Rupee slips
Mumbai: The rupee slipped by four paise against the dollar on Tuesday as public sector banks bought dollars on behalf of the Reserve Bank of India. The rupee opened at 44.14/15 and closed the day at 44.1850 against Monday's close at 44.13/14.

In forwards, the 6-month closed at 3.28 per cent (3.36 per cent) and the 12-month at 3.09 per cent (3.11 per cent).

Bonds: Bond prices gained by 12 paise and yields dropped by about two basis points. Total traded volumes on the order-matching system dipped to Rs 2,130 crore (Rs 2,545 crore).

The 8.07 per cent-10 year-2017 paper opened at Rs100.45 (8 per cent YTM) and closed at Rs100.45 (8 per cent YTM) against Monday's close of Rs100.37 (8.01 per cent YTM). The 7.37 per cent - 7 year-2014 opened at Rs96.56 (8 per cent YTM) and closed at Rs96.58 (8 per cent YTM) against pervious close of Rs96.45 (8.03 per cent YTM).

Call rates: Call rates remained unchanged at 7.80-7.90 per cent against the previous close at 7.90-8.10 per cent.

Reverse repo: In the first one-day reverse repo auction, the RBI received and accepted one bid for Rs25 crore, while in the first one-day repo auction the RBI received and accepted seven bids for Rs1,530 crore. In the second one-day reverse repo auction, the RBI received and accepted five bids for Rs450 crore, while in the second one-day repo auction, the RBI received and accepted 15 bids for Rs6,700 crore.

CBLO: The CBLO market saw 368 trades aggregating Rs21,431.95 crore in the 7.26-7.56 per cent range.
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TN bonds downgraded by Crisil
Chennai: Crisil, a rating agency, has revised downwards a number of Tamil Nadu Government guaranteed bonds issued by public sector agencies following "deterioration in the economic management by the Government of Tamil Nadu.

Crisil said the bonds that have been revised downwards are: Tamil Nadu Electricity Board's Rs 115-crore bonds and the Rs 500-crore bonds which have been rated A(so)/stable (revised from A+(so), removed from rating watch with negative implications).

Tamil Nadu Industrial Development Corporation's Rs 389-crore bonds and the Chennai Metropolitan Water Supply and Sewerage Board's Rs 50-crore bond and Rs 42-crore bond have been downward revised to AA-(so)/stable (from AA(so), removed from rating watch with negative implications).

The downward revision is based on the deterioration in the economic management by the State Government, according to Crisil. This follows the implementation of electoral promises, which is reflected in the current reversal of fiscal reforms and slowdown in fiscal consolidation.

The release said Crisil has placed the ratings on rating watch with negative implications after the State Government announced its intention to implement various promises.
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Bank strike plan dropped
Chennai: The United Forum of Bank Unions has called off the strike planned for February 23 after the management and unions of Central Bank of India came to an agreement,. The unions of Central Bank of India had given a call for a strike on Thursday to protest against certain practices of the management which it felt to be unilateral and vindictive.

The United Forum of Bank Unions had called for a strike of all banks for the next day, to express solidarity with the employees of Central Bank.
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ICICI Bank, Sarovar Hotels' tie up to offer co-branded card
Mumbai: ICICI Bank has tied up with Sarovar Hotels to launch a co-branded credit card. The card can be used to get a 30 per cent discount on room tariffs at select Sarovar hotels and 15 per cent discount at Sarovar restaurants.

ICICI Bank has around 7 million credit card customers and enjoys a market share of around 35 per cent. Sarovar Hotels has around 36 hotels across the country and 20 properties under development.
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