Tata launches diesel vehicle ‘Venture’ in Rajasthan

Tata Motors Ltd launched its new multi-purpose diesel vehicle 'Venture' in Rajasthan.

"We are launching the product first in Rajathan and later it will be launched in other states. The vehicle is with the footprint and manoeuvrability of a hatchback car, but the interior space of a utility vehicle," the company's head marketing and sales S Saxena said.

"We have focused on safety and luxury features in the vehicle. This the safest van among others (vans)...A collapsible steering and side impact beams protect occupants in an exigency. It meets crash safety norms applicable in the domestic market," he said.

"This is cost effective and customer friendly and we hope that it will be a great success in the Rajasthan market," Saxena said.

On Thursday, Tata Motors ended 1.82% down at Rs1,259.05 on the Bombay Stock Exchange, while the benchmark Sensex declined 0.57% to 20,184.74 points.

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L&T’s unit wins orders worth Rs1,181 crore

Larsen & Toubro (L&T) Ltd said its buildings & factories unit has won orders worth Rs1,181 crore during the third quarter for the construction of residential buildings, factories including a specialised support facility building.

L&T has won orders worth Rs558 crore for the construction of residential buildings in major cities from developers. The company has also won orders worth Rs298 crore for the construction of factories. It has also got a turnkey project worth Rs325 crore for the design & construction of a specialised support building facility.

On Thursday, L&T ended 2.74% down at Rs1,877.50 on the Bombay Stock Exchange, while the benchmark Sensex declined 0.57% to 20,184.74 points.

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Personal finance Friday

HDFC Life launches a new ULIP; IDFC Mutual Fund floats Fixed Maturity Plan-Yearly Series 35; ICICI Pru MF unveils 1,100 days scheme; IDBI, OBC, BOI hike retail term deposit rates

HDFC Life launches a new ULIP

HDFC Life has launched ProGrowth Flexi, a smart unit-linked insurance plan (ULIP) with minimum monthly premium of Rs2,500. The ULIP comes with 30-day free look-in, flexible premium payment options, five investment funds, and the flexibility to change premium paying term.  

The product is targeted at those set of customers who are seeking a life insurance plan that is affordable and flexible and at the same time provides value. The product offers several flexibilities to customers that can be chosen based on their needs and appetite. Apart from the normal life cover, ProGrowth Flexi also provides extra life cover with accidental death benefits option.

IDFC Mutual Fund floats Fixed Maturity Plan-Yearly Series 35

IDFC Mutual Fund has launched IDFC Fixed Maturity Plan-Yearly Series 35, a close-ended income scheme.

The investment objective of the scheme is to generate income by investing in debt and money market instruments maturing before the maturity of the scheme.
The new issue closes on 10th January. The minimum investment amount is Rs10,000.

ICICI Pru MF unveils 1,100 days scheme

ICICI Prudential Mutual Fund has launched ICICI Prudential Fixed Maturity Plan-Series 53-3 Years Plan C, a close-ended income scheme.

The new issue closes on 19th January and has a tenor of 1,100 days. The minimum application amount is Rs5000.

CRISIL Composite Bond Fund Index is the benchmark index. Chaitanya Pande is the fund manager.

IDBI, OBC, BOI hike retail term deposit rates


IDBI Bank, Oriental Bank of Commerce (OBC) and Bank of India (BOI) have hiked interest rates on certain retail term deposit schemes on account of the higher interest rate scenario, in line with steps by some of their peers.

While IDBI and BOI hiked interest rates on retail deposits by up to 0.75% varying according to maturities, OBC went for an upward revision of 25 basis points on certain offerings. The rate hike has been done in view of "credit demand, inflation and liquidity scenario", IDBI said.

The rate hike announced by the bank is to be immediately effective and with the revision, the highest interest on retail term deposits would be 9.25%.
For deposits of up to Rs15 lakh, the maximum hike is of 75 basis points. The interest rate on deposits with a maturity period of 270 days and above, but less than one year, has been increased by 75 basis points to 8%. Furthermore, the rates for deposits with a tenor between 366 days and 499 days have been hiked by 35 basis points to 8.50%, it added.

For retail term deposits with a maturity period of 500 days, the bank has revised the interest rate to 9%, up 50 basis points from the prevailing rate.

The Mumbai-headquartered BOI has also revised the rates of its certain deposits, starting from those under Rs15 lakh to Rs5 crore and above.

Under the revised interest rates, a 180-269 days deposit under Rs15 lakh will fetch an interest of 7.25% as against 6.50% earlier, while one for 270-364 days will earn the depositor 7.50% per annum compared to 6.75% earlier. OBC also went for a revision of its term deposits in three categories, less than Rs15 lakh, Rs15 lakh-Rs1 crore and Rs1 crore-Rs5 crore. For deposits with a maturity of 300 days in all segments it fixed an interest of 7.50%, down 25 basis points from the earlier existing figure of 7.75%.

However, for deposits with a maturity of one year to 499 days and 501 days to less than two years in all segments, it has upped rates by 25 basis points to 8.25%.

Other lenders such as Dena Bank, Kotak Mahindra Bank , State Bank of India and HDFC Bank among others have already hiked their retail term-deposit rates.

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