SBI, ANZ Grindlays, GTB, IndusInd hike lending, deposit rates
The recent tightening of the monetary policy by the Reserve Bank of India (RBI) has thrown the banking sector in a tizzy. The RBI move saw the State Bank of India, IndusInd, Global Trust and ANZ Grindlays hiking their lending and deposit rates on Monday. Term-lending institutions and other state-run banks, however, adopted a wait-and-watch policy.
IOC rolls over $500m loan at 24.5 basis points over Libor
The threat by the international rating agency, Moody's, to downgrade India's economy does not seem to have raised the risk of India's public sector undertakings. Evidence of this comes from the Indian Oil Corporation (IOC) which yesterday rolled over $500 million of its foreign currency loans at 24.5 basis points above the Libor. The sum was the second part of a $1 billion loan taken in June 1997, the first tranche of which was rolled over earlier.
Stronger rupee, rallying Asian markets prop Sensex by 99 points
The announcement of a stringent money policy by the RBI helped the country's stock markets. The BSE sensex rose by 98.54 points to close at 3,480.86 points. The spurt in the Sensex was also helped by the rise in stock prices across Asia.
Centre clears Tata Industries plan to invest in offshore fund
Tata Industries Ltd's (TIL) plans to float an off-shore fund have recieved the green light from the Centre. The Centre has granted an "enabling clearance" to the proposed fund -- to be called Indian Automotive Components Fund Managers Ltd. The Central clearance leaves TIL free to invest $49,000 in the fund.
Asian markets light up as Tokyo stocks lead the regional surge
Good news finally seems to be coming out of the Asian markets. On Monday, markets across Asia witnessed a rise with Japanese stocks rising by 2% and Jakarta claiming a 5.29% jump in share prices. Other Asian markets also recorded impressive rises. The news will boost investor morale across Asia and also raise hopes of an economic turnaround.
To be or not to be given full term as SEBI chief....
SEBI chairman D R Mehta's continuation in his present post now hinges upon an approval from the Union law ministry. Mehta had been appointed for a five-year term but SEBI guidelines permit only a three-year period. Since Mehta will be finishing three years next month, the Union finance ministry has asked the law ministry to intervene in the matter.
