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No.13 - Relative Rates of Return in Major Financial Markets


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                 Item                         Last Week/Fortnight of Month
                                      --------------------------------------------------------------
                                      March 1995 March 1996   March 1997   April 1997    May 1997
----------------------------------------------------------------------------------------------------
                  1                        2          3           4            5            6
----------------------------------------------------------------------------------------------------

1. Call Money Rate (Mumbai)                16.10       16.3          3.66        0.47          7.12
   (DFHI Average Lending Rate)

2. 91-day Treasury Bills (Auction)         11.90      12.97          7.96        6.22          6.75
   (Cut-off yield)

3. 364-day Treasury Bills                  11.94      13.12         10.10        8.98          8.98
   (Cut-off yield)

4. Certificates of Deposit                 12.50      17.13         10.63       11.00            ..
   (Middle Rate)

5. Commercial Paper                        14.50       20.2         12.12       10.82         10.30
   (Middle Discount Rate)

6. Deposit Rate (1)                        11.00      12.00         10.00        9.00          9.00

7. Prime Lending Rate (2)                  15.00      16.50   14.50-15.00 14.00-14.50   14.00-14.50

8. Coupon Rate of GOI Securities             (3)  14.00 (4)           (3)    13.05(4)      12.65(5)
    (Issued during the month)                                                              12.14(6)

9. Capital Market (Ordinary Shares)
   a. Gross Yield (All Industries)      1.79 (7)       3.61          4.76          ..            ..
   b. Change in RBI Index                    4.0       -3.5           1.5     -0.9(P)            ..
      (All Industries)

Memo Item :
    Annual Inflation Rate                   10.4        5.0           6.9      6.3(P)        5.9(P)
   (WPI on Point-to-Point Basis)

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