KN Gangurde takes charge as STCI managing director: KN Gangurde has been appointed as the managing director of Securities Trading Corporation of India (STCI) with effect from August 1. He succeeds R Venkatesan who retired recently. Before joining the STCI, he was holding the post of chief general manager in Reserve Bank of India,Mumbai.

RBI mops up Rs 3,703cr via three-day repo: The Reserve Bank of India on Monday mopped up Rs 3,703 crore through a three-day fixed rate repo in government of India dated securities in parties holding sgl and current account. The interest rate for the fixed rate repo is pegged at 5 per cent.

ANZ Grindlays unveils corporate cash management system: ANZ Grindlays Bank recently launched its corporate cash management system. The new system which has a centralised database links in all the six major cash management branches of the bank at Mumbai, Delhi, Calcutta, Chennai, Bangalore and Hyderabad. "The banks cash management unit which is a part of the corporate bank and transaction services division offers payment and collection services to over 300 corporates," a bank release said.

RBI rejects Casion Finance application: The RBI on Saturday rejected the application submitted by Casion Finance and Investment. "The company will not be able to transact the business of a non-bankingfinancial institution as defined in clause (a) of section 451 of the RBI act 1934," a RBI release said.

Crisil assigns P1+ rating to Sony Indias CP programme: Crisil has assigned a P1+ rating to the Rs 50 crore commercial paper programme of Sony India (SIL). The rating reflects the companys strengths arising out of 100 per cent ownership by its parent company. SIL's competitive position in the CTV and audio products market arises out of its strong and well recognised brand name and a strong growth in production volumes and comfortable capital structure.

Ind4 rating for Anubhav Plantations ‘teak farm scheme: Duff & Phelps Credit Rating India (DCR) has assigned an Ind4 rating to the Rs 50 crore ‘teak farm collective investment scheme (CIS) of Anubhav Plantations (APL). This rating indicates that the ability to meet the stated obligations to investors on time can be considered to be unsatisfactory. The rating is constrained by the high degree of uncertainty associated with the plantationindustry in general. On the operational side, there is a lack of empirical data to substantiate the projected yields from teak trees over a twenty-year period grown under commercial conditions.

DCR assigns Ind5 rating to Naturoworth's CIS plan: DCR has assigned an Ind5 rating to the collective investment scheme (CIS) of Naturoworth & Medico Plants Ltd (NMPL), which indicates that there is a high risk grade and poor ability to meet stated obligations to investors on time. NMPL is engaged in cultivation of medicinal herbs and plants in Madhya Pradesh and commenced operations in January, 1996. The rating takes into consideration the uncertain effects of climatic conditions on agricultural yields to which the business is exposed to and are currently uncovered. Repayments are possible only under an assumption of sustained growth in yields of crops throughout the life of the investment schemes.

Crisil assigns FA rating to Corpbanks FD programme: Crisil has assigned an `FA' rating to the fixeddeposit programme of Corpbank Homes. "The rating reflects the favourable growth prospects for housing finance, and the parent support enjoyed by the company," a Crisil release issued on Saturday said. The rating also factors in the increasing competition within the industry and the nascent nature of Corpbank Homes operations.