Mumbai: Housing Development and Finance Corp. Ltd, India’s oldest mortgage player, on Monday raised its home loan rates by half a percentage point. The new rate will take effect from 1 July.
HDFC has raised its retail prime lending rate, or RPLR, to which its floating rate home loans are linked, by half a percentage point to 11. The rate of fixed home loan will be 14%.
“The increase in RPLR will affect existing borrowers whose loans come up for re-pricing on or after 1 July,” an HDFC release said. It follows a three-month reset cycle for its floating rate loans.
ICICI Bank Ltd on Monday raised it corporate loans, mortgages and other consumer loan rates by 75 basis points each. One basis point is one hundredth of a percentage point. The bank’s floating reference rate or FRR for consumer loans, including home loans, has gone up to 13.5% from 12.75% with effect from 30 June.
An ICICI Bank release, however, said for existing floating rate customers, the new rate will be effective from 1 July.
HT managing editor Pankaj Paul to quit
New Delhi: The ‘Hindustan Times’ managing editor Pankaj Paul and New Delhi resident editor Rahul Sharma will be stepping down in the first week of July, HT Media Ltd vice-chairperson Shobhana Bhartia said on Monday in an internal staff memo.
No immediate replacements were named in the memo. Paul, who is recovering from some post-surgery complications, is moving back to the US where he will take up a teaching job after a few months. He joined HT in July 2007 from ‘The News Journal’, a Wilmington, Delaware-based daily published by Gannett Co. Inc, where he was managing editor.
Sharma is leaving to join ‘The Khaleej Times’ as editor. He will be based out of Dubai. He joined HT in January 2007 from risk assessment agency World Check, where he was head of Asia-Pacific research, based out of Singapore. Staff Writer
Metro Now chief exec quits to join NDTV
New Delhi:Sameer Kapoor, CEO of Metropolitan Media Co. Pvt Ltd, the publisher of daily tabloid ‘Metro Now’, has quit after 16 months of the newspaper’s launch. According to a senior NDTV executive who did not wish to be named, he is joining NDTV Ltd as the CEO of NDTV India, the 24-hour Hindi news channel. While Kapoor confirmed that he is joining NDTV, he said he can’t divulge further details at this stage.
Sidhant Khosla, director, corporate group, Bennett, Coleman and Co. Ltd, will take over as CEO from Kapoor. Metropolitan Media is an equal stakes joint venture between Bennett, Coleman and HT Media Ltd, which also publishes ‘Mint’. Staff Writer
Taro shares:?Sun Pharma starts tender offer
Mumbai:Sun Pharmaceutical Industries Ltd on Monday said its subsidiary Alkaloida Chemical Co. Exclusive Group Ltd has commenced a tender offer for all outstanding ordinary shares of Israeli drug maker Taro Pharmaceutical Industries Ltd for $7.75 (Rs333.25) per share in cash.
The offer follows Sun’s decision to exercise its option under an agreement it had signed with Taro chairman Barrie Levitt and other promoters to acquire all the shares held by the controlling stakeholders, if the merger between Sun and Taro failed.
The offer is scheduled to expire on 28 July.
Taro terminated the merger agreement in May, which Sun has challenged in the Supreme Court of New York. As reported by ‘Mint’ on 30 May, Sun Pharma as the biggest stakeholder in Taro with 34.4% stake, was all set to use its rights to make an open offer to its shareholders as well as other institutional stakeholders to strengthen its holding and to take control of the company as per US guidelines.
Greenhill and Co. LLC is acting as the dealer manager for the tender offer and MacKenzie is acting as the information agent for the tender offer. C.H. Unnikrishnan
Sun TV net profit up 33% to Rs327 crore
New Delhi:Sun TV Network Ltd, one of India’s largest media companies in terms of market capitalization, on Monday said consolidated net profit for the fiscal ended 31 March rose to Rs326.6 crore, up 32.75% from the previous fiscal, on robust growth in advertising revenues and incremental growth from direct-to-home subscriptions.
Total income during the period grew to Rs925.5 crore, up 28.71% from Rs719 crore the previous fiscal. Stand-alone net profit for the period was Rs366.9 crore, up 36.5% year-on-year. Staff Writer
Jagran Prakashan Q4 net down 14%
New Delhi: Jagran Prakashan Ltd, publisher of India’s largest read daily, ‘Dainik Jagran’, on Monday said net profit for the quarter ended 31 March was Rs15.48 crore, down 14.4% year-on-year on account of losses from new newspaper brands and non-publication businesses.
Total income for the period grew 13.52% to Rs193.27 crore, up from Rs170.24 crore during the same period the previous fiscal.
Quarterly figures are un-audited. For the fiscal ended 31 March, the company said net profit was Rs98.12 crore, up 28.73% from Rs76.22 the previous fiscal. Staff Writer
Deccan Chronicle fiscal 2008 net up 84%
New Delhi: Deccan Chronicle Holdings Ltd, publisher of newspapers such as the ‘Deccan Chronicle’, ‘The Asian Age’ and ‘Financial Chronicle’, on Monday said consolidated net profit for the fiscal ended 31 March grew to Rs303.63 crore, up 83.73% from the year-ago period on strong growth in net sales, which grew 52% y-o-y. Total income grew 50.2% y-o-y to Rs934.3 crore. Total expenditure grew by just 7.91% to Rs347.3 crore. Staff Writer