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On Friday, the Reserve Bank of India (RBI) carried out the maiden auction of a new government bond maturing in 2034. The coupon - or rate of interest - for the new bond was set at 6.79%. At the time of the auction, the yield on the existing 10-year bond was trading at 6.80%, implying a premium of one basis point for the yield on the new paper. The existing 10-year bond, which bears a coupon of 7.10%, closed at 6.83% on Friday.
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This rise in reserves comes on the back of foreign investment in local equities, along with inflows due to Indian government bonds being included in the JP Morgan Emerging Market Index. FPIs invested $11.1 billion in Indian stocks in September, NSDL data showed, whereas investment in government bonds through the fully accessible route increased by over $2 billion, CCIL data showed.
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"The final approval for registration will be granted by Sebi subject to fulfilment by the company and BlackRock of the requirements set out in the said (Sebi) letter," said Jio Financial.
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