Dhanlaxmi Bank hikes term deposit rates

Dhanlaxmi Bank Ltd has revised its interest rates on domestic term deposit rates, across select maturities. The new rates, effective 20 January 2011, are applicable for select domestic term deposits up to Rs50 lakh.

To strengthen the retail liability base, the Bank has introduced a medium term maturity of 500 days, offering an interest rate of 9.00% per annum (p.a.). The hike in interest rates is in line with market trends and the emerging market interest rate scenario.

Interest rate on short-term deposits with maturity period between 46-90 days has been increased by 100 basis points (bps) to 6.00% p.a. Rates for deposits with a tenor of between 180-365 days has been increased by 50 bps to 8.00% p.a.

The Bank has also increased interest rates for 366 days and above up to and inclusive of two years offering an interest rate of 8.60%, an increase of 35 bps.

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

The interest rates for tenure between 7-14 days, 15-45 days, 91-179 days and for deposits above five years up to and inclusive of 10 years have been kept unchanged at 3.50%, 5.00%, 7.25% and 8.25%, respectively.

On Wednesday, Dhanlaxmi Bank ended 0.77% up at Rs104.65 on the Bombay Stock Exchange, while the benchmark Sensex declined 0.60% to 18,978.32 points.

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MindTree Q3 net slips 43% at Rs30.50 crore

IT and product engineering services firm MindTree Ltd said its net profit has declined by 43.27% at Rs30.50 crore for the quarter ended 31 December 2010.

This is against a net profit of Rs53.77 crore for the same period in the previous fiscal, MindTree said in a filing to the Bombay Stock Exchange (BSE).

However, revenues for the reported quarter were up 15.94% at Rs384.76 crore from Rs331.85 crore in Q3 FY10.

"Our IT services business continues to show good growth momentum with a 7.6% q-o-q growth. We are also beginning to see a growth trend in product engineering services. Coupled with the growth potential of a few of our newer clients, these are all good signs as we enter FY12," MindTree CEO and MD Krishnakumar Natarajan said.

The results include the financials of MindTree Wireless business, which was amalgamated into the company with effect from 1 April 2010.
MindTree added 1,021 people on a gross basis during Q3, taking its total headcount to 9,671 by December-end.

On Wednesday, MindTree ended 0.14% up at Rs542.15 on the BSE, while the benchmark Sensex declined 0.60% to 18,978.32 points.

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Sugar output grows 15% so far in current crop year

New Delhi: The country's sugar production is estimated to have risen by 15% to 8.4 million tonnes as on 15th January in the current crop year, reports PTI.

"Production is about 8.4 million tonnes, about 15% more than what the country had produced in the same period last year," a senior government official told reporters here.

The government has estimated total sugar production at 24.5 million tonnes in the ongoing 2010-11 crop year (October-September), against 19 million tonnes in the previous crop year. The country's annual demand of sugar is pegged at 23 million tonnes.

Meanwhile, food secretary BC Gupta said, "I am optimistic about sugar production, we will review the production sometime early next month."

At present, sugar prices in retail market are ruling at Rs31-Rs33 per kg. In the wake of rising inflation, the government had recently put on hold the export of 5 lakh tonnes of sugar under the Open General Licence scheme (OGL).

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