Rupee declines against dollar
Mumbai: The rupee declined by almost eight paise and closed at 40.99/41 against the greenback due to weak domestic stock market. The home currency opened at 40.97, touched an intra-day low of 41.06 to finally close at 40.99/41, against the previous close of 40.92/93 on Tuesday.

The six-month forward premia is at 3.34 per cent (2.97 per cent) and 12-month premia is at 3.03 per cent (2.81 per cent).

Bonds: The bond prices dipped by 20 paise and the yields went up by three basis points on Wednesday spurred by the tight liquidity in the system.

The yield on the 10-year-paper closed at 8.23 per cent against the previous close of 8.2 per cent. The total traded volumes on the order matching system were Rs1,840 crore (Rs3 ,780 crore).

G-secs: The 7.49 per cent 10-year-2017 paper opened at Rs95.20 (8.21 per cent YTM) and closed at Rs95.04 (8.23 per cent YTM) against Tuesday's close of Rs95.24 (8.20 per cent YTM).

The 8.07 per cent 10-year-2017 paper opened at Rs99.30 (8.18 per cent YTM) and closed at Rs99.20 (8.19 per cent YTM) against the previous close of Rs99.40 (8.16 per cent YTM).
Back to News Review index page  

Standard Life to increase stake in HDFC JV to 26 per cent
Mumbai: UK-based life insurance company Standard Life will increase its stake in HDFC Standard Life Insurance Company to 26 per cent from 14 per cent at present.

The insurance company is a joint venture between the Housing Development Finance Corporation (HDFC) and a group company of Standard Life.

Deepak Parekh, chairman, HDFC, said Standard Life will increase its stake in the life venture to 26 per cent in a months' time by the return on equity formula.
Back to News Review index page  

Interest rates to remain stable: Parekh
Mumbai: HDFC Chairman Deepak Parekh said interest rates have peaked, and are likely to remain stable in the next six months, while real estate prices could fall by up to 20 per cent in the next few months.

Parekh said interest rates are likely to remain steady and there will be no major correction. Parekh said real estate prices were showing signs of cooling down and in the next three to four months prices would see a correction in the range of 10-20 per cent.

Parekh said developers are giving freebies such as first six months EMI free to keep the price momentum.

He said the freebies being given by the developers are indicative of prices cooling down. However he said a crash was unlikely.
Back to News Review index page