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Bonds take hit as tax outflow drains cash
September, 19th 2007

Government bonds fell on Monday as last weeks tax outflow drained funds from the banking system.

Indian companies may have paid as much as Rs30,000 crore ($7.4 billion) as the second instalment of their advance taxes, according to Suresh Pai, chief of fixed income at state- owned Canara Bank Ltd.

The tax deadline was 15 September. Bonds also fell as lending rates between banks rose to the highest in a month, discouraging the purchase of debt with borrowed funds.
 
We wont see the kind of cash surpluses that we have witnessed in the recent past, Mumbai-based Pai said. There are more reasons for yields to rise than fall.
 
The yield on the 7.99% note maturing July 2017 held at 7.86% at the close in Mumbai, according to the trading system of the Reserve Bank of India (RBI). The price fell 0.575, or 6 paise per Rs100 face amount, to Rs100.83. Yields move opposite to prices.
 
Overnight borrowing rates rose to as much as 7.05% on Mondaythe most this monthsuggesting surplus funds at banks have declined. The rate has averaged 6.51% the past year.
RBI drained on average Rs21,120 crore through daily sales of securities last week, compared with Rs34,850 crore in the previous week. That suggests a drop in surplus cash in the system.
The central bank had said it will sell only short-term treasury bills.
 
RBI issued Rs10,000 crore of bills this month to prevent surplus funds from stoking inflation.
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