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Rupee dips - securities shed gains
Mumbai: The rupee depreciated further against the dollar on Wednesday finally closing at 43.53/54, down from Tuesday's 43.50/51.

Forward market: The 6-month premium closed at 1.30 per cent (1.36 per cent) and the 12-month premium closed at 1.28 per cent (1.24 per cent).

G-Secs: In the bond market, prices fell by nearly 70 paise on profit booking. The 8.07 12 year 2017 paper closed at Rs108.12 (7.03 per cent YTM). It had closed at Rs108.30 on Tuesday. The 7.38 10 year 2015 benchmark paper was traded at Rs103.40 (6.91 per cent YTM) unchanged from yesterday.

Call rates: The inter bank rates closed at 5.05 per cent (5-5.10 per cent).

CBLO market: 169 trades in the rate range of 4.80 to 5.20 per cent aggregating to Rs5,174.35 crore were realised.
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RBI: T-bills auctions fully subscribed
Mumbai: The auctions of the 364-day and 91-day Treasury Bills on Wednesday were fully subscribed, according to a Reserve Bank of India press release. The notified amount for both T-bills was Rs2,000 crore.

For the 91-day T-bills, the RBI received 41 competitive bids, amounting to Rs3,538 crore. Of these, 35 were accepted. The cut off price was Rs98.72. The partial allotment percentage was 33.46 per cent from 17 bids. The weighted average price was Rs98.73.

For the 364-day T-bills, the RBI received 48 competitive bids, amounting to Rs3,066 crore. Of these, 34 were accepted. The cut off price was Rs94.72. The partial allotment percentage was 39.18 per cent from eight bids. The weighted average price was Rs94.73.

The RBI did not receive any non-competitive bids for either.
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SBI to raise $600 mn to fund overseas expansion
Mumbai: The State Bank of India intends to raise $600 million (Rs2,607 crore) in the overseas markets through medium term notes to fund overseas expansion The raisings are being planned for June or July, the SBI Chairman, A.K. Purwar, has said.

The bank had targeted raisings of $1 billion (Rs4,345 crore), of which $400 million (Rs1,738 crore) has already been raised last year. "We will raise the remaining amount by June or July," Puwar said. The bank's overseas balance-sheet was growing and this amount would be used as capital to fund the expansion, he added.

SBI, which is the second biggest lender to the diamond industry in India, plans to increase its exposure from Rs2,600 crore last year to Rs3,000 crore this year, he added. For 2005-06, SBI also plans to focus more on backward linkages in the diamond industry. This includes exploration and mining. As of now, bulk of the bank's lending goes towards polishing units.
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HDFC Bank raises $100 million yen loan
Mumbai: HDFC Bank has announced that it has raised $100 million, denominated in Japanese yen, through an equivalent one-year loan facility. This loan was raised to finance the trade assets of the bank, said a press release.

The deal was arranged by a group of international banks including Citigroup, Calyon, DBS Bank, DZ Bank, Lloyds TSB Bank and Nordeutsche Landesbank Girozentrale, Singapore branch.

The deal was launched with an issue size of yen equivalent of $70 million with a greenshoe option of an additional yen equivalent of $30 million, the press release added.

The issue was subscribed more than 128 per cent.
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Indian market second biggest for Western Union
Kolkata: International money transfer service provider Western Union has said that India has emerged as the second largest market for the company, next only to the United States.

Western Union, which recently flagged off its 21,000th agent location in the country, is set to expand its operations further, mainly through tie-ups with banks. India has large-scale inward remittances taking place every year.

On Wednesday, Western Union, along with Weizmann Forex, one of its agents in India, announced a tie-up with UCO Bank to offer in-bound money transfer facilities.

This is the company's second such tie-up with a Kolkata-based bank - the first, announced on May 18, was with United Bank of India.
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Cholamandalam MS launches travel insurance product
Mumbai: The Cholamandalam MS General Insurance has announced a new overseas travel insurance product, the Chola Travel Insurance.

The policy coverage includes adventure sports such as bungee jumping, parasailing, paragliding, deep-sea walking, and trekking. It also covers cruise travel and one-way immigration travel at no additional charge.

The policy will have a door-to-door coverage for personal accident, from the residence to international airport and back. It will follow a `per day' pricing model. The policy will provide competitive pricing for the Asia-Pacific region.

The features of the policy include cashless settlement of hospitalisation claims abroad, coverage up to 70 years without medical check-up, online policy issuance, maximum coverage up to 360 days by extension, special family plans with children covered up to the age of 25 years, and annual multi-trip plans.
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