Birla Sun Life Mutual Fund floats 1,093 fixed term plan

Birla Sun Life Mutual Fund new issue closes on 11th May

Birla Sun Life Mutual Fund has launched Birla Sun Life Fixed Term Plan-Series DA, a close-ended income scheme.

The scheme seeks to generate income by investing in a portfolio of fixed income securities maturing on or before the duration of the scheme. The scheme will have duration of 1,093 days.

The new issue closes on 11th May. The minimum investment amount is Rs5,000.

CRISIL Composite Bond Fund Index is the benchmark index. Kaustubh Gupta is the fund manager.

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Yes Bank hikes base rate, BPLR by 0.5%

Private sector Yes Bank raised its base rate and benchmark prime lending rate by 0.5% to 9.50% and 19%, respectively

A day after the Reserve Bank of India (RBI) hiked its key short-term lending and borrowing rates by 0.5% each, private sector Yes Bank on Wednesday raised its base rate and benchmark prime lending rate (BPLR) by 0.5% to 9.50% and 19%, respectively. 

The new rates will be with immediate effect, the bank said in a press release.

In response to the increase in the cost of funds and keeping in view market conditions, the bank has decided to increase both its base rate and BPLR by 0.5% each, it said.

The Bank’s managing director & CEO, Rana Kapoor, said, “to further the monetary policy transmission of the Reserve Bank of India, YES Bank has increased its base rate and PLR by 50 basis points each.”

The private lender also welcomed the RBI’s move to increase interest on savings account deposits by 0.5% to 4%.

On Tuesday, the RBI hiked its key short-term lending and borrowing rates by 0.5%  each with immediate effect to tackle inflation. The short-term lending (repo) rate now stands at 7.25% and the borrowing (reverse repo) rate at 6.25%. IDBI Bank, had, late evening yesterday, raised its base rate and prime lending rate by 0.5% each with effect from 5th May. Its base rate or the minimum lending rate would now stand at 10% while its BPLR would be 14.50%.

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Punjab National Bank quarterly profit rise 5.8% to Rs1,201 crore

Punjab National Bank’s total income rose 31.2% to Rs8,586 crore in the March 2011 quarter compared to Rs6,460.7 crore in the same period last year

The country's second largest public sector lender Punjab National Bank (PNB) today posted a 5.8% increase in net profit at Rs1,201 crore for the three months ended March 2011.

The Bank had a net profit of Rs1,135 crore in the same period a year-ago, PNB said in a statement.

Total income rose 31.2% to Rs8,586 crore in the latest quarter compared to Rs6,460.7 crore in the same period last year.

For the full year ended March, the lender reported a net profit of Rs4,433 crore, representing an increase of 13.5%, as against Rs3,905 crore in the 2009-10 fiscal.

During the same period, total income jumped to Rs30,599 crore from Rs24,834 crore in the corresponding period.

In a filing to the Bombay Stock Exchange, PNB said it has increased the base rate to 10% from 9.5% and benchmark prime lending rate (BPLR) to 13.5% from 13%. These changes would be effective from 5th May. Base rate is the rate below which banks cannot lend to customers.

Shares of PNB were today trading at Rs1,110 on the Bombay Stock Exchange in late afternoon trade, 1.59% up from the previous close.

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