Rupee range-bound - G-Secs flat
Mumbai: The rupee closed at 43.76/77 on Tuesday. It had closed at 43.82/83 on Friday.

Forwards market: the six-month premium closed at 1.83 (1.82 per cent) and the 12-month premium closed at 1.55 (1.55 per cent)

G-Secs: The auction of the 2017 and 2034 bond papers, held the markets attention, both of which were oversubscribed. The 8.07-per cent seven-year 2017 paper saw a cut-off rate of 7.48 per cent while the 7.50-per cent 29-year 2034 paper saw a cut-off rate of 6.95 per cent.

The 7.38-per cent 10-year 2015 benchmark paper opened at Rs102.15 (7.08 per cent YTM) and closed at Rs102.30 (7.06 YTM). On Friday, the paper had closed at 102.40 (7.05 per cent YTM). The currently active 2012 paper saw an upward price movement of about 30 paise. It opened at Rs99.50 (6.94 YTM) and closed at Rs99.91 (6.87 YTM).

Call rates: The inter bank rates closed almost unchanged at 4.75/80 (4.80 per cent).

CBLO market: 179 trades, aggregating Rs 6,073.55 crore in the rate range of 4.40 per cent to 4.85 per cent were realised.
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Govt. stock sale oversubscribed
Mumbai: The auctions of the 8.07 per cent Government Stock 2017 and the 7.5 per cent Government Stock 2034 were oversubscribed on Tuesday. For the 8.07 per cent 12-year-paper, the notified amount was Rs5,000 crore.

In all, the Reserve Bank of India received 165 competitive bids amounting to Rs9,670.9 crore. The cut-off price was Rs104.50 (7.49 per cent TYM). Of the competitive bids, 86 were accepted, amounting to Rs4,960.12 crore. The amount of underwriting accepted from primary dealers was Rs3,720 crore.

The RBI received and accepted 11 non-competitive bids amounting to Rs39.88 crore.

For the 7.5 per cent 29-year paper, the notified amount was Rs2,000 crore. Here, the central bank received 163 competitive bids, amounting to Rs4,935.56 crore.

The cut-off price was Rs95 (7.94 per cent YTM). It accepted six bids amounting to Rs9.41 crore. The amount of underwriting accepted from the primary dealers was Rs1,720 crore.
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Union Bank boosts advances to SSIs
Mumbai: The Union Bank of India's advances to small-scale industries has touched Rs3,765.77 crore, growing by 20 per cent during the financial year 2004-05.

The bank has covered 2,247 small-scale industry units under the Credit Guarantee Fund for Small Industries, which provides guarantee against default up to 75 per cent of the credit facilities granted, said a press release. The total amount covered increased 90 per cent to Rs50.37 crore as on March 31, 2005, the release said.

Union Bank has identified the small and medium segment as a thrust area because of the growth opportunities and the employment potential in the sector, the release said.
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Taiwan bank opts for i-flex's flexcube
Bangalore: Ta Chong Bank, Taiwan, will implement i-flex's Flexcube and Reveleus software product suites at the Ta Chong Bank. Flexcube will serve as Ta Chong Bank's single back-office processing engine for its retail, corporate and investor services businesses, said an i-flex release.

Reveleus, the business intelligence and analytical applications division of i-flex, will implement its Basel II Solution, Enterprise Financial Performance, Funds Transfer Pricing and Customer Relationship Management (CRM) Analytics at Ta Chong Bank.
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Greek bank signs up for Finacle
Bangalore: Infosys Technologies has announced that Aspis Bank in Greece has signed up for its Finacle universal banking solution which will power its core banking and treasury operations across its 66 branches.

Aspis Bank is embarking on a business transformation strategy aimed at achieving aggressive growth and rapid differentiation leveraging technology.

Finacle will enable the bank to create a differentiated customer experience through innovative products, unified customer view, seamless integration with channels and greater customer convenience. It will also enable the bank to achieve greater efficiency and lower costs in its operations and increase fee income, an Infosys release said.
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Syndicate Bank files for second public issue
Bangalore: Syndicate Bank has filed a draft red herring prospectus with the Securities & Exchanges Board of India for its second public issue of equity shares.

The bank proposes to issue 50 million equity shares of Rs10 each for cash at a premium to be decided through the book-building process. The issue is to be made through a 100-per cent book-building process. Of the total offer, the bank has reserved five million equity shares to its employees and another five million equity shares to existing shareholders.

Of the balance net offer of 40 million shares, 20 million are reserved for allotment to qualified institutional buyers on a discretionary basis and 6 million reserved for allotment to non-institutional buyers. The remaining 14 million would be allotted to retail investors on a proportionate basis.

According to the bank's officials, the issue is being made to augment the capital requirements in keeping with Basel II norms as also to meet its future growth objectives.

The Syndicate Bank caters to over 16 million customers across the country through its network of 1,785 branches. As on December 31, 2004, its total business was over Rs69,000 crore.

The lead managers for the issue are SBI Capital Markets Ltd, Enam Financial Consultants Pvt Ltd, JM Morgan Stanley Pvt Ltd and SSKI.
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