Corporate Results of over 2500 companies Saturday, November 6, 1999
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RBI announces 15yr stock auction 

Raghu Mohan  
Mumbai, Nov 5: The Reserve Bank of India on Friday announced the auction of a 15-year dated stock for Rs 3,500 crore. The auction will be held on November 11. "The central bank will fix a cut-off yield for the auction depending on the bids received", the Reserve Bank said in a statement. The announcement of the auction ends speculation following the credit policy on October 29 that the Reserve Bank will not allow liquidity to slash around after the first stage of a one per cent cut in cash resereve ratio (CRR) becomes effective on Saturday. The Reserve Bank, has its monetary policy gone in for a two-stage CRR cut that will release over Rs 8,000 crore. The first stage of the Reserve Bank's CRR cut will infuse Rs 4,561 crore, while the second stage, effective November 20 is expected to release Rs 3,500 crore.

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