Saturday, September 5, 1998
Annual report underscores money, foreign-exchange markets osmosis
The emergence of interlinkages among money, forex and the repo markets, especially in the second half of the last fiscal, is a major development, states the Reserve Bank of India's annual report. The apex bank adds that the second half of the year put policy-making to a severe test.
UTI Bank gears up for Rs 74-crore public issue
UTI Bank's Rs 73.50-crore maiden public issue is set to hit the market on September 21. The bank will make a fresh offering of 1.50 crore equity shares of Rs 10 each at a premium of Rs 11 per share, amounting to Rs 31.50 crore, while its promoter, Unit Trust of India (UTI), will offload 2 crore equity shares at a price of Rs 21, totalling Rs 42 crore, in favour of the public.
Yield spread between gilts narrows
The yield spread between the 91-day paper and the 10-year paper narrowed considerably during 1997-98, displaying declining inflationary expectations in view of reduction in inflation since 1995-96. Easy liquidity conditions were reflected in the softening of interest rates on securities across the maturity spectrum for the second consecutive year in 1997-98.
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