Rupee gains
Mumbai: The rupee gained by around 5 paise against the dollar tracking the bullish domestic stock market. The rupee opened at 40.81/83, up from Wednesday's close of 40.98 and touched an intra day low of 40.96/97 to close the day at 40.91/92.

The rupee moved between 40.86 and 40.88 for most of the day.

Dealers said the rupee opened higher in anticipation of a bullish stock market as globally, stock markets have been registering strong gains.

In forwards, the six-month premium closed at 3.05 per cent (3.23 per cent) and the 12-month ended at 2.85 per cent (3.01 per cent).

Bonds: The bond prices rose 40 paise and yields for the 10-year paper fell by about 6-7 basis points on Thursday.

The 7.49 per cent 10-year-2017 paper opened at Rs94.12 (8.38 per cent YTM) and closed at Rs94.38 (8.34 per cent YTM) against Wednesday's close of Rs93.96 (8.4 per cent YTM).

The 8.07 per cent 10-year-2017 paper opened at Rs98.90 (8.24 per cent YTM) and closed at Rs99.07 (8.21 per cent YTM) against the previous close of Rs98.89 (8.24 per cent YTM).

Call rates: Call rates ended at 3 per cent to 3.25 per cent against 2.75 per cent to 3.25 per cent on Wednesday.

Reverse repo: In the first one-day reverse repo auction, the RBI received 31 bids for Rs39,145 crore and accepted 31 bids for Rs1,998 crore.

In the second one-day reverse-repo auction, the received 31 bids for Rs34,570 crore and accepted 31 bids for Rs1,001 crore.

CBLO: The CBLO market saw 369 trades aggregating Rs32,043.25 crore in the 0.04 per cent-0.5 per cent range.
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ICICI Bank home loan growth slows down
Mumbai: ICICI Bank's home loan portfolio is currently growing at 20 per cent, down from 45 per cent earlier a senior official of the bank said during a news conference convened to announce the details of the bank's forthcoming public issue of shares on Wednesday.

He also said that the rise in interest rates had not affected the repayment of the loans, as incomes have also gone up.

At present, 50 per cent of the bank's retail book is contributed by housing loans.

The bank is planning to exercise the greenshoe option, taking the total sum to be mobilised through domestic follow-on offer to Rs10,062.5 crore. It also hopes to raise an equivalent amount through an ADS issue on the NYSE. The issue will open on June 19 and close on June 22 and the price band will be decided on June 17.
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Merrill Lynch invests in Copal Partners
New Delhi: Copal Partners, which provides financial research and analytics services to investment banks abroad, has said that Merrill Lynch has invested $11million in the company. Earlier Deutsche Bank and Citigroup also invested in Copal Partners, which was founded in 2002.

The total investment of the three leading financial service providers in Copal Partners stands at $22 million, representing a combined stake of about 25 per cent in the company. Copal Parners said it will use the $11 million for organic and inorganic expansion.
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Corporation Bank signs MoU with ICRA
Mangalore: Corporation Bank has entered into a memorandum of understanding (MoU) with ICRA Ltd for SME rating. In particular, the MoU envisages comprehensive and reliable rating services to SMEs at an affordable cost.
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