Largest govt bond sale of Rs 20,000 cr fully covered
Mumbai: The Reserve Bank auctioned the highest ever quantum of government bonds worth Rs 20,000 crore which was fully subscribed on increased demand after over Rs 40,000 crore of redemption of a security and on value-buying. The Reserve Bank offered to sell Rs 5,000 crore of 8.35 % (2022) bond, Rs 9,000 crore of 8.24 %-(2027) bond and Rs 3,000 crore each of 9.20 % (2030) and 9.23 % (2043) bonds. There was redemption of Rs 40,751.20 crore worth of the 7.37 % bond maturing in 2014 on Wednesday. “There was replacement demand after redemption of a security. The participants were also aggressively buying in the auction as they were getting better yields,” said a dealer with a state-owned bank.
Govt: Exports, FTAs to keep CAD in check
New Delhi: India needs to promote exports, ink free trade agreements and put in place conducive savings and investments policies along with a stable exchange rate regime to keep the current account deficit under check, Commerce Secretary Rajeev Kher said. “Managing a sustainable CAD necessitates a conducive exchange rate regime and appropriate savings and investment policies. At the same time, it is important to manage large bilateral deficits through export promotion and policy dialogue,” Kher said at the annual IIFT Convocation. “Preferential or Free Trade Agreements can help corporations become more price-competitive. At the same time, such trade regimes can lead to a surge in competition from cheaper imports originating from preferential trading partners.”
IMF bullish on India’s growth story
New Delhi: Sounding bullish about India, International Monetary Fund (IMF) expects country’s economic growth to move up to 5.5 % in the current fiscal and 6.25 % in the next fiscal. “Our sense is that the growth will pick up this year–5.5 % this year going up to 6.25 % next year and rising to just below 7 % may be over the medium term or little bit higher if things go well,” IMF senior resident representative Thomas J Richardson said at an event.
EPFO to provide all benefits via e-mode
New Delhi: Retirement fund body EPFO has decided to make all payments to its beneficiaries through electronic mode from September this year, including provident fund claims. “The Employees’ Provident Fund Organisation has decided to make 100 % e-payment of benefits by August 31, 2014,” a senior EPFO official told PTI. At present around 93% of the benefits are transferred via electronic mode.
Iran may supply gas at $3/mmbtu
New Delhi: Iran is likely to supply gas at USD 3 per mmbtu for India’s proposed urea and ammonia plant to be set up in the Persian Gulf nation. Rashtriya Chemicals and Fertilisers (RCF) and Gujarat Narmada Valley Fertilisers & Chemicals (GNFC) have been jointly working on this project. The project will be set up at a petrochemicals hub at Chahbahar, Iran, using natural gas as feedstock with an estimated investment of about Rs 7,000 crore.
MTNL offers sops for voters
Mumbai: In order to encourage the voters to exercise their vote during Lok Sabha elections 2014, MTNL has announced rebate of Rs 200/-in Installation & Testing charges on new booking of Landline/Broadband connections or both. MTNL has introduced the above promotional offer for all the voters with ink mark on finger after exercising vote. This offer is available at MTNL customer service centers (CSC) form 17th April to 30th April, 2014. For more information, Dial 1800 22 1500 or visit the Customer Service Center of your area.
MahaVastu globalises VastuShastra
Mumbai: Aunkar Foundation has recently announced the opening of the world’s largest franchise networks globally in the field of Vastushastra .The announcement was made by Vastushastri Khushdeep Bansal, Founder (MahaVastu) & Chairperson, Aunkar Foundation. He added that in that way, Aunkar Foundation fulfilled its Social Responsibility by creating a great Opportunity of Self-Employment.