BackMarkets | Intervention bonds of up to Rs50,000 cr likely
Markets | Intervention bonds of up to Rs50,000 cr likely
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Mumbai: The Reserve Bank of India (RBI) may issue up to Rs50,000 crore of intervention bonds in fiscal 2011, according to a statement from the central bank on Monday.
RBI issues such bonds to mop up excess liquidity under its market stabilization scheme (MSS). The liquidity is created when RBI intervenes in the currency market by buying dollars to check rapid appreciation of the rupee. For every dollar RBI buys, it injects an equal amount of rupee liquidity.
“This ceiling will be reviewed when the outstandings reach the threshold limit of Rs35,000 crore," RBI said. The current outstanding balance from MSS is Rs2,737 crore, which is due for redemption during this fiscal, the central bank said.
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Intrasoft shares rise 9.9% on BSE debut
Mumbai: Shares of Intrasoft Technologies Ltd closed 9.9% above the initial public offer (IPO) price of Rs145 on their first day of listing on the Bombay Stock Exchange (BSE). The stock closed at Rs159.35 after opening at Rs140 on Monday, reaching a high and low of Rs167.15 and Rs123.3, respectively, in intra-day trading.
On the National Stock Exchange, Intrasoft shares closed at Rs158.40, opening at a low of Rs124 and hitting a high of Rs167.4 during the day’s trade.
— Ashwin Ramarathinam
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