Dhanlaxmi Bank hikes term deposit rates by up to 175 bps

Dhanlaxmi Bank Ltd announced a 75 to 175 basis points (bps) increase on its domestic term deposit rates, across select maturities. The new rates, effective 15 December 2010 are applicable for domestic term deposits up to and including Rs50 lakh for various maturities.

The Bank has rationalised maturities from the earlier 91-120 days and 121-179 days to a single slab of 91-179 days, offering an interest rate of 7.25%, an increase of 175 bps.

Interest rate on short term deposits with maturity period between 15-45 days has been increased by 100 bps to 5.00% per annum (p.a.). Rates for deposits with a tenor of between 46-90 days have also been hiked to 5.00% p.a., an increase of 75 bps.

The Bank has introduced a medium term maturity for deposit above two years, up to and inclusive of three years, with an interest rate of 8.25% p.a.

The interest rate for tenure between 7-14 days, 180-365 days, 366-399 days have been kept unchanged at 3.50%, 7.50%, 8.25% respectively. Deposits of tenure between 401 days and above up to and inclusive of two years and long term deposits above five years, up to and inclusive of 10 years have remain unchanged at 8.25% p.a.

The Bank will continue to offer a peak rate of 8.50% for deposits of 400 days tenure.

Senior citizens will be eligible for an additional rate of 0.50% p.a. for tenures starting from 180 days and above (except for 400 days deposits).

On Tuesday, Dhanlaxmi Bank ended 0.87% up at Rs127.35 on the Bombay Stock Exchange, while the benchmark Sensex gained 0.55% to 19,799 points.

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NTPC to pick up controlling stakes in projects

Country’s largest power producer NTPC Ltd said it would pick up 76% equity each in two thermal power projects in Jharkhand.

“We are in talks with Jharkhand government to pick up stakes in Patratu and Tenughat,” NTPC CMD Arup Roy Choudhary said.

He said the undertaking would pick up 76% equity in these two projects which have a combine capacity of 2,640MW.

“Right now I can only say the talks are on between us and Jharkhand government,” Choudhary said.

These power projects have coal linkages and are running on very low efficiency level. On Tuesday, NTPC rose 1.12% to Rs198.80 on the Bombay Stock Exchange, while the benchmark Sensex gained 0.55% to 19,799 points.

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TVS to ramp up Hosur plant production for ‘Wego’

Country’s second largest two-wheeler manufacturer TVS Motor Company Ltd plans to ramp up its manufacturing facility at Hosur in Tamil Nadu as part of meeting “huge” demand for its scooterette Wego.

The company had showcased the scooterette in November 2009.

Now backed by huge demand, the Hosur-headquartered company plans to increase its capacity at its plant for production of Wego, TVS Motor Company president (marketing & sales) HS Goindi said.

“Tamil Nadu is the largest market for us. We plan to launch Wego in Tamil Nadu market by January or February 2011,” Mr Goindi added. Currently, Wego is not available in Tamil Nadu and some eastern regions in the country.

On Tuesday, TVS Motor ended 0.54% up/down at Rs73.85 on the Bombay Stock Exchange, while the benchmark Sensex gained 0.55% to 19,799 points.

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