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Thursday, August 2, 2007

SBI yet to decide on rights issue

Country’s largest commercial bank, State Bank of India (SBI) Wednesday said it will take a decision on whether to go for a rights issue or public offer in a month or two. “It is still taking shape. The decision would be take in a month or two,” SBI Chairman O P Bhatt said. The bank is planning to raise around Rs 15,000 crore during this fiscal through a mix of Tier I and Tier II bonds to meet credit requirements. SBI is also planning to set up a holding company for its asset management and insurance venture. The proposed company would be formed in 2-3 months, he said. When asked about revision of lending and deposit rates, he said the decision would be taken by the bank’s asset liability committee, which is scheduled to meet next week.

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Economic Event Calendar

GMT+5:30 Event Vol. Actual Consensus Previous
Friday, Jun 06
18:00 Unemployment Rate 2 4.2% 4.2% 4.2%
18:00 U6 Underemployment Rate 2 7.8% 7.8%
18:00 Nonfarm Payrolls 3 139K 130K 147K Revised from 177K
18:00 Average Hourly Earnings (YoY) 3 3.9% 3.7% 3.9% Revised from 3.8%
18:00 Average Weekly Hours 1 34.3 34.3 34.3
22:30 Baker Hughes US Oil Rig Count 1 461
Saturday, Jun 07
00:30 Consumer Credit Change 1 $10.85B $10.17B
01:00 CFTC Oil NC Net Positions 1 165.7K
01:00 CFTC GBP NC Net Positions 1 £35.4K
01:00 CFTC AUD NC Net Positions 1 $-61.2K
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