Rupee declines against dollar
Mumbai: The rupee fell marginally against the dollar on Thursday as inter-bank call money rates eased, dealers said. The Rupee opened at 43.57/59 and closed at 43.74/75, down from Wednesday's 43.45/46. Dealers said there had been improvement in the rupee liquidity as call rates eased to 10-15 per cent.

Forward premia eased with the 6-month closing at 3.48 per cent (4.73) and the 12-month ending at 3.12 per cent (3.74).

Bonds: Bond prices rose by about 63 paise as the market felt that the liquidity in the system might improve in the coming days as the bank strike has been called off.

According to dealers, there may be a slight correction in the 10-year yield tomorrow.

The total traded volumes on the order matching system were higher at Rs2,545 crore against Wednesday's Rs635 crore.

G-secs: The 8.07 per cent-10-year-2017 paper opened at Rs100.50 (8 per cent YTM) and closed at Rs100.83 (7.95 per cent YTM) against Wednesday's close at Rs100.20 (8.04 per cent YTM).

The 7.37 per cent-7 year-2014 paper opened at Rs96.50 (8.03 per cent YTM) and closed at Rs96.83 (7.97 per cent YTM) against previous close of Rs96.18 (8.09 per cent YTM) on Wednesday.

Call rates: Call rates eased to close at 10-15 per cent on Thursday against the previous close of 60 per cent.

Reverse repo: In the first one-day repo auction, the RBI received and accepted 34 bids for Rs29,035 crore, there was no reverse repo bid in the first one day. In the second one-day reverse repo auction, the RBI received and accepted one bid for Rs10 crore, while in the second one - day repo auction, the RBI received and accepted 24 bids for Rs10,515 crore.

CBLO: The CBLO market saw 369 trades aggregating to Rs15,528.40 in the 7.24-11 per cent range.
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ASK to buy out Raymond James' stake in joint venture
Mumbai: The ASK Group has entered into a share purchase agreement with Raymond James Financial Inc, US, to buy out the latter's 50 per cent interest in ASK Raymond James for an undisclosed amount.

ASK Raymond James is a 50:50 joint venture formed in 1994 between Raymond James Financial of the US and the Mumbai-based ASK Investment and Financial Consultants.

Subsequent to the buyback, the shareholding of the company will fully vest with the ASK Group.

The businesses of the holding company will continue to be institutional broking, portfolio management services, investment banking and financial planning. Each of the businesses will be carried out though separate operating subsidies.

The portfolio management services business of the ASK Group will be renamed ASK Investment Managers Private Ltd from ASK Raymond James Securities India Pvt Ltd while the institutional equity broking business arm will be called ASK Securities India Pvt Ltd instead of ASK Raymond James & Associates Pvt Ltd. The financial planning business will known as ASK Wealth Advisors.
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