. The
rupee opened at 44.70, touched an intra-day high of 44.66
to finally close at 44.70 against 44.65 on Thursday. In
forwards, the six-month closed at 2.94 per cent (3.08
per cent) and the 12-month ended at 2.52 per cent (2.63
per cent).
Bonds: Bond prices rose by over 20 paise on the back of
lower inflation figures.
Total
traded volumes were higher at Rs3,080 crore (Rs1,935 crore).
Prices initially opened lower than Thursday's close but
sentiment improved after the release of domestic inflation
data. Inflation for the week ended December 2 was lower
at 5.16 per cent compared to 5.3 per cent in the previous
week.
G-secs:
The 7.59 per cent -10 year-2016 paper opened at
Rs99.30 (7.69 per cent YTM) and closed at Rs99.67 (7.64
per cent YTM), higher than Thursday's Rs99.44 (7.67 per
cent YTM). The 8.07-11 year-2017 paper opened at
Rs102.58 (7.69 per cent YTM) and closed at Rs102.89 (7.69
per cent YTM), up from Thursday's Rs102.63 (7.69 per cent
YTM).
Call
rates: The call rate closed at 8-8.10 per cent (7.9-8
per cent).
Reverse
repo: In the first three-day reverse repo auction
under the liquidity adjustment facility, the Reserve Bank
of India received and accepted seventeen bids for Rs5,225
crore and there were no bids in the reverse repo auction.
In the second-three day repo auction, the apex bank received
and accepted five bids for Rs645 crore and in the reverse-repo
auction, there were eight bids for Rs2,780 crore.
CBLO:
The CBLO market saw 427 trades aggregating Rs23,075.9
crore in the 6.5-7.5 per cent range.
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No
TDS to be levied on sale deals: CBDT
New Delhi: The Central Board of Direct Taxes has said
that there would be no tax deducted at source (TDS) on
sale deals which only apply to deals which are in the
nature of "contract for work."
For example, an individual who has purchased a car and
subsequently given a contract to another entity for customising
the vehicle for some amount would be liable to deduct
2 per cent as TDS on that particular amount.
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StanChart
to acquire UTI Sec holding in PD venture
Mumbai: Standard Chartered Bank will acquire UTI Securities'
24 per cent stake in Standard Charted UTI Securities India
(SCUTI), a primary dealership venture between the bank
and UTI Securities.
Standard
Chartered holds 76 per cent stake in SCUTI. Standard Chartered's
wholly owned subsidiary Standard Chartered Investments
and Loans will acquire the stake from Securities and Trading
Corporation of India (STCI), which took over UTI Securities
for Rs265 crore in February.
Standard
Chartered Investments and Loans is a category B non-banking
finance company. Confirming the development, sources close
to the development said the acquisition would happen at
the book value of SCUTI.
The
stake sale would be placed for around Rs 17 crore, going
by SCUTI's book value of nearly Rs70 crore. UTI Securities
invested Rs13 crore for its 24 per cent stake in the company
six years ago. Standard Chartered has received the permission
from the Foreign Investment Promotion Board for this investment.
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Forex
reserves fall by $45mn
Mumbai: After rising for three weeks in a row, forex
reserves fell marginally for the week ended December 8
mainly due to change in currency assets. Forex reserves
decreased by $45 million to $175.444 billion in the week
ended December 8.
In
the earlier week, forex reserves had risen by $2.707 billion
to touch $ 175.489 billion. Foreign currency assets expressed
in dollars include the effect of appreciation or depreciation
in non-US currencies (such as euro, sterling and yen)
held in reserves.
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