Personal finance Thursday

ICICI Bank, Andhra Bank increases base rate; General Motors gives discounts on cars; Corporation Bank signs MoU with Toyota Kirloskar Motors for auto retail finance; Allahabad Bank signs MoU with Hindustan Motors for commercial vehicle finance; ICICI Home Search and Vijay Group tie up for Orion in Thane; BSE Training Institute launches certificate program on currency markets

ICICI Bank, Andhra Bank increases base rate

ICICI Bank has increased its base rate by 0.25% with effect from today. The revised rate will be 7.75% per annum as against 7.50% per annum at present. The fixed rate loan customers will not be impacted by the above increase and their contracted rates will remain unchanged. The Bank has also increased its interest rates for various tenors of retail fixed deposits by 0.25% to 0.50% with effect from 6th October.

Andhra Bank has also increased the base rate by to 8.50% from 8.25%.
With effect from 1st July, interest rates on new loans and advances, including consumer loans, are determined with reference to base rate. The base rate is the minimum rate at which banks can lend loans.

General Motors gives discounts on cars

General Motors is giving discount ranging from Rs12,000 to Rs70,000 depending upon the model of the cars. The company has not increased the prices, and is giving discounts on different models of its cars.

The festive offer has been made in view of the ensuing Navratri and Diwali festivals. P Balendran, vice president (corporate affairs) said, "These are special offers/schemes for the festive season which have been rolled out. The special offers vary from model to model and include schemes like free maintenance for three years or 45,000km whichever is earlier. The other offers include Chevrolet Promise Cashless Ownership Offer, some cash incentives, corporate discount etc."

Corporation Bank signs MoU with Toyota Kirloskar Motors for auto retail finance

Corporation Bank has signed a memorandum of understanding (MoU) with Toyota Kirloskar Motors to extend auto retail finance. Corporation Bank will be one of the preferred financiers for the entire range of vehicles sold by Toyota Kirloskar Motors.

Allahabad Bank signs MoU with Hindustan Motors for commercial vehicle finance

Allahabad Bank has signed a memorandum of understanding (MoU) with Hindustan Motors for commercial vehicle finance. According to the agreement, the Bank will be a preferred financier of the vehicles manufactured by Hindustan Motors. Dealers of Hindustan Motors and Allahabad Bank branches will be sourcing business using their own customer database.

ICICI Home Search and Vijay Group tie up for Orion in Thane

ICICI Home Search in association with Vijay Group provides an opportunity to buy apartments in Mumbai. ICICI Home Search is a division of ICICI Finance Company Ltd. Located in Thane, off Ghodbunder Road, the project-Orion will be completed in approximately three years. The project is approved by ICICI Bank Home Loans for funding. Orion will have three towers of 27-storey each and three podiums. It will also include amenities like club house, children's play area, community party lawn, library, jogging track, health club etc.

BSE Training Institute launches certificate program on currency markets

BSE Training Institute (BTI), the training division of Bombay Stock Exchange Ltd, will launch a certificate program on currency markets from 22 November 2010 to 15 January 2011.
The program will consist of interactive lectures, case study discussions and hands on exercises will conclude with an online assessment. To ensure application of knowledge, the program will include a workplace project. Successful completion of the project work is a pre-requisite for obtaining the final specialisation certification. In addition, participants will get to learn the live online Forex Trading platform used by the United Stock Exchange of India Ltd.

Seats will be allotted till 16th November. The course is spread over eight weeks. The course will be conducted from Monday to Friday (evening 6:30pm to 8:30pm). Fees per participant is Rs19,500 plus service tax of 10.30%. Total amount is Rs21,509 per participant. Students are eligible for a 10% discount on submission of current year student identity card. The course will be conducted at United Stock Exchange of India Ltd in Mumbai.

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ITC waiting for EIH rights offer

Kolkata: Diversified conglomerate ITC Limited, having 14.98% stake-holding in EIH with no management control, today said it is waiting for the offer of the rights issue proposed by the latter, reports PTI.

"Let the offer of the rights issue come. The decision will be taken by the board," chairman of the company Y C Deveshwar told reporters on the sidelines of a Confederation of Indian Industry (CII) national council meeting here today when asked whether ITC would subscribe to the EIH rights.

EIH, which runs the Oberoi and Trident group of hotel chains in India and overseas, had proposed to float a rights issue to raise Rs1,300 crore from the market.

Industry observers were of the view that there was no reason why ITC should not subscribe to the issue.

A chairman of a leading finance company told PTI that only if ITC felt that EIH is not valuable enough or faced a fund constraint, it would not subscribing to the rights issue.

However, "For ITC, both these reasons are not valid," he said.

Not subscribing the rights issue would also lower ITC's proportionate holding in EIH after the issue was over.

Mr Deveshwar, however, refused to comment on Reliance's entry into EIH as a stakeholder.

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Aqua Logistics subsidiary starts operations in Middle East

Aqua Logistics said its subsidiary in Sharjah and Jumeriah free trade zone has started operations in the Middle East market to provide integrated end-to-end supply chain services.

The company expects business of around Rs80 crore and profit of Rs6-Rs8 crore in next year from these operations.

On Wednesday, Aqua Logistics shares declined 3% to Rs56 on the Bombay Stock Exchange, while the benchmark Sensex gained 0.7% to 20,543 points.

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