Reliance Broadcast Network in joint venture with CBS Studios

Reliance Broadcast Network Ltd, formerly known as Reliance Media World Ltd, said it signed a joint venture agreement with CBS Studios Inc, a division of CBS Corporation for various media deals. No financial details were provided.

The joint venture will initially create three new television channels. The channels will be English entertainment channels, customised for the Indian market offering audiences immediate access to new and current CBS programmes, said the company in a regulatory filing.

On Wednesday, Reliance Broadcast Network shares closed 5% higher at Rs81 on the Bombay Stock Exchange, while the benchmark Sensex ended 1.2% up at 18,257 points.

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Satyam's ex-founder Ramalinga Raju granted bail

Hyderabad: Satyam Computer Services' (Satyam) tainted founder B Ramalinga Raju today secured bail from the Andhra Pradesh High Court, over 17 months after his arrest on charges of allegedly fudging the IT company's accounts reports PTI.

Mr Raju, who was arrested on 7th January last year and is currently undergoing treatment in a city hospital, was granted bail on the condition he stay in Hyderabad and provision of on two sureties of Rs20 lakh each.

Justice Raja Elango granted the bail to the former chairman of Satyam Computer, which has since been taken over by the Mahindra group and renamed Mahindra Satyam, even as the Central Bureau of Investigation (CBI) said he could influence witnesses numbering 250 if let out.

With Ramalinga Raju getting bail, all the 10 accused in the Rs14,000 crore Satyam accounting fraud case have been granted bail by various courts.

Mr Raju had in January last year written to the company's board admitting to fudging the accounts.

Mr Raju will remain in Hyderabad city until further order, his lawyer Bharat Kumar told reporters here.

Mr Kumar said Mr Raju has been cooperating in the investigations and will continue to do so without any let or exception. "He will scrupulously follow any conditions laid down by the court.

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Personal finance Wednesday

Tata MF launches Tata Fixed Maturity Plan-Series 26 Scheme C; Reliance MF launches Reliance Fixed Horizon Fund-XV-Series 7; AIG MF to transact 4 funds through BSE platform; HDFC MF files offer document with SEBI to launch HDFC Fixed Maturity Plans-Series XVI; PNB reduces interest rates on housing & car loans; SBI Card offers over-the-counter payment option; Indian Bank hikes interest rates

Tata MF launches Tata Fixed Maturity Plan-Series 26 Scheme C

Tata Mutual Fund has launched a new fund called Tata Fixed Maturity Plan-Series 26 Scheme C. The fund is a close ended debt scheme. The duration of the scheme is 371 days from the date of allotment of the units. The scheme offers two options-growth and dividend. The new fund offer (NFO) price for the scheme is Rs10 per unit. The new issue opens on 18 August 2010 for subscription and closes on 24 August 2010. The investment objective of the scheme is to generate income and/or capital appreciation by investing in debt and money market instruments having maturity in line with the maturity of the scheme. The minimum subscription amount of the scheme is Rs10,000. The fund seeks to collect a minimum subscription amount of Rs10 crore under the scheme during the NFO period. Entry and exit load charge for the scheme will be nil.

Reliance MF launches Reliance Fixed Horizon Fund-XV-Series 7

Reliance Mutual Fund has launched Reliance Fixed Horizon Fund-XV-Series 7. The fund is a close ended income scheme. The scheme offers two options-growth and dividend. The new fund offer (NFO) price for the scheme is Rs10 per unit. The new issue opened on 17 August 2010 for subscription and will close on 20 August 2010. The minimum subscription amount for the scheme is Rs5,000 and in multiples of Re1 thereafter. The primary investment objective of the scheme is to seek to generate regular returns and growth of capital by investing in government securities and other fixed income/debt securities normally maturing in line with the time profile of the scheme. Entry and exit load charge for the scheme will be nil.

AIG MF to transact 4 funds through BSE platform

AIG Mutual Fund said that its four funds will now be available through BSE StAR (BSE Stock Exchange Platform for Allotment and Repurchase of Mutual Funds), the trading platform of the BSE. The four funds are-AIG India Equity-Regular, AIG Infrastructure and Economic-Regular, AIG World Gold and AIG Short Term-Retail Plan.

HDFC MF files offer document with SEBI to launch HDFC Fixed Maturity Plans-Series XVI

HDFC Mutual Fund has filed an offer document with the Security and Exchange Board of India (SEBI) to launch HDFC Fixed Maturity Plans-Series XVI. The fund is a closed ended income scheme. The scheme comprises six plans. Each plan has duration of 370 days and offers two options-growth and dividend. The entry and exit load for the scheme will be nil. The new fund offer (NFO) price will be Rs10 per unit under the scheme. The minimum subscription amount for the scheme is Rs5,000 and in multiple of Rs10 thereafter. The investment objective of the plan(s) is to generate income by making investments in debt/money market instruments and government securities maturing on or before the maturity date of the respective plan(s).

PNB reduces interest rates on housing & car loans

Punjab National Bank (PNB) has launched "PNB Festival Bonanza Offer 2010", which is valid from 20 August 2010 to 31 December 2010. Under the offer, housing loans upto Rs50 lakh will be available at discount interest rate of 8.50% under fixed interest rate option (fixed for three years) across all repayment tenors, with a proviso that applicable rate will be the base rate in case it crosses 8.5%. Besides this, there will be full waiver of processing (upfront) fee and documentation charges. Margin is also reduced to 15% for housing loans of upto Rs20 lakh. Also, a rebate of 0.50% per annum in interest rate is offered to car loan borrowers under fixed option.

SBI Card offers over-the-counter payment option

SBI Card has introduced the over-the-counter (OTC) payment option that allows its customers to make OTC payments at the State Bank of India (SBI) branches. Customers can now walk in to any of the SBI branches across the country, and pay for their credit card bill either in cash or via an SBI cheque, and get an instant acknowledgment from the bank teller in-charge.

Indian Bank hikes interest rates

Chennai-based Indian Bank has increased the interest rates on its deposits of Rs5 crore and below, which have a maturity period of two years and above, by 50 basis points (bps). The current interest rates are increased to 7.75% from the earlier 7.25%. The Bank has also introduced two new fixed maturity deposit products-Indouble and Indouble Senior. The Indouble deposit for general public doubles the principal amount in 108 months, whereas the Indouble Senior for senior citizens doubles the amount in 100 months. All other facilities including nomination, premature withdrawal and loan against deposits to normal fixed deposits have also been extended to these products.
 

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