Rise in rupee abates as securities rule steady
Mumbai: A rise in the US currency forced a pause in the rupee's upward movement after six consecutive sessions. The rupee ended at 44.12/14 per dollar, marginally lower than previous close at 44.11/12 against the greenback.

Forwards Market: The six-month annualised premia climbed to 1.58 per cent (1.07 per cent) while the twelve-month forward finished at 1.15 per cent (0.84 per cent).

G-secs: The benchmark 7.38 per cent 2015 paper closed at Rs104.60, with the yield on the paper ending higher at 6.77 per cent. Actively traded 7.55 per cent 2010 paper closed at Rs105.10.

Call Rates: in the inter-bank market were in a range of 4.50-4.80 per cent, but softened to 3-3.50 per cent towards the day's end.

CBLO: 135 trades amounting to Rs 5,302.90 crore were transacted in the rate range of 1.10-4.60 per cent.
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`SEBI probe reveals no insider trading in GTB shares before merger'
New Delhi: The Finance Minister, P. Chidambaram, has said that a probe by the Securities Exchange Board of India has found that there was no insider trading in the shares of erstwhile Global Trust Bank during the process of its merger with Oriental Bank of Commerce.

In a written reply to the Lok Sabha, Chidambaram said the enquiry revealed that two overseas corporate bodies based in Mauritius - Far East Investment Corporation Ltd and European Investment Ltd - started selling their shares of GTB from June 17, five days after they became eligible to trade in the shares. A total of 95 lakh shares were sold by the two entities up to July 19.

"Analysis of data and information on GTB scrip does not suggest that the sales by the persons concerned were based on any information about the likely announcement of moratorium by Government and RBI or the likely swap ratio and there is no evidence to suggest that they were in possession of price-sensitive information," the Finance Minister said.

SEBI had found that during the pre-moratorium period, the purchasers of GTB shares were widespread and no concentrated purchases could be observed except by two clients - Mr Suman Goyal of Ludhiana and Mr Ramji Mehrotra of Kanpur. He further said that during the post-moratorium period, the purchasers and sellers were also widespread and no concentrated purchases could be observed with a few exceptions.
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SBI staff federation drops strike plan
Kolkata: The nationwide strike called jointly by the All-India State Bank of India Staff Federation and All-India State Bank Officers' Federation on December 6 and 7, has been withdrawn following an understanding between the bank management and the two federations, according to a statement by the General Secretary of State Bank of India Staff Federation.

In another statement, the federation demanded a probe by a joint parliamentary committee into the alleged irregularities in Global Trust Bank. The statement said that steps taken by the Union Finance Minister in this regard were inadequate, as the investigation proposed by the Government would be limited to the acts of directors, managers and employees of the bank, keeping the monetary authorities including RBI and SEBI out of its purview.
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