Moneycontrol Bureau11:45 am Exclusive: Sources at the Finance Ministry tell CNBC-TV18 that the banking regulator The Reserve Bank of India is proposing to hike the limit of market stabilisation scheme with the objective of sucking out excess liquidity in the system. Banks flush with incremental deposits owing to demonetisation drive has parked a substantial sum of money in the reverse repo window with the RBI. MSS (Market Stabilisation Scheme) securities are an extra tool with which the RBI can intervene in the market for managing liquidity. These securities are given by the banking regulator like bonds to clean up additional liquidity.11:30 am IPO: Jagran Prakashan, the publisher of leading Hindi daily Dainik Jagran, today said its subsidiary Music Broadcast Ltd will raise up to Rs 400 crore through initial public offer.
The board of MBL, which operates the popular Radio City FM stations, in a meeting held today approved the IPO of the company.
"We wish to inform you that the board of directors of Music Broadcast Ltd (MBL) at their meeting dated November 24, 2016 has approved an initial public offer," the company informed BSE.
"The IPO would comprise of fresh issue aggregating upto Rs 4,000 million (400 crore) and offer for sale by existing shareholders," it added.
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The market is gradually picking up pace with support from technology, metals and oil & gas stocks. The Sensex is up 242.16 points or 0.9 percent at 26102.33, and the Nifty is up 87.85 points or 1.1 percent at 8053.35. About 1638 shares have advanced, 409 shares declined, and 125 shares are unchanged.
Infosys, TCS, GAIL, Tata Steel and Wipro are top gainers while Tata Motors, Bharti Airtel, Dr Reddy's, ICICI and Reliance are losers in the Sensex.
The Reserve Bank of India intervened heavily in morning trade on Friday as the rupee fell to around 68.65 per dollar, approaching the record low hit in the previous session, traders said.
The intervention sparked a sharp rebound in the rupee, which was trading at 68.4750 per dollar as of 0432 GMT, up from its 68.7350 close on Thursday.
The rupee fell to a record low of 68.8650 on Thursday, pressured by a rallying US dollar, capital outflows from emerging markets, and worries about the country's demonetisation drive.
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