CALL RATES CROSS AT 7.75%
Article Abstract:
Call rates at the inter bank call money market closed at 7.75-8.0 percent on November 3, 1998. Government securities prices increased marginally with active buying in the short tenor. The call rates opened at 8.05-8.10 percent on November 3, 1998 while closing at 8.10-8.05.25 percent on November 2, 1998. Reuters Mumbai inter bank overnight average MIBOR was 8.03 percent at close on November 3, 1998. The rate is a composite weighted average drawn from dealt rates contributed by 25 institutions, banks and primary dealers. The Reserve Bank of India received Rs3,600 crore for its 3-day, eight percent fixed rate repos and the funds came through seven applications. The total funds increased to Rs7,400 crore signifying both surplus liquidity and few deployable options. The government securities market also improved with active buying interest in the one and two year papers. (tsm)
Publication Name: Economic Times
Subject: Business, international
ISSN: 0013-0389
Year: 1998
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L&T FINANCE OPTS TO ENTER STRUCTURED FINANCE BUSINESS
Article Abstract:
L&T Finance, 100 percent subsidiary of Larsen & Toubro, has proposed to enter structured finance business which includes arranging finance for corporates through private placement of bonds among others. This move comes in line with its recent decision to exit from merchant banking business and continue fund-based activities. Following Sebi's order of disallowing registered merchant bankers to take up fund-based activities, L&T Finance was forced to make a choice between the two sectors. It chose to retain its fund-based activities, like leasing and hire-purchase and decided to diversify into providing structured finance and corporate advisory services. (gsh)
Comment:
Proposes to enter structured finance bsns which includes arranging finance for cos via private placement of bonds among others
Publication Name: Economic Times
Subject: Business, international
ISSN: 0013-0389
Year: 1998
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TCS TO ENTER GLOBAL BRANDED SOFTWARE ARENA
Article Abstract:
The Rs1,000-crore Tata Consultancy Service will become global by introducing its new custodian service software for the banking sector. It has already installed the Custodian service package for Standard Chartered Bank at its different branches across the world. The company has launched yet another banking software Quartz for the global market. (gs)
Publication Name: Economic Times
Subject: Business, international
ISSN: 0013-0389
Year: 1998
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