Repo auction: RBI has announced a five-day fixed rate repos auction in government of India securities on Wednesday for parties holding SGL account and current account with it at Mumbai. The repo rate is 5 per cent per annum. The central bank may accept the applications fully or partially. Payment by applicants will be on August 19, 1998, up to 2.30 pm and the repurchase by the RBI on August 24, 1998.

New banking software launched: The managing director of Nabard, Rama Rao, has launched a software package SAMRUDDHI (Service Area Monitoring and Reporting Using Developed Data Handling Implements) at a meeting of the senior executives of major commercial banks held at the bank's head office in Mumbai on Tuesday. The new software will enable state convenor banks to efficiently compile the state-level aggregation of lead-bank returns prescribed by the RBI.

Sun Pharmaceutical debt downgraded: Crisil has assigned a P1+ rating to the Rs 40-crore commercial paper (CP) programme of Sun Pharmaceutical Industries Ltd. The fixed deposit (FD) programme of the company has also been reaffirmed at FAA. The ratings assigned reflect the company's strong position in the fast growing cardio-vascular and neuro-psychiatry segments, enhanced speciality focus following the merger of Tamil Nadu Dadha Pharmaceuticals with Sun, adequate operational and developmental capabilities and comfortable financial position in terms of high operating margins, low gearing levels and healthy cash accruals.

NPC bonds upgraded: Crisil has upgraded two bonds programmes of Nuclear Power Corporation (NPC) amounting to Rs 1,362 crore from A to A+. The revised rating indicates that the degree of safety regarding the timely payment of interest and principal on the instrument is adequate. The revision in rating reflects the improved cash collections, improvement in operations of NPC as evidenced by high plant load factors and fewer outages leading to higher generation. The rating also factors in the high government support to NPC during the ninth five-year plan. Partly offsetting these positives are the concerns arising on account of the high receivables position of the corporation.

NRB Bearings rated P1 plus: Crisil has assigned a P1+ rating to the Rs 6.5 crore commercial paper (CP) programme of NRB Bearings Ltd. The rating reflects the company's strong market position in the needle roller bearings and cylindrical roller bearings segment, high level of technical competence in its field of operations and strong financial performance in the last five years. The rating also takes into account the effects on the stability of earnings caused by the company's dependence on the automobile sector and the impact of the entry of international players into the Indian market.

Global Trust to open branch in Madurai: Global Trust Bank will soon open a branch in Madurai. The branch will be inaugurated by AC Muthaiah, president of SPIC. The occasion will also be graced by the presence of the guest of honour, T Kannan, managing director of Thiagarajar Mills. GTB is the first new private bank to open a branch in Madurai. The branch will offer extended banking hours to customers and the services will adapt to all working schedules.