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Thursday, December 18, 2008

18th December,2008


Mutual Funds take Rs 180-crore hit on Satyam stock slide,may exit






Indian mutual funds have seen the value of their combined holdings in Satyam Computer Services drop by about Rs 180 crore as the firm's shares plunged nearly a third on Wedenesday.











Bond yield drops 20bps as Fed move raises hopes of rate cut







Government bond yields plunged over 20 basis points in the 10-year segment because investors continued their aggressive buying after RBI sounded concerns over the economy and a hefty rate cut by US Federal Reserve fuelled hopes of similar action here. The 8.24%,2018 security ended at Rs 117.42, or 5.7978% yield to maturity.











MFs line up for CDs











Mutual Funds continued to invest in one-year certificates of deposit(CDs) as they received inflows in their fixed maturity plans.Banks placed around Rs 2,000 crore of CDs on Wednesday compared with Rs 2,100 crore on Tuesday.











Gold rises on firm overseas trend









Gold prices advanced further by Rs 20 at Rs 13,110 per ten gram in the bullion market on sustained buying influenced by firming overseas trend.Marketmen said the precious metal,which normally moves in line with the global trend,received a boost on firming overseas bullion market.











OPEC agrees to record oil output cut









The OPEC agreed on Wednesday to a record output cut of 2 million barrels a day,the Saudi Arabian oil minister said,with non-member producers also ready to slash 6,00,000 barrels.











Risk-averse banks park excess funds in G-secs








Flush with cash,Indian banks are once again looking at government securities for parking their surplus funds.A growth in deposits,driven by high interest rates, and falling credit demand have seen banks investing as much as Rs 38,334 crore in government bonds during the fortnight ended December 5.In contrast,they just lent Rs 9,400 crore during the period.











Rs 2.5k-cr package for Air India likely by Jan















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