Dollar remains lower vs. rivals after weak U.S. data

Investing.com - The dollar remained lower against the other major currencies on Friday, as weak U.S. data and growing expectations for the Federal Reserve to maitain its stimulus program for the time being weighed broadly on demand for the greenback.

During U.S. morning trade, the euro was higher against the dollar with EUR/USD up 0.15% at 1.3478.

In a report, the Federal Reserve of New York said its maufacturing activity index declined to minus 2.2 in November, from a reading of 1.5 the previous month, confounding expectations for a rise to 5.

A separate report showed that U.S. import prices fell 0.7% in October, compared to expectations for a 0.4% downtick, after a downwardly revised 0.1% rise the previous month.

In addition, official data showed that industrial production in the U.S. ticked down 0.1% in October, disappointing expectations for a 0.2% rise, after an upwardly revised 0.7% increase in September.

The data came after Federal Reserve Chair nominee Janet Yellen on Thursday defended the central bank's stimulus measures to bolster growth and called efforts to boost hiring an "imperative".

Answering questions before the Senate Banking Committee, Yellen said she would press forward with the central bank's ultra-easy monetary policy until officials were confident a durable economic recovery was in place that could sustain job creation.

The comments added to expectations that the Fed's monthly bond purchases may remained unchanged for an extended period of time.

In the euro zone, official data earlier showed that consumer price inflation remained unchanged in October at an annualized rate of 0.7%, in line with expectations.

Core consumer price inflation, which excludes food, energy, alcohol, and tobacco, ticked down to 0.8% from a year earlier, from an upwardly revised rate of 1% in September, in line with market expectations.

The greenback was lower against the pound, with GBP/USD up 0.24% at 1.6104.

The dollar was higher against the yen with USD/JPY adding 0.30% at 100.32, but lower against the Swiss franc with USD/CHF down 0.09% at 0.9156.

The yen remained under pressure after Japanese Finance Minister Taro Aso said on Thursday that it is important for Japan to retain currency market intervention as a policy option to utilize in time of excess volatility in markets.

The dollar was steady to lower against its cousins in Canada, Australia and New Zealand, with USD/CAD easing up 0.03% at 1.0470, AUD/USD gaining 0.56% at 0.9368 and NZD/USD climbing 0.57% at 0.8321.

Statistics Canada said manufacturing sales rose 0.6% in September, less than the expected 1% increase, after a 0.2% decline the previous month.

The dollar index, which tracks the performance of the greenback versus a basket of six other major currencies, was down 0.06% at 80.98.

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Natural gas rises as weather forecasts point to chilly U.S. temperatures

Investing.com - Natural gas prices rose on Friday after updated weather forecasts continued to call for below-normal temperatures across parts of the eastern half of the U.S. over the coming days.

On the New York Mercantile Exchange, natural gas futures for delivery in December traded at USD3.643 per million British thermal units during U.S. trading, up 1.05%.

The commodity hit a session low of USD3.576 and a high of USD3.649.

The December contract settled up 1.09% at USD3.605 per million British thermal units on Thursday.

Futures were likely to find support at USD3.491 per million British thermal units, Thursday's low, and resistance at USD3.659, Wednesday's high.

A cold snap currently gripping portions of the eastern half of the U.S. will give way to warmer temperatures but only for a few days, when another blast of arctic air will coming swooping down from Canada next week.

Colder temperatures hike the need for heating this time of year, increasing demand for natural gas at the nation's thermal power generators.

Still, computers models predicted the cooler air mass won't dip as far south as previous runs indicated, which capped the commodity's gains.

Elsewhere, natgasweather.com reported that from Nov. 22-28, cooler temperatures may settle over the northern third of the U.S., with modestly cooler conditions pushing into portions of the central U.S. at times.

Elsewhere, markets continued to give weekly supply data cautious applause.

The U.S. Energy Information Administration said in its weekly report that natural gas storage in the U.S. in the week ended Nov. 8 rose by 20 billion cubic feet, in line with expectations for an increase of 21 billion cubic feet.

Inventories rose by 12 billion cubic feet in the same week a year earlier, while the five-year average change for the week is a build of 19 billion cubic feet.

Total U.S. natural gas storage stood at 3.834 trillion cubic feet. Stocks were 80 billion cubic feet less than last year at this time and 58 billion cubic feet above the five-year average of 3.776 trillion cubic feet for this time of year.

The report showed that in the East Region, stocks were 93 billion cubic feet below the five-year average, following net injections of 10 billion cubic feet.

Stocks in the Producing Region were 112 billion cubic feet above the five-year average of 1.185 billion cubic feet after a net injection of 12 billion cubic feet.

Elsewhere on the NYMEX, light sweet crude oil futures for delivery in December were down 0.06% and trading at USD93.70 a barrel, while heating oil for December delivery were down 0.07% and trading at USD2.9286 per gallon.

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Forex - USD/JPY keeps gains above 100 with Nikkei open awaited

Investing.com - The USD/JPY kept gains above 100 in early Asian trade on Friday, continuing a trend from overnight after Federal Reserve Chair Nominee Janet Yellen said that monetary stimulus tools should stay in place as needed to ensure a more robust recovery.

USD/JPY traded at 100.07, 0.05%, in a range of 100.02 - 100.12 with the focus on the Nikkei open, which is expected to show robust sentiment for equities on prospects for continued easy policy in Japan and the United States. The yen also moved on comments Thursday from Japanese Finance Minister Taro Aso that the country should maintain currency market interventions as policy tools to use when excess volatility roils markets.

Weaker annualized GDP growth in Japan reported in the third quarter is expected to keep the Bank of Japan in its aggressive easing mode, while Yellen's comments overnight indicated the start of a taper for the Fed's USD85 billion a month bond-buying program may not come in December as some investors expected after solid jobs data last week.

"We have made good progress, but we have farther to go to regain the ground lost in the crisis and the recession," Yellen told a congressional committee vetting her nomination.

"Unemployment is down from a peak of 10 percent, but at 7.3 percent in October, it is still too high, reflecting a labor market and economy performing far short of their potential. At the same time, inflation has been running below the Federal Reserve's goal of 2 percent and is expected to continue to do so for some time."

Elsewhere in the U.S., the Labor Department reported earlier that the number of individuals filing for initial jobless benefits last week declined by 2,000 to a seasonally adjusted 339,000.

Analysts had expected U.S. jobless claims to fall by 11,000, which also softened the dollar.

A separate report showed that the U.S. trade deficit widened to USD41.8 billion in September from a deficit of USD38.7 billion in August. Analysts were expecting an USD39.0 billion deficit.

The dollar index, which tracks the performance of the greenback versus a basket of six other major currencies, was up 0.02% to 81.04.

On Friday, the U.S. is to round up the week with data on manufacturing activity in the New York region, as well as reports on industrial production and import prices.

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Forex - Dollar cools recent gains on dovish Yellen testimony

Investing.com - The dollar traded higher though it edged off recent gains after Federal Reserve Chair Nominee Janet Yellen told Congress that monetary stimulus tools should stay in place as needed to ensure a more robust recovery.

In U.S. trading on Thursday, EUR/USD was down 0.25% at 1.3452.

The euro, still reeling from an ECB rate cut amid fears inflation rates are waning, narrowed its losses against the greenback after Yellen told the Senate Banking Committee that the U.S. central bank's USD85 billion in monthly bond purchases have and will continue to support the economy until more sustained recovery becomes evident.

"We have made good progress, but we have farther to go to regain the ground lost in the crisis and the recession," Yellen said.

"Unemployment is down from a peak of 10 percent, but at 7.3 percent in October, it is still too high, reflecting a labor market and economy performing far short of their potential. At the same time, inflation has been running below the Federal Reserve's goal of 2 percent and is expected to continue to do so for some time."

Monetary stimulus tools such as monthly bond purchases aim to spur recovery by driving down long-term interest rates, weakening the dollar in the process.

"The Federal Reserve is using its monetary policy tools to promote a more robust recovery. A strong recovery will ultimately enable the Fed to reduce its monetary accommodation and reliance on unconventional policy tools such as asset purchases," Yellen said in her speech.

"I believe that supporting the recovery today is the surest path to returning to a more normal approach to monetary policy."

Meanwhile, the euro edged lower after official data revealed that the euro zone economy expanded by 0.1% in the three months to September, slowing from the 0.3% growth achieved in the second quarter when the euro zone exited a recession.

Economist had forecast quarter-on-quarter growth of 0.2%.

Elsewhere in the U.S., the Labor Department reported earlier that the number of individuals filing for initial jobless benefits last week declined by 2,000 to a seasonally adjusted 339,000.

Analysts had expected U.S. jobless claims to fall by 11,000, which also softened the dollar.

A separate report showed that the U.S. trade deficit widened to USD41.8 billion in September from a deficit of USD38.7 billion in August.

Analysts were expecting a USD39.0 billion deficit.

The greenback was down slightly against the pound, with GBP/USD up 0.02% at 1.6058.

The dollar was up against the yen, with USD/JPY up 0.81% at 100.05, and up against the Swiss franc, with USD/CHF up 0.33% at 0.9164.

The yen slumped against most major currencies after Japanese Finance Minister Taro Aso said Japan should maintain currency market interventions as policy tools to use when excess volatility roils markets.

The dollar was up against its cousins in Canada, Australia and New Zealand, with USD/CAD up 0.23% at 1.0481, AUD/USD down 0.44% at 0.9317 and NZD/USD trading down 0.13% at 0.8278.

The dollar index, which tracks the performance of the greenback versus a basket of six other major currencies, was up 0.10% at 81.08.

On Friday, the U.S. is to round up the week with data on manufacturing activity in the New York region, as well as reports on industrial production and import prices.

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Forex - Yen gains as Yellen comments seen dovish on asset purchase taper

Investing.com - The yen weakened against the dollar in Asian trading on Thursday following overnight comments by central bank officials in the United States and Europe that signaled a dovish bias with Japan preliminary third quarter GDP the morning focus.

USD/JPY traded at 99.20, down 0.04%, ahead of Japan third quarter preliminary GDP due at 0850 local time (2350 GMT) with a forecast for a gain of 0.4% (Q/Q).

AUD/USD reached 9360, up 0.03%, ahead of inflation expectations from the Melbourne Institute at 1100 local time (0030 GMT) for November with last month's figure at 2.0%.

The nominee to replace Ben Bernanke as Federal Reserve chairman sent the dollar weaker late Wednesday as investors read Janet Yellen's prepared remarks for her confirmation hearing as dovish on the timing of a tapering for the central bank's USD85 billion a month bond buying program.

In a statement released late Wednesday, Yellen said the job market and economy are "performing far short of their potential" and there is "more work to do" on recovery.

Expectations for an imminent decision to scale back stimulus measures grew last week U.S. employment and economic growth rates beat expectations.

Yellen said the economy has made good progress, but she thinks unemployment remains "too high."

Overnight saw the trade lower against most major currencies with the euro taking a hit after ECB executive board member Peter Praet told the Wall Street Journal that the bank could cut deposit rates to below zero and commence asset purchases to lift inflation closer to its target of just below 2%.

Still, the euro managed to push back into positive territory on sentiments that currency was oversold in earlier trading and due to uncertainty ahead of incoming Federal Reserve Chair Janet Yellen's congressional testimony on Thursday.

EUR/USD traded at 1.3489, up 0.02%, in early Asian trade.

The pound saw support after the BoE's quarterly inflation report released earlier predicted that the U.K.'s unemployment rate will fall faster than it expected three months ago.

BoE Governor Mark Carney stressed that there is a "two in five chance" that it could be 7% at the end of 2014, though the central bank reiterated that the unemployment rate falling below 7% would not automatically trigger an increase in interest rates.

Still, the optimistic outlook gave the pound support.

The dollar index, which tracks the performance of the greenback versus a basket of six other major currencies, was at 80.86, down 0.18%.

On Thursday, the U.S. is to release its weekly report on initial jobless claims.

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Mutual Funds decline as markets end lower

Equity Mutual Funds declined as market remained in bear trap for the seventh consecutive session on Wednesday, dented by weakness in global peers on uncertainty over Fed tapering...

Equity mutual funds declined as market remained in bear trap for the seventh consecutive session on Wednesday, dented by weakness in global peers on uncertainty over Fed tapering. Choppy market saw selling pressure in last couple of hours of trade today. None of the funds in the equity domain could withhold market pressure amid volatile condition and closed in red.

The 50-share NSE Nifty closed below the 6000-mark for the first time since October 8 at 5,989.60, down 28.45 points from previous close. The Sensex declined 87.51 points to 20,194.40.

On Fixed Income front, debt mutual funds posted some gains after some recovery was seen in the debt market. The government bonds posted their best single-day gain in five weeks on Wednesday after the central bank chief sought to reassure investors that the Reserve Bank of India would provide the market necessary rupee liquidity.

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U.S. stocks dip as investors sell for profits; Dow falls 0.21%

Investing.com - Profit taking sent U.S. stocks falling on Tuesday after investors locked in gains and sold for profits in wake of a rally that sent indices hitting record highs.

At the close of U.S. trading, the Dow Jones Industrial Average finished down 0.21%, the S&P 500 index fell 0.24%, while the Nasdaq Composite index ended the day flat.

Last week, the Bureau of Labor Statistics reported that the U.S. economy added 204,000 jobs in October, far surpassing expectations for a 125,000 increase.

Official data also revealed that the U.S. economy grew 2.8% on year in the third quarter, well beyond expectations for 2.0% growth.

Stocks rallied on the news amid hopes for a more robust U.S. economy down the road, though concerns better data will prompt the Federal Reserve to begin tapering its monthly USD85 billion bond-buying program in December or March sparked profit taking on Tuesday.

Stimulus programs aim to drive recovery by depressing borrowing costs, boosting stocks in the process, though talk of their dismantling can deflate share prices by fueling uncertainty over how equities will perform without a monetary crutch.

Many expect the U.S. central bank to remain in standby mode until Janet Yellen takes the helm of the Fed and holds her first policy meeting in March, though investors sold stocks on the notion that be it in December or March, stimulus tools are on their way out.

Leading Dow Jones Industrial Average performers included Merck, up 1.31%, Cisco, up 1.22%, and Intel, up 1.10%.

The Dow Jones Industrial Average's worst performers included The Travelers Companies, down 1.75%, Chevron, down 0.90%, and Walt Disney, down 0.83%.

European indices, meanwhile, finished lower.

After the close of European trade, the EURO STOXX 50 fell 0.53%, France's CAC 40 fell 0.61%, while Germany's DAX 30 fell 0.34%. Meanwhile, in the U.K. the FTSE 100 finished down 0.02%.

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Forex - Dollar holds gains in early Asia trade, U.S. Lew in region

Investing.com - The dollar held onto overnight gains against the yen in early Asian trade Wednesday as U.S. Treasury Secretary Jack Lew arrived in the region for a series of leadership meetings in Singapore and Malaysia as well as Beijing later in the week.

USD/JPY reached 99.66, up 0.02%, in a range of 99.59 - 99.66,

AUD/USD weakened ahead of consumer sentiment data from Westpac-Melbourne Institute for November at 1030 local time (2330 GMT) that comes on the heels of disappointing October business confidence and conditions in a survey by National Australia Bank released Tuesday.

AUD/USD traded at 0.9300, down 0.02%.

The dollar enjoyed support overnight amid ongoing expectations for the Federal Reserve to begin scaling back its USD85 billion in monthly bond purchases either in December or in early 2014.

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Forex - Dollar edges lower amid profit taking

Investing.com - The dollar traded mixed to lower against most major currencies in a quiet session on Monday after investors locked in gains from Friday's surprisingly strong October jobs report and sold the unit for profits.

In U.S. trading on Monday, EUR/USD was up 0.33% at 1.3408.

On Friday, the Bureau of Labor Statistics reported that the U.S. economy added 204,000 jobs in October, far surpassing expectations for a 125,000 increase.

A day earlier, official data showed that the U.S. economy grew 2.8% on year in the third quarter, well beyond expectations for 2.0% growth.

The figures fueled market sentiments that the Federal Reserve could soon announce plans to scale back its USD85 billion in monthly asset purchases, which drive down borrowing costs to spur recovery, weakening the greenback as a side effect.

Profit taking kicked in on Monday, especially after investors concluded that the Fed may likely leave its stimulus programs unchanged until Janet Yellen takes the helm of the U.S. central bank and holds her first policy meeting in March.

Further fueling profit taking were concerns that fewer high-quality jobs are being created when compared to retail, leisure and hospitality jobs, which could prompt the Fed to keep policy ultra-loose into early 2014.

The session saw little in the way of economic indicators, which allowed for quiet trading.

The greenback was up against the pound, with GBP/USD down 0.15% at 1.5990.

The dollar was up against the yen, with USD/JPY up 0.12% at 99.21, and down against the Swiss franc, with USD/CHF down 0.23% at 0.9194.

The dollar was mixed against its cousins in Canada, Australia and New Zealand, with USD/CAD down 0.03% at 1.0474, AUD/USD down 0.27% at 0.9357 and NZD/USD trading up 0.04% at 0.8248.

The dollar index, which tracks the performance of the greenback versus a basket of six other major currencies, was down 0.16% at 81.16.

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Forex - Aussie dollar weakens before NAB survey, U.S.dollar gains on yen

Investing.com - The Australian dollar drifted lower in early Asian trade on Tuesday ahead of a closely watched survey by National Bank of Australia on business confidence and conditions for October, while the dollar gained against the yen on continued expectations the U.S. Federal Reserve will start to taper its stimulus program soon.

AUD/USD traded at 0.9356, down 0.05%, and in a range of 0.9345 - 0.9390 ahead of the NAB survey at 1130 local time (0030 GMT), which is said to be closely watched by the Reserve Bank of Australia as a leading indicator to assess prospects for the economy.

USD/JPY traded at 99.18, up 0.02%, and in a range of 99.16 - 99.21, on a mild resumption of strength in the Asian trading day after investors overnight locked in gains from Friday's surprisingly strong October jobs report and sold the unit for profits.

On Friday, the Bureau of Labor Statistics reported that the U.S. economy added 204,000 jobs in October, far surpassing expectations for a 125,000 increase.

On the Japanese data from for Tuesday is the October consumer confidence survey at 1400 local time (0500 GMT) expected to show a reading of 46.3, up from 45.4 in September.

EUR/USD held steady at 1.3405 in early Asian tr
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Hero keeper Krul hails 'best performance yet'

By Mike Collett

(Reuters) - Newcastle United goalkeeper Tim Krul produced what he said was the performance of his career as his team survived a second-half onslaught from Tottenham Hotspur to win 1-0 at White Hart Lane in the Premier League on Sunday.

The 25-year old Dutch international was mobbed by his team mates at the end after thwarting Spurs time and again to help his side to a second successive win after beating Chelsea 2-0 last week.

"These kind of games do not happen very often and three points away at Tottenham is a fantastic result," said Krul on Sky Sports.

The keeper used body, arms and legs in a stellar display that produced 14 saves, the most in a Premier League match this season.

Asked what his best save was, he picked out one from Roberto Soldado, when he acrobatically tipped a header over the bar.

"With the sun so low it was difficult to see it and it just kick-started from there," he said.

"I don't think I have ever played as well. This is the highlight of my career. It was nice to celebrate with the back four at the end."

Newcastle manager Alan Pardew told reporters: "That was one of the best goalkeeping displays I have ever seen. Wow! I think he is the best Dutch goalkeeper and I think he proved that today."

Newcastle won with a goal after 13 minutes when French international striker Loic Remy rounded 42-year-old Spurs stand-in keeper Brad Friedel and fired the ball into the net.

(Editing by Ed Osmond)

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Gold steady early in Asia after sharp drop last week on U.S. jobs data

Investing.com - Gold prices held steady on Monday in early Asian trade, recovering slightly from a sharp drop last week as demand for dollars rose in the wake of a stronger than expected U.S. jobs report.

Gold futures for December delivery on the Comex division of the New York Mercantile Exchange traded at 1,287.50 a troy ounce, down 0.04%, hovering between positive and negative territory. Gold futures for December settled 1.8% down at $1,284.60 an ounce on Friday, the lowest settlement since $1,282.30 an ounce on Oct. 16.

The world's top two gold importers, India and China, have not stepped up purchases on price dips recently, apparently waiting on more clarity on U.S. Federal Reserve monetary policy.

The Bureau of Labor Statistics reported earlier that the U.S. economy added 204,000 jobs in October, far surpassing expectations for a 125,000 increase.

The figures fueled market sentiments that the Federal Reserve could announce plans to scale back its USD85 billion in monthly asset purchases possibly as soon as December.

Asset purchases aim to spur recovery by driving down long-term interest rates, weakening the dollar in the process, and talk of their dismantling strengthens the U.S. currency and thus weakens gold.

The better-than-expected October jobs report came a day after official data showed that the U.S. economy grew 2.8% on year in the third quarter, well beyond expectations for 2.0% growth.

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Mkt may see correction ahead: Sushil Kedia

Sushil Kedia of CIMB, in an interview to CNBC-TV18, presents a technical perspective on the markets going forward.

Also read: Current situation worse than that in 2008: Marc Faber

Below is the edited transcript of his interview to CNBC-TV18.

Q: This week was a bit of a tough week. We had a couple of choppy days and the markets closed at the lowest point everyday. How would you approach the next week? Do you think this choppiness or volatility could continue?

Kedia: I am not looking merely at choppiness. There is a firm sign of a clear top coming in. I have been talking toppish for almost 5-6 weeks the day the new RBI governor made his maiden speech market had made a high of 6174 since then we dropped out 400 points. We then rose 600 points from those lows and we have come back to close roughly where the first speech from the RBI governor came.

In about 6-7 weeks, net-net Nifty has really not moved in that net change sense but a lot of things on the internals have changed.

A major risk off season is going to return upon us; the winter of risk off. I have been a little early in calling the markets top; it may have topped right now.

Q: You have been calling for a steep correction in US markets. When do you see that playing out? What kind of correlation will other asset classes like the dollar and in turn Indian equity markets have if that steep correction plays out?

Kedia: The call for a correction has been getting constantly signalled from the charts when you are anticipating. You are calling for a trend reversal which is not yet in place, the risk of getting whipsawed a few times, the risk of having to hit stops will be in place, but from the several US indices the one that has clearly made a reversal is the Nasdaq 100.

Nasdaq 100 given its nature is high-beta, there are a couple of interesting insights. While the ratio chart of Nasdaq 100 to S&P 500 has constantly been rising since the lows of 2001 when Nasdaq 100 collapsed, this 12-year outperformance of Nasdaq 100 is almost about getting over.

It is not just that index is stopped out, its outperformance too is. When I also ran a ratio chart between Nasdaq 100 and the CNX-IT, the kind of 10 percent additional upmove the CNX-IT made since I stuck my neck out that this index is topping out; even though it happened in fairly volatile fashion.

Not just trying to hang onto a view that has so far been a loser in last one month, but the CNX-IT has had underperformed the Nasdaq 100.

Going forward, if my thesis comes right on a winter of risk-off and pretty much everything in the world will go down except for the US dollar, then who knows aversion to investment in IT stocks may combine that with equity beta. The CNX-IT has a far strong beta with the Nifty index than with the INR-USD. That was one way to correlate the US market.

Another way is the US equity markets are the last ones to move in short-term trading cycles. Korea has made a clear-cut top out. Last three weeks, basic technical analysts will tell you that market is no longer bullish; it has definitely reversed. China was not bullish.

You do not count Japan really in Asia, but Japan is inside a fulcrum. It is going to breakout either ways. I am tipping my head. It is not going to breakout upwards. So while the US markets kept on alluding a sense of strength there has been a distribution going on elsewhere.

It looks like once these markets top out, the complacency that is going up will be abandoned very rapidly.

Disclaimer: The above views are the personal analysis of Sushil Kedia, President ATMA and do not  reflect any opinion of ATMA

To know more about ATMA, please visit http://www.atma-india.net/

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Shriram City files draft prospectus for NCD issue

Nov 09, 2013, 06.12 PM IST

Shriram City Union Finance a Shriram group company has filed the Draft Prospectus for a public issue of NCDs aggregating upto Rs 10,000 lakhs with an option to retain over-subscription upto Rs 10,000 lakhs for issuance of additional NCDs, aggregating to a total of upto Rs 20,000 lakhs.

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Shriram City files draft prospectus for NCD issue

Shriram City Union Finance a Shriram group company has filed the Draft Prospectus for a public issue of NCDs aggregating upto Rs 10,000 lakhs with an option to retain over-subscription upto Rs 10,000 lakhs for issuance of additional NCDs, aggregating to a total of upto Rs 20,000 lakhs.

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Shriram City files draft prospectus for NCD issue

Shriram City Union Finance a Shriram group company has filed the Draft Prospectus for a public issue of NCDs aggregating upto Rs 10,000 lakhs with an option to retain over-subscription upto Rs 10,000 lakhs for issuance of additional NCDs, aggregating to a total of upto Rs 20,000 lakhs.

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Shriram City Union Finance has filed the draft prospectus for a public issue of NCDs aggregating upto Rs 10,000 lakhs with an option to retain over-subscription upto Rs 10,000 lakhs for issuance of additional NCDs, aggregating to a total of upto Rs 20,000 lakhs. The funds raised through this Issue will be utilised for various financing, lending, investments, repaying company's existing liabilities or loans, towards business operations, capital expenditure, working capital requirements and general corporate purposes.

The NCDs offered through this Draft Prospectus are proposed to be listed on the BSE and the National Stock Exchange of India (NSE). The face value of Secured Redeemable NCDs and Unsecured Redeemable NCDs has fixed at Rs 1000 / NCD.

Shriram City Union Finance is a deposit-taking NBFC with multiple product lines, including loans to the small enterprise finance segment; loans against gold; financing for two wheelers, appliances and other commercial goods.

Also Read: Muthoot Finance files draft prospectus for NCD issue

The NCDs proposed to be issued under the Issue have been rated 'CARE AA' by CARE for an amount of upto Rs 20, 000 lakhs.

ICICI Securities Limited as a lead manager, Shriram Insight Share Brokers Limited as a registrar and GDA Trusteeship Limited has appointed as
Debenture Trustee to the issue.

To read the full report click here

Tags: Shriram City Union Finance, NCD, Draft Prospectus, NSE, National Stock Exchange of India, BSE, NBFC, CARE, ICICI Securities Limited, lead manager, Shriram Insight Share Brokers Limited, registrar, GDA Trusteeship Limited, Debenture Trustee

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