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HDFC cuts rates
Mumbai: The Housing Development Finance Corporation has interest rates on its lending
by 25 to 175 basis points. It has effected this by merging five slabs into one unified
slab of 13.25 per cent effective 8 March.
All fixed rate home loans will attract interest at 13.25 per cent and adjustable rate home
loans will attract 12.75 per cent per annum. The HDFC has also increased the loan ceiling
to Rs 1 crore from Rs 50 lakh earlier.
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HSBC
building data processing centre in Hyderabad
Hyderabad: HongKong and Shanghai Banking Corporation Holdings of the UK plans to
build a data processing centre at the Hitec City in Hyderabad. The group, which will use
the centre to support its overseas work, has applied to the Foreign Investment Promotion
Board for permission.
The HSBC processing centre is expected to commence
operations in the second half of 2000 from an area of about 30,000 square feet allotted to
it in the L&T Infocity on the sixth and seventh floors of the Cyber Towers.
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Delhi FM
licences yield Rs 7 crore each
New Delhi: The government has awarded 11 FM radio licences for Delhi at Rs 7 crore
each. The reserve, or minimum bid, price was Rs 1.25 crore.
The successful bidders include New Media Broadcasting, a Zee group company; Bennett,
Coleman and Company; Living Media; Dream Radio; Hind Broadcasting; Hindustan Broadcasting;
Music Broadcasting; Millennium Delhi Broadcasting; Observer Network; Mid-day Radio North
India and Nimbus Communications.
Meanwhile, one FM station in Chandigarh was grabbed by New Media for about Rs 6.65 crore,
against a reserve price of Rs 50 lakh.
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Bulk drugs prices
slashed
New Delhi: On 7 March the National Pharmaceutical Pricing Authority's reduced the
prices of two scheduled bulk drugs cloxacillin sodium and trimethoprim. The price of
cloxacillin sodium (oral grade), used in cough formulations, were cut 40 per cent from Rs
2,356 per kg to Rs 1,421 per kg. The price of trimethoprim was reduced 26 per cent from Rs
1,172 per kg to Rs 865 per kg.
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Centre injects
Rs 50 cr into Exim Bank
Mumbai: The Union government has given the Export Import Bank of India a fresh Rs 50
crore as equity, taking the bank’s paid-up capital to Rs 550 crore.
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Deutsche,
Dresdner may merge
Frankfurt: Two major German banks, Deutsche Bank AG and Dresdner Bank AG are
expected to merge to create the world's largest bank in terms of assets. Negotiations for
the merger are said to be at an advanced stage.
As and when it happens, the merger will create a group with combined assets of over $1.2
trillion. The talks began last year over the possibility of merging the banks’ retail
operations. This was an area that had been affected by the growth of internet banking.
Later the banks decided to widen the scope of the merger.
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