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Call rates go through roof, touch 140%
The stringent monetary policy announced by the RBI on Friday to halt the rupee's decline had its effect on the money markets yesterday. The RBI move saw interest rates in the inter-bank call money market shot up to a record high of 140%. The rates, which closed on Friday at 25-30%, however, stabilised as the day progressed to close at 20%.
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FIPB clears Tata airline proposal
The Tatas proposed airline venture finally looks like taking off. The Foreign Investment Promotion Board yesterday cleared the Tatas' plan to float an airline in India with a 40% foreign stake. The proposal has now been forwarded to the Cabinet Committee on Foreign Investment.
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RBI removes ban on fresh FII stake in SBI, HDFC
The RBI on Saturday removed the ban on fresh foreign institutional purchases in the shares of State Bank of India (SBI) and Housing Development and Finance Company Ltd (HDFC). In an immediate reaction, the SBI share price shot up in the Saturday kerb market to Rs 252-53. The HDFC scrip is also expected to rise when markets re-open on Monday.
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GDR index falls by 10.51%
Expectations for a bright new year seem to be a distant dream as bad tidings continued to plague the bourses. The slump in global markets aslo affected the Indian GDR (global depository receipt) market. The Skindia GDR index which had slumped to 808.78 on January 9 touched its 52-week low of 756.34 on January 12, and finally dropped by 10.51% to 778.56 as against previous week's close of 870.04.
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