Update 4
Nifty strikes all time high above 3,900
The market surged in mid-afternoon trade with S&P CNX Nifty striking all time high above 3,900. It was up 54.05 points or 1.4% for the day at 3,910.20.
Sensex was up 158 points at 13,589. Sensex is still about 90 points away from all time high which it had struck in early trade on 17 November 2006 at 13,678.04. An abnormal movement in index heavyweight Infosys on BSE on that day had caused a surge in Sesnex to that record on that day.Sensex today hit a low of 13,434.58 and a high of 13,603.28.
The market breadth was strong with 2.8 gainers on BSE for every loser.BSE clocked a turnover of Rs 3176 crore.
India's ICICI to raise $1 bln in yen bonds-source
ICICI Bank,India's second-largest lender, is raising $1 billion through the issue of yen-denominated bonds, a banker involved in the transaction said on Tuesday.
The bank intends to raise $400 million through the issue of one-year bonds, $350 million by issuing two-year bonds and the remainder through three-year bonds, the banker said.
'The funds will be used for onlending,' the banker said. 'The pricing is likely to take place later this week or early next week.'It would be the third time in four months the bank has tapped the international debt market.Last month it sold $400 million worth of five-year bonds, priced at 120.6 basis points over U.S. Treasuries. In August, it raised $340 million in perpetual, hybrid tier-I securities.
With a stock market that has risen over 40 percent this year diverting depositors' money into mutual funds, banks have been looking at other ways to meet strong demand for loans.Bank loans in India have been growing at an annual rate of nearly 30 percent, even though the central bank has tightened policy this year. It last raised its key lending rate by 25 basis points on Oct. 31 to 7.25 percent.
DCB paces 17.08% on FII limit hike
Development Credit Bank (DCB) surged 17.08% on the BSE( 01:59 pm) after it hiked FII investment limit to 49%.
The shares of the bank are trading at Rs 61.70 as compared with its previous close of Rs 52.70 ( Monday). A total of 1,26,18,632 shares have changed hands at the bourses.
The holding limit of foreign institutional investors (FIIs) in the bank has been increased from the existing limit of 24% to 49% of the paid-up capital of the bank.In a meeting on November 20, bank`s board also approved the issue of equity shares of an aggregate amount up to Rs 2,250 million to qualified institutional buyers(QIB).An extra ordinary meeting will be convened on December 15, 2006 to discuss the same.
Five FIIs including ABN Amro Bank, Citigroup Global Markets, Macquarie Bank, Fidelity and Morgan Stanley last week picked up a combined 34% stake in Development Credit Bank (DCB) through the open market operations route, which had triggered the bank`s stock.
The stock has witnessed a rise of 11.67% over the week.
The market surged in mid-afternoon trade with S&P CNX Nifty striking all time high above 3,900. It was up 54.05 points or 1.4% for the day at 3,910.20.
Sensex was up 158 points at 13,589. Sensex is still about 90 points away from all time high which it had struck in early trade on 17 November 2006 at 13,678.04. An abnormal movement in index heavyweight Infosys on BSE on that day had caused a surge in Sesnex to that record on that day.Sensex today hit a low of 13,434.58 and a high of 13,603.28.
The market breadth was strong with 2.8 gainers on BSE for every loser.BSE clocked a turnover of Rs 3176 crore.
India's ICICI to raise $1 bln in yen bonds-source
ICICI Bank,India's second-largest lender, is raising $1 billion through the issue of yen-denominated bonds, a banker involved in the transaction said on Tuesday.
The bank intends to raise $400 million through the issue of one-year bonds, $350 million by issuing two-year bonds and the remainder through three-year bonds, the banker said.
'The funds will be used for onlending,' the banker said. 'The pricing is likely to take place later this week or early next week.'It would be the third time in four months the bank has tapped the international debt market.Last month it sold $400 million worth of five-year bonds, priced at 120.6 basis points over U.S. Treasuries. In August, it raised $340 million in perpetual, hybrid tier-I securities.
With a stock market that has risen over 40 percent this year diverting depositors' money into mutual funds, banks have been looking at other ways to meet strong demand for loans.Bank loans in India have been growing at an annual rate of nearly 30 percent, even though the central bank has tightened policy this year. It last raised its key lending rate by 25 basis points on Oct. 31 to 7.25 percent.
DCB paces 17.08% on FII limit hike
Development Credit Bank (DCB) surged 17.08% on the BSE( 01:59 pm) after it hiked FII investment limit to 49%.
The shares of the bank are trading at Rs 61.70 as compared with its previous close of Rs 52.70 ( Monday). A total of 1,26,18,632 shares have changed hands at the bourses.
The holding limit of foreign institutional investors (FIIs) in the bank has been increased from the existing limit of 24% to 49% of the paid-up capital of the bank.In a meeting on November 20, bank`s board also approved the issue of equity shares of an aggregate amount up to Rs 2,250 million to qualified institutional buyers(QIB).An extra ordinary meeting will be convened on December 15, 2006 to discuss the same.
Five FIIs including ABN Amro Bank, Citigroup Global Markets, Macquarie Bank, Fidelity and Morgan Stanley last week picked up a combined 34% stake in Development Credit Bank (DCB) through the open market operations route, which had triggered the bank`s stock.
The stock has witnessed a rise of 11.67% over the week.
posted by SY at 3:02 PM
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