Recently, Housing Development and Infrastructure Ltd (HDIL) announced to launch its second phase of mega township project - Paradise City. The City is being developed at Palghar (W).An online news portal about business and economy - economictimes.indiatimes.com, writes about it, “The second phase offers 3,000 units for sale comprising 1RK, 1, 2 and 3 BHK formats, ranging from 340 sqft-930 sqft and shops ranging from 5,155 sqft-7,950 sqft. “Further the news portal quotes a statement of the Company, “In less than two weeks, almost 100 per cent of the project's first phase was sold out. Paradise City is a mega affordable housing...
Short Term Income Fund Scheme Launched by Fidelity Mutual Fund
Recently, Fidelity Mutual Fund announced the launch of Fidelity Short Term Income Fund. It is an open ended income scheme that aims to generate reasonable returns primarily through investments in fixed income securities and money market instruments.An online news portal about business and economy - economictimes.indiatimes.com, quotes a statement of Fidelity Investment Managers, Managing Director and Country Head - India, Ashu Suyash, “At a time when investors have turned risk averse with hardening interest rates and increasing equity market volatility, we believe that Fidelity Short Term Income Fund could provide reasonable...
New Exchange Traded Gold Fund Launched by Axis MF
Recently, Axis Mutual Fund announced the launch of its new open-ended exchange traded fund. It is known as Axis Gold ETF. It is focused to on gold-related investment and derivatives.An online news portal about business and economy - economictimes.indiatimes.com, quotes a statement of Axis MF, “The fund will allocate a maximum of 100 per cent of its corpus for investment in gold, including derivatives. It might also invest up to 10 per cent of its corpus in money market instruments.Market sources said Axis MF aims to mop up Rs 300 crore through the new fund offer (NFO), which closes on November 3.The minimum investment in the...
Kotak Life Insurance Launches Kotak Secure Invest Insurance and Kotak Wealth Insurance
Recently, Kotak Life Insurance launched two new ULIPs - Kotak Secure Invest Insurance and Kotak Wealth Insurance. These two new ULIPs are compatible with the new IRDA guidelines.About the two new ULIPs, Kotak Life Insurance said in a statement, “Kotak Secure Invest Insurance is an equity exposure plan and is backed by capital guarantees with in-built investment advice of the guarantee fund. It also helps the customer gain from market participation through the guarantee fund that aims at stable capital appreciation while limiting the downside risk in falling market conditions.”So, Kotak Secure Invest Insurance is launched as...
Vodafone Introduces Lowest-Priced Bonus Cards at Rs. 4
This time, Vodafone has introduced its new lowest-priced bonus card at Rs. 4. The bonus card will be featured with 100 local and national SMS or local/STD calls for 8 minutes.An online news portal about business and economy - economictimes.indiatimes.com writes about the Vodafone Bonus card, “By choosing to deduct Rs 4 from their available talktime, subscribers can get 8 local/STD minutes, calls at 30 paise per minute (to another Vodafone user), 40 minutes of local night calling (to another Vodafone user) or send 100 local/national SMSes. The card will be valid for one day.”Further the website publishes a quotation of Vodafone,...
RBS may sell its Indian commercial and retail unit to HSBC
A buzz has taken strong shape about Royal Bank of Scotland Group Plc that the company may sell its Indian commercial and retail unit to HSBC Holdings Plc. The news is confirmed by economictimes.indiatimes.com, an online news portal about business and economy.The news portal quotes a statement, “The sides may agree a deal as early as next month. The unit has about 1.3 million customers, 1,800 employees and 28 branches. The bank has announced the sale of four overseas units this week after agreeing to sales in Argentina, Kazakhstan, Pakistan and the United Arab Emirates.”Further the news portal reports, “Banco Santander SA,...
Bank of Rajasthan to be acquired by ICICI
India’s second largest Private sector Bank – ICICI again in the queue of acquiring other banks. The Bank will acquire Bank of Rajasthan. It would be the 3rd acquisition by ICICI bank in the last decade.Chanda Kochhar who is the ICICI Bank MD & CEO talks to ET, “We have reached an indicative pricing with the promoters on a swap ratio of 25:118. (A BoR shareholder will receive 25 ICICI shares for every 118 BoR shares held.) This is, however, subject to due diligence. Our understanding of the strategic value is that it would have taken us three years to build the current account and savings account relationships. Also, the...
Dhanalakshmi Bank Hikes 25 Basis Points Term Deposit Rates
Recently, the most popular Kerala-based bank – Dhanalakshmi announced a 25 basis points increase on its domestic term deposit rates. The term is effective now across all maturities.In a press release it is said that the new rate are applicable for all domestic term deposits below and including Rs 1 crore across all tenures.Economictimes.indiatimes.com, an online news portal about economy and business, quotes the release, “Deposit of up to Rs 1 crore will be offered 6.5 per cent for one-year maturity. For deposits from ranging from 366 days to two years, 7.25 per cent, above two years up to five year maturities, the bank will...
Reserve Bank of India Increases the Short-term Lending and Borrowing Rates and CRR by 25 Basis Points Each
Reserve Bank of India increases the short-term lending and borrowing rates and the cash reserve ratio (CRR) by 25 basis points each in the annual Credit Policy for the year 2010-11.About this hikes, economictimes.indiatimes.com, an online news portal about economy and business writes, “The repo and reverse repo rates have been hiked to 5.25 and 3.75 percent respectively, and will raise the cost of fund for lenders. It also hiked the CRR, the portion of money that commercial banks deposit with the central bank, by 25 basis points. The CRR hike draws out Rs 12,500 crores from the system.”This is the second time the RBI has raised...
Cheaper Home Loans at HDFC to 8.25% for First Year
Recently, HDFC announced to lower its home loan rates to 8.25% for the first year in its new dual rate scheme. The scheme is commonly known as teaser loans that are applicable on fresh loans.Now, subscriber will able to get a fixed rate of 8.25 % up to March 2011, then 9 % for the next one year. About the cheaper home loans, HDFC said in a statement to ET, “This is a flexible product with dual rates. The fixed rates are applicable for all new loans irrespective of the loan amount.”So, it is a flexible product that comes with dual rates. About the lower home loans rate at HDFC, economictimes.indiatimes.com, an online news portal...
Property Search Application for Apple iPhone by Knight Frank
Recently, the leading independent global property consultancy - Knight Frank announced that its Property Search App is now available from the App Store. Users can search more than 6,000 of the world’s best properties for sale or rent. They can use the application on their iPhone or iPod touch.Patrick Ramsay who is the head of Residential in Knight Frank said to www.knightfrank.ie, “The Knight Frank App is a mobile window to more than 6,000...
Portfolio Investment Scheme Launched by Federal Bank for NRIs
Recently, Federal Bank announced to launch Portfolio Investment Scheme for NRIs. The PSI is launched in tie up with Geojit BNP Paribas Financial Services Ltd. It is "hassle free" facilities for investments in stock market.Managing Director and CEO of Federal Bank - M Venugopalan said to ET, “The bank, which has been authorized by RBI to administer the scheme, was the first among the traditional private sector banks to offer the facility. As per RBI rules, investments by NRIs in Indian share market were permitted under PIS of a bank only.”Further he talks about the benefits of the scheme, “Under the scheme, NRIs could investment...
Delhi Budget 2010-11 Makes the Life More Expensive for Delhiites
Delhi Finance Minister, A.K. Walia unveiled Delhi Budget 2010-11 yesterday that hiked taxes on a host of items. Delhi Budget 2010-11 makes the life in the city more expensive. He justifies the budget with Games projects. With the budget, it is clear that it's payback time.About the Delhi Budget 2010-11, economictimes.indiatimes.com writes, “The hike that is likely to hurt most is the increase in the value-added tax (VAT) on diesel from 12.5% to 20%, coming on top of the hikes Pranab Mukherjee had imposed in the Union budget less than a month ago. Higher VAT would mean diesel will cost Rs 2.37 more per litre. Given the widespread...
RBI Hikes Key Rates by 25 bps and Increases Repo and Reverse Repo
Recently, RBI announced to hike short-term interest rates - repo and reverse repo - by 25 basis points. Raises in key rates by 25 bps may hike home and auto loans also.About the key rates hikes, economictimes.indiatimes.com, a news portal writes, “Home loan rates may harden in April, banks will be hit by bond losses, and retail borrowers will have to cough up a little more EMI, with the Reserve Bank of India unexpectedly hiking interest rates on Friday evening, a month before the monetary policy.”Further the news portal writes, “Banks pay the repo rate to borrow from RBI and receive the reverse repo rate for parking surplus...
Almost All Private Banks Hike Rates for Home and Car Loans in India
Recently, almost all banks hike rates for home and car loans in India. In this series, the HDFC Bank, the ICICI Bank and the Kotak Mahindra are the main player. The banks have raised rates on home and auto loans.About the hike, Economictimes.indiatimes.com which is the India’s news portal writes, “These private banks have raised lending rates by as much as 100 basis points, following the hardening of market rates even as the central bank holds on to low rates to avoid derailing the economic growth. A basis point is 0.01 percentage point. RBI has started slowly rolling back some liquidity-boosting measures and has indicated...
Union Budget 2010-11 is nothing but collections of data
Today, 26th February, 2010 Pranab Mukharjee introduced Union budget 2010-2011 that was nothing but collections of data. He just figured out the area in which he has to invest some capital.You can see it as:Vision:GDP Growth to be targeted at 9%Target of Rs 25,000 crore disinvestmentInflation Rate to be lowered in 2 MonthsBanking:Additional Banking License to Private BanksRs 1,200 crore to be allocated to PSU BanksBanks for all villages with a population of 2,000Infrastructure:Rs. 1.37 lakh crore for Infrastructure developmentRailways to be allocated Rs 16,772 croreRoad Development allocation Rs. 19,894 croreNREGA Allocation...
About One Lakh Job Opportunities in IT Companies
To improve economic conditions, IT Companies may hire about one lakh workforce. Indian IT players will hire nearly one lakh work force to improve economic conditions of India.Recently, an analysis about the hiring plans came in light. According to the analysis, IT companies may hire more than 98,000 headcounts in coming future. In this scenario, it is considered that the industry is back on track with many projects.In the recent prospectus, TCS may hire about 30,000 workforces in next fiscal year. However, Infosys has planned to hire 16,000 people this year. On the other hand, Genpact would hire 10,000 people.In this lists,...
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