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Drumbeat: Ad Buzzaar
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Thursday, May 28, 1998
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Nine-year paper devolves on RBI
In a tell-tale sign of tightening liquidity, 99.9% of the Rs 4,000-crore nine-year paper auction devolved on the RBI yesterday. The RBI pegged the cut-off rate at 11.90%, which is in line with the primary market yield curve. Immediately after the auction, the RBI announced that the paper will be available at its sale window at a price of 100.10 with effect from today.
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Re dips to record low of 41.50 in aftermath of IBRD decision
The rupee tested a new low of 41.50 against the greenback on Wednesday, as panic gripped the forex market on news of the World Bank postponing fresh loans to India and the European Union's (EU) threat to impose sanctions. The rupee closed at 41.35 -- 18 paise lower than its previous close. On Tuesday, the rupee lost 17 paise.
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Morgan Stanley Growth Fund NAV up 28%
The maiden scheme from Morgan Stanley Mutual Fund, the Morgan Stanley Growth Fund's NAV has appreciated by 28.62% to Rs 10.38 as on May 23, 1998 from Rs 8.07 on March 31, 1998. Till March 31, the NAV touched a high of Rs 9.15. The appreciation in the fund's NAV has been attributed to the portfolio restructuring exercise initiated by it in 1996.
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CSE plans to flag off demat trading on June 8
The Calcutta Stock Exchange (CSE) plans to start trading in the demat segment, comprising 30 scrips, from June 8, 1998. However, delivery of demat shares in the physical segment will commence from June 12 only. According to the CSE, the first settlement in the demat segment will take place on June 15 and thereafter settlements will be on a rolling basis (T+5).
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