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Bank of Baroda (BoB), which recently underwent a three-way merger with Dena Bank and Vijaya Bank, has increased interest rates on deposits above Rs 10 crore by up to 75 basis points (100 bps=1 percentage point) for some tenures.The lender has increased its one-year bulk deposit rate to 7.3 percent. Interest rates on deposits maturing between 271-365 days and one-to-two years have been increased to seven percent and 7.05 percent, respectively. The new rates are applicable from April 8.Bulk deposits constitute high cost funds for banks as they carry a higher rate of interest as compared to retail deposits. As per regulatory norms, deposits above Rs 2 crore fall in this category.Close After the central bank's policy rate cut on April 4, BoB has left its marginal cost-based lending rate unchanged. Other lenders like the State Bank of India, HDFC Bank, Bank of Maharashtra and Bank of India have reduced their MCLR by 5-10 bps in response to the rate cut. related news … [Read more...] about Bank of Baroda hikes bulk deposit rates by up to 75 bps

Global brokerage house CLSA retained its bullish view on Reliance Industries, the country's most valued company, and Lemon Tree Hotels, the largest mid-priced hotel chain in India.After tariff hike, the research house increased its target price on Reliance Industries to Rs 2,010 (from Rs 1,710 earlier), implying 30.6 percent potential upside from current levels following expectations of a good growth in telecom business with a strong subscriber base."Despite tariff hike, Jio is at a 7-20 percent discount to its competition," said the brokerage.Close Reliance Jio on December 4 unveiled tariffs for its new all-in-one plans to be effective December 6 and announced up to 35 percent hike in its tariff. The new plans will provide up to 300 percent more benefits compared to the earlier all-in-one plans. related news Nifty may head towards 12,350, 12,500; top 5 buying ideas which can return 12-17% Experts say RBI may cut repo rate by 60-70 bps in 2020; 15 rate-sensitive … [Read more...] about CLSA bullish on these 2 stocks, expects at least 25% return in a year

Congress leader P Chidambaram, who has been released from Tihar Jail on bail after 106 days in custody in the INX Media money-laundering case, was present in the Rajya Sabha on Thursday.Chidambaram, who walked out of jail on Wednesday night, joined other Congress MPs voicing their protest against the steep hike in onion prices and said he was happy to be back."The government cannot suppress my voice in Parliament," the Rajya Sabha MP told reporters in Parliament complex before the proceedings of the Upper House.Close When the former Union finance minister entered the Upper House to attend the proceedings, he was greeted by party colleagues Ghulam Nabi Azad and Anand Sharma, while Trinamool Congress leader Derek O'Brien greeted him saying: "Welcome back Sir". related news Verdict allowing women into Sabarimala not 'final word' as matter referred to larger bench: SC PM Modi to address Assocham AGM on December 20 Hyderabad Horror | Predatory, anti-social, peer pressure: An … [Read more...] about Former FM Chidambaram in Rajya Sabha after release on bail

Bharti Airtel share price fell early 3 percent intraday on December 5 after the company approved raising $3 billion via debt and equity.The board of the company on December 4 approved a plan to raise up to $3 billion via debt and equity route. Of the aforementioned amount, $2 billion will be raised via a qualified institutional placement (QIP).The remaining amount would be raised through the issuance of foreign currency convertible bonds (FCCBs) or other similar security denominated in foreign currencies and through redeemable non-convertible debentures along with warrants or other similar rupee-denominated security.Close Credit Suisse has maintained an outperform rating on the stock with a target of Rs 550 per share related news ICICI Bank share price hits record high; analysts say Rs 600 is imminent Lemon Tree share price jump 5% after CLSA recommends a buy SBI share price lacklustre after the firm announces divestment in UTI AMC The $3 billion fundraise is to aid any … [Read more...] about Bharti Airtel share price falls 3% on plans to raise capital; Credit Suisse maintains outperform

The Income Tax (I-T) Department is probing Future and Options (F&O) brokers, bogus entry players and beneficiaries of these bogus trades for evading long term capital gain (LTCG) tax."I-T department conducted searches on brokers and beneficiaries over the past two days, and it may continue for another couple of days," a source close to the development told Moneycontrol.Searches were mainly conducted in Kolkata, Mumbai, Hyderabad, Delhi, Ahmedabad and Jaipur after the I-T intelligence and criminal cell detected illiquid option trades.Close In October 2018, the Central Board of Direct Tax (CBDT) had written a letter to SEBI seeking information on the same. SEBI had in FY14-15 passed an order in regard to the matter. related news Kia to launch Carnival MPV in 2020 Wipro launches cyber defence centre in Melbourne, Australia The action comes after reversal of trades were detected in around 14,000 entities in the illiquid … [Read more...] about I-T Department probing fraudulent F&O brokers, beneficiaries