Vijaya Bank revises interest rates on domestic term deposits

Deposits for one year to less than two years would fetch interest rate of 9.25% per annum and two years to less than three years 9.35% per annum

Vijaya Bank revised interest rates on domestic term deposits with effect from today.

Keeping in mind the current trends and customer expectations, some new maturity periods with attractive interest rates have been introduced, the bank said in a release.

Deposits for one year to less than two years would fetch interest rate of 9.25% per annum and two years to less than three years 9.35% per annum.

Interest rates for shorter maturity periods too have been enhanced, ranging from 0.50% to 0.25%. Senior citizens would continue to be eligible for 0.5% additional interest for all categories, it said.

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March quarter results: How have the large-caps performed?

Organisations with market capitalisation between Rs2,000 crore to Rs10,000 crore posted net profit growth of 35% over the March 2010 quarter—with aggregate net profit at Rs13,690.52 crore

For the March 2011 quarter, we analysed a total of 1,300 companies, out of which 1,211 have announced their results. Moneylife studied the performance of large-cap, mega-cap and mid-cap companies.

Large-cap companies (with Rs2,000 crore to Rs10,000 crore market capitalisation) were the most balanced performers with sales growth of 22% (aggregate sales Rs1,86,395.17 crore); operating profit growth of 26% (aggregate operating profit Rs28,139.75 crore) and net profit growth of 35% (aggregate net profit Rs13,640.65 crore) over the same quarter of March 2010.

Of the large-cap companies, the highest sales growth of 67% (sales of Rs2,078.78 crore) was achieved by PTC India in the energy sector. Its operating profit growth was 264% (operating profit Rs34.34 crore) and its net profit growth was 142% (net profit Rs33.51 crore). On the operating profit front, Gujarat NRE Coke was a high performer with a growth of 181% (operating profit of Rs65.16 crore). Its sales were Rs459.38 crore and its net profit was Rs50.82 crore. In terms of net profit growth, Godfrey Phillips was a good performer with 294% growth (net profit Rs56.32 crore). Its operating profit was Rs92.35 crore and its sales were Rs463.36 crore.

Gujarat State Fertilizers & Chemicals was also a good performer with net profit growth of 457% (net profit Rs205.14 crore), and operating profit of Rs316.96 crore and sales of Rs1,122.49 crore.

Among the poor performers in large-cap companies, Tata Teleservices (Maharashtra) had a negative sales growth of 8% (quarterly sales Rs579.49 crore); a negative operating profit growth of 44% (quarterly operating profit Rs93.95 crore) and a negative net profit growth of 399% (quarterly net loss Rs330.50). Mahanagar Telephone Nigam Ltd had a negative sales growth of 5% (revenue Rs855.01 crore); an operating profit growth of 78% (operating loss Rs587.28 crore), and a net profit growth of 30% (net loss Rs1,099.58 crore).

(On 8th June, we will cover the performance of mega-cap companies)

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Taurus MF unveils 91 days fixed maturity plan

Taurus Mutual Fund new issue closes on 9th June

Taurus Mutual Fund has launched Taurus Fixed Maturity Plan Series F (91 Days), a close-ended income scheme.

The investment objective of the scheme is to generate income with minimum volatility through investments in a portfolio of debt and money market instruments maturing on or before the maturity of the Scheme.

The new issue closes on 9th June. The minimum investment amount is Rs5,000.

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