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


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

1. Call Money Rate (Mumbai)                16.28              3.66              7.12          5.03                 2.91
   (DFHI Average Lending Rate)

2. 91-day Treasury Bills (Auction)         12.97              7.96              6.75          7.00                 6.71
   (Cut-off yield)

3. 364-day Treasury Bills                  13.12             10.10              8.98          8.98                 8.42
   (Cut-off yield)

4. Certificates of Deposit                 17.13             11.38                ..           ..                   ..
   (Middle Rate)

5. Commercial Paper                        20.15             11.88             10.85         10.00                 9.63
   (Middle Discount Rate)

6. Deposit Rate (1)                        12.00             10.00              9.00          8.00                 8.00

7. Prime Lending Rate (2)                  16.50       14.50-15.00       14.00-14.50      13.50-14.50             13.50

8. Coupon Rate of GOI Securities       14.00 (4)               (3)          12.69(5)        12.59(7)              10.85   (8)
    (Issued during the month)                                               12.14(6)

9. Capital Market (Ordinary Shares)
   a. Gross Yield (All Industries)      3.61 (9)              4.76                ..           ..                   ..
   b. Change in RBI Index                   -3.5               1.5           -3.1(p)        9.00(p)                 ..
      (All Industries)

Memo Item :
    Annual Inflation Rate                    5.0               6.9            5.9(p)         5.6(p)               4.0(p)
   (WPI on Point-to-Point Basis)

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