Mumbai: State Bank of India, the nation’s largest, plans to raise the rate it will pay customers for some deposits by as much as 75 basis points.
The new rates will be effective 30 June, the bank said in a statement to the National Stock Exchange on Friday.
A hundred basis points are equal to 1 percentage point. The lender raised the rate it charges its best customers from Friday.
Chakravarthy joins Draftfcb Ulka
Mumbai: The country’s fourth largest advertising agency, Draftfcb Ulka Advertising, has brought on board K.S.Chakravarthy as national creative director.
With over two decades of experience in advertising, Chakravarthy has worked on campaigns for a range of brands including Tata Sky Ltd, Thums Up, Coca Cola and Procter and Gamble. Chakravarthy had earlier led the creative teams as national creative director for Rediffusion DY&R Pvt. Ltd and Leo Burnett India Pvt. Ltd. Marion Arathoon
RBI eases investment norms for trusts
Mumbai: The Reserve Bank of India (RBI) has permitted registered trusts and societies engaged in manufacturing and educational sectors to invest in joint venture or wholly-owned subsidiaries outside India in the same space, with its approval.
The trusts and societies should have been in existence for at least three years, and should not have come under the adverse notice of any regulatory or enforcement agency.
Banks should ensure that any special licence or permission required is obtained by the trusts and societies either from the home ministry or relevant local authorities.
Indian Energy Exchange starts operations
Mumbai: Indian Energy Exchange Ltd (IEX), the country’s first power bourse, commenced operations on Friday, a spokesperson said.
Financial Technologies Ltd, which controls the Multi-Commodity Exchange of India (MCX), promotes IEX along with power trading firm PTC India Ltd.
Other stakeholders include Tata Power Co. Ltd, Reliance Energy Ltd, Infrastructure Development Finance Co. Ltd, Lanco Infratech Ltd, state-run Rural Electrification Corp. and Adani Enterprises Ltd.
Quake hits Andaman, no tsunami alert
New Delhi: An earthquake measuring 6.7 on the richter scale struck the Andaman islands at 5.10 pm on Friday. No immediate loss of life or property was reported, said A.Duttatrayam, a senior official at the India Meteorological Department. “There was a subsequent aftershock of 5.7 (richter) an hour later, but no tsunami alerts have been received yet,” he added. \
Jacob P Koshy
Indo-Pak war hero Manekshaw is dead
New Delhi: India’s former army chief Sam Manekshaw, considered one of the country’s greatest war heroes whose victory over Pakistan in 1971 helped create Bangladesh, has died in hospital, officials said on Friday. He was 94.
Manekshaw fought for the British forces in the Second World War in Burma (now Myanmar), where he survived serious injuries while battling Japanese forces as a young captain.
His military career spanned four decades and through five wars and he was conferred the highest rank of “field marshal” of the Indian Army. He was considered a master tactician and was honoured for crafting the country’s victory in the 1971 war with Pakistan, which led to the creation of Bangladesh.
“In his demise, the nation has lost a great soldier, a true patriot and a noble son,” defence minister A.K. Antony said in a statement.
Daiichi Sankyo may sell debt for Ranbaxy buy
Tokyo: Japan’s third largest drug maker, Daiichi Sankyo Co., may sell debt to raise half the cost of its $4.6 billion (Rs19,688 crore) acquisition of Ranbaxy Laboratories Ltd, the biggest Indian pharmaceuticals company.
Daiichi Sankyo will tap its more than $6 billion of cash to pay for about half the controlling stake in Ranbaxy, the Tokyo-based firm’s president, Takashi Shoda, said on Thursday. A bond sale is “one option” along with bank borrowing to cover the rest, he added.
“We’ll consider the best way to raise the money,” Shoda said. Daiichi Sankyo will keep about 200 billion yen (Rs7,934 crore) of cash on hand for day-to-day operations and apply the rest to expansion or to share buybacks and dividends, he said. Meanwhile, in a statement to the Tokyo Stock Exchange on Friday, the drug maker said it will spend 50 billion yen to buy back as many as 15 million of its shares during July and August.
Post-grant opposition to Roche drug patent filed
Mumbai: The Delhi Network of Positive People (DNP+), an organization run by and representing the needs of people living with HIV/AIDS, has filed a post-grant opposition against a patent for valganciclovir, a treatment for a common infection that can cause blindness or death in people living with HIV/AIDS. F. Hoffmann-La Roche Ltd, a Swiss multinational pharmaceutical company, was granted the patent last year by the Chennai Patent Office.
Valganciclovir is a treatment for cytomegalovirus (CMV), a virus that often attacks the retina of people with weak immune systems. Left untreated, CMV retinitis leads to irreversible blindness. CMV infection can also attack other parts of the body.
Villagers, police clash again in Singur
Kolkata: Villagers clashed with the police again in Singur on Friday while Tata Motors Ltd’s managing director Ravi Kant visited the company’s small car factory there, 35km from Kolkata. Hundreds of villagers demanding jobs at the factory vandalized its boundary wall before being dispersed by baton-wielding policemen. The police also had to fire tear gas canisters to gain control of the situation. Later, villagers blocked the National Highway 2, which connects Singur with Kolkata, to impede Kant’s return to the state’s capital.
The agitation, according to the police, was led by Trinamool Congress supporters from Berraberi and Khaserberi villages.
Gorkha talks on separate state fail
Kolkata: The Gorkha Janmukti Morcha, or GJM, said it will continue agitation in Darjeeling to press for a separate state for the Gorkhas after talks with West Bengal chief minister Buddhadeb Bhattacharjee failed on Friday.
The state government refused to allow a separate state for the Gorkhas, but agreed to hold tripartite talks, involving the Centre to resolve the impasse. After the meeting, GJM leader Amar Lama said, “We have turned down the state’s offer for more financial support and administrative autonomy. We’ll not settle for anything less than a separate state.”