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Rupee
weakens marginally
Mumbai: The rupee weakened by five paise on
demand for greenback and closed at 40.92/93 on Tuesday, against the previous close
of 40.87/88. The rupee opened at 40.94/96 and saw an intra-day high of 40.89 and
a low of 41.01 before ending the day at 40.92/93. The rupee saw an intra-day high
of 40.89 due to some dollar selling by some foreign banks and large corporates.
In forwards, the six-month premia closed at 2.97 per cent (2.43 per cent) while
the 12-month closed at 2.81 per cent (2.55 per cent). Bonds:
Bond prices fell by 15-20 paise on profit booking by traders. The yields went
up by two basis points. The
total traded volumes on the order matching system stood at Rs3,780 crore (Rs3,830
crore). The 7.49 per cent-10-year-2017 paper opened at Rs95.55 (8.16 per
cent YTM) and closed at Rs95.24 (8.2 per cent YTM) against Monday's close of Rs95.40
(8.18 per cent YTM). The 8.07 per cent 10-year-2017 paper opened at Rs99.65
(8.12 per cent YTM) and closed at Rs99.40 (8.16 per cent YTM) against the previous
close of Rs99.70 (8.11 per cent YTM). Call
rates: The inter-bank call rates rose to the highest level this month to close
at 4.5-5 per cent on Tuesday against the previous close of 2.75-3.25 per cent
due to tight liquidity condition. Reverse
repo: In the first one-day reverse repo auction, the RBI received 38 bids
for Rs 48,350 crore while it accepted bids to the tune of Rs 1,995 crore. In the
second one-day reverse repo auction, the RBI received 27 bids for Rs 19,180 crore
while it accepted Rs 1,001 crore. There were no repo bids in the first and second
one-day auctions.
CBLO:
The CBLO market saw 422 trades aggregating Rs 25,663.4
crore in the 2-6.1 per cent range.
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NHB
plans mortgage guarantee firm
Kolkata: The chief financial institution that refinances
housing finance firms National Housing Bank (NHB), is
planning to set up a mortgage guarantee corporation as
a joint venture company with global partners to provide
risk-cover to lenders against defaults in housing loans.
NHB
is in talks with the International Finance Corp (IFC) and Asian Development Bank
(ADB) for the venture according to NHB chairman and managing director S Sridhar
at a conference organised by industry body Federation of Indian Chambers of Commerce
and Industry (FICCI). The
company plans equity investments in housing finance companies financing rural
housing. The
minimum cap of investment will be around 11 per cent while the maximum will be
26 per cent and the aim will be to promote the establishment of dedicated housing
finance companies in partnership with public-private institutions to enable increased
flow of institutional credit for rural housing.
NHB
has set a market-borrowing programme of Rs75 billion in
2007-08 fiscal.
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ING
Vysya Life Insurance announces bonus
Bangalore: ING Vysya Life Insurance Company has announced
a bonus of Rs75 per thousand on three of its policies.
The three policies
are `Power Life' (a limited payment endowment plan, where the sum assured plus
accrued bonus is paid on maturity or earlier on death of life assured), `Best
Years' (retirement plan with capital guarantee provisions) and `New Fulfilling
Plan' (whole life limited payment policy that pays the entire sum assured during
the premium payment term and continues to provide life cover and maturity benefit).
The company
said the mean yield targeted for the retirement plan was 8 per cent and as the
mean yield target had been exceeded, ING had rewarded its policyholders. Only
about 10 per cent of the investments were in equities. This target would continue
as all the investments were long-term and almost entirely in government securities.
Almost
the entire premium collection in all the three policies
was from individuals. ING's Retirement Plan has so far
collected premiums of about Rs90 crore.
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