RInfra upgrades suburban power distribution system

To serve efficiently to its 28 lakh customers, Mumbai-based electricity distribution company Reliance Infrastructure Ltd has upgraded its distribution network by adding new substations and cable lines in its distribution network.

As a part of its network augmentation programme, the company has added 303 new sub-stations to its distribution network during 2009-10, thus, taking the tally of sub-stations in the system to 5,384, the release said.

The company has also added new cable network of around 425 km, taking the total cable network length to 7,930 km. RInfra has also enhanced its installed capacity of power transformer to 2,752 MVA so that it can bring in the additional power flow from various supply sources.

RInfra’s other initiatives for all its consumers include speedy new connection service, where all formalities have been complied with by the applicant, world-class customer care centres with multi-lingual agents and single window services, 24x7 power help lines for complaints and reporting of power thefts.

The company also offers several options for billing services, payment facilities, etc.
On Wednesday, RInfra decreased 1.74% to Rs794.45 on the Bombay Stock Exchange, while the benchmark Sensex closed 0.22% down at 20,015.80 points.


TCS, Hilton Worldwide ink agreement for IT services

IT bellwether Tata Consultancy Services (TCS) Ltd said it has signed a multi-year agreement to accelerate hospitality firm Hilton Worldwide’s technology strategy as part of the ‘Hilton Worldwide Innovation Collaborative’ initiative.

The Innovative Collaborative initiative aims to evolve Hilton Worldwide’s technology infrastructure and accelerate innovation across the company’s portfolio of ten brands, TCS said in a filing on the Bombay Stock Exchange.

However, the company did not disclose the financial details of the agreement.
“This relationship confirms our leadership position as the long-term IT partner best equipped to help global corporations transform their businesses using our full-service capabilities and domain knowledge,” TCS CEO & MD N Chandrasekaran said.

TCS will leverage its extensive experience on large transformational initiatives and modernising legacy systems to help develop a platform that keeps Hilton Worldwide at the forefront of the business and technology landscape.

On Wednesday, TCS declined 0.82% to Rs1,149.85 on the BSE, while the benchmark Sensex closed 0.22% down at 20,015.80 points.


Personal finance Wednesday

ING Vysya Bank & Angel Broking sign MOU; L&T Mutual Fund unveils 91 days FMP; HDFC Mutual Fund declares dividend under Medium Term Opportunities Fund; Bank of Maharashtra, State Bank of Mysore increase interest rates

ING Vysya Bank & Angel Broking sign MOU

ING Vysya Bank Ltd and Angel Broking Ltd have signed a strategic tie-up to offer ING Vysya Bank customers a 'three-in-one account' that links ING savings account, ING demat account and Angel trading account on a single platform.

The solution named "ING Fortuna Trade" is powered by Angel Broking. The central theme of the solution is to make it easy for ING customers to trade online, and manage the three accounts with a single online interface. The platform allows the customer to lien mark funds from the ING savings account towards the Angel trading account; block and unblock shares between ING demat account and Angel trading account; and finally trade instantly. If the customer does not use the funds for trading, the lien mark is automatically released.

The solution has been customised to meet needs of customers across all segments. ING Vysya Bank customers have the choice of selecting online trading, mobile trading or a dealing facility through the phone. The customer can opt of one or more of the following segments: equities, futures & options, exchange traded currency derivatives and commodities, on the single platform. The platform also allows access to multiple exchanges, namely BSE, NSE, NCDX, MCX and MCX-SX.

For HNI customers, the solution is customised with a dealer, access to privilege reports and priority servicing.

L&T Mutual Fund unveils 91 days FMP

L&T Mutual Fund has launched L&T FMP–II (December91D A), a close-ended income scheme.

The investment objective of the scheme would be to achieve growth of capital through investments made in a basket of debt/fixed income securities maturing on or before the maturity of the scheme. The tenor of the scheme is 91 days. There are two options available: dividend (payout) and growth.

The new issue opens on 22nd December and closes on 23rd December. No exit load will be charged. The minimum investment amount is Rs5,000. The minimum target amount is Rs1 crore.

CRISIL Liquid Fund Index is the benchmark index. The scheme will be managed by Bekxy Kuriakose.

HDFC Mutual Fund declares dividend under Medium Term Opportunities Fund

HDFC Mutual Fund has declared dividend under its scheme HDFC Medium Term Opportunities Fund. The quantum of declaration will be 1.423%. The record date is 27th December.

HDFC Medium Term Opportunities Fund is an open-ended income scheme. The investment objective is to generate regular income through investments in debt/money market instruments and government securities with maturities not exceeding 60 months. 

Bank of Maharashtra, State Bank of Mysore increase interest rates

Bank of Maharashtra has increased the interest rates on its fixed deposits. The interest rates have been revised in the range of 50 basis points (bps) to 125 bps across different maturities.

The Bank has revised interest rates of deposits having tenor of 181-270 days to 7.25%. Deposits maturing between 46-90 days will now fetch 5% interest.

Interest will be 8.3% for deposits of tenor 1 to 3 years. Senior citizens will be offered 50 bps more interest for deposits of 91 days and above.

Also, under the ‘Maha Double Deposit Scheme’, a deposit kept for 104 months will double itself. For senior citizens, the amount will see itself doubling in 98 months only.

The bank has also revised its lending rates. The base rate of the bank has been revised to 9% from 8.25% earlier. The benchmark prime lending rate of the bank has been revised to 13.25%.

State Bank of Mysore has increased its prime lending rate upwards by 25 basis points from 13% per annum to 13.25% per annum. 


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