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Stocks To Watch: DMart, HDFC Bank, BPCL, Ola Electric,…

4 October 2024
by admin

Stocks To Watch On October 4: Domestic markets saw a sharp plunge on Thursday, dropping over 2% due to weak global cues. In today’s trade, shares of DMart, Reliance Power, Bajaj Finance, Sundaram-Clayton, Bank of Baroda among others will be in focus due to various news developments.

DMart: DMart reported 14% growth in its standalone revenues at Rs 14,050 crore for the second quarter and added a net of 6 stores.

HDFC Bank: Morgan Stanley and Citigroup have acquired 43.75 lakh shares of HDFC Bank for over Rs 755 crore at an average price of Rs 1,726.20 each. This transaction involved shares sold by BNP Paribas’ arm, BNP Paribas Financial Markets through two separate block deals at the same price on the BSE.

Piramal Enterprises: Piramal Capital and Housing Finance aims to nearly double its retail assets under management (AUM) from Rs 50,530 crore to Rs 1 trillion within three years. Hence, it is expanding into new lending segments like gold loans, microfinance, and co-branded cards. The company plans to reduce its legacy wholesale AUM from Rs 13,000 crore to below Rs 7,000 crore by FY25.

Adani Green Energy: The company has partnered with Google to enhance sustainability efforts, focusing on renewable energy from a new solar-wind hybrid project in Gujarat. This aligns with Google’s goal of achieving 24/7 carbon-free energy for its operations.

Ola Electric: The company launched its ‘Biggest Ola Season Sale (BOSS),’ offering the S1 scooter at Rs 49,999. However, Ola faces challenges as its market share has dropped significantly, and sales fell to their lowest monthly figures of the year in September.

Muthoot Finance: The company has partnered with Google to offer gold-backed loans via GPay. This marks Google’s expansion into the financial services sector in India. Additionally, the introduction of the AI assistant Gemini Live in multiple Indian languages reflects Google’s commitment to enhancing its market presence in the country.

IPO listing today: Diffusion Engineers Limited will list on the BSE and NSE today.

Ashok Leyland: The company has entered into a partnership with Japan’s Nidec Motor Corporation to develop advanced electric drive systems for commercial vehicles. This collaboration includes the establishment of a Centre of Excellence for Electric Drive Units.

Refex Industries: The company plans to raise Rs 927.81 crore through a preferential issue of equity and convertible warrants to investors. The funds, comprising Rs 530 crore from high-net-worth individuals and Rs 372 crore from the promoter group, will be used for subsidiary investments, capital expenditures, working capital, and loan repayments.

Life Insurance Corporation: LIC is exploring an investment in a standalone health insurance company, aiming for less than a 50 per cent stake to influence management without operating the business directly. The health insurance market is seen as having significant growth potential, particularly as healthcare costs rise. LIC’s CEO Siddhartha Mohanty mentioned that acquiring a company is preferable to starting a new insurance vertical.

Bank of Baroda: BoB plans to sell its Oman operations to Bank Dhofar as part of a foreign operation rationalisation strategy. The total business of BoB in Oman stands at 113.35 million Omani Rial.

Reliance Power: The company is set to raise Rs 4,198 crore through foreign currency convertible bonds (FCCBs) at a low interest rate of 5 per cent per annum. This move aims to reduce debt and support growth, particularly in renewable energy. The board also approved an Employee Stock Option Scheme (ESOS) for employees.

Bajaj Auto: SG Corporate Mobility (which owns the brand LML) has filed a lawsuit against Bajaj Auto for allegedly infringing on its “Freedom” trademark associated with the LML brand. This legal battle could impact the company’s plans to relaunch LML products, including new scooters and motorcycles under the “Freedom” label.

Zee Entertainment Enterprises: The company is navigating legal challenges concerning the release of Kangana Ranaut’s film ‘Emergency,’ which is currently awaiting certification from the CBFC. The film’s certification delay, attributed to political concerns, could affect Zee’s financial outlook and stock performance.

Bharat Petroleum Corporation: BPCL has signed a memorandum of understanding to develop a green fuel ecosystem at Mumbai Port, focusing on reducing emissions and promoting sustainable energy solutions. This initiative aligns with BPCL’s goal of achieving net-zero emissions.

Indian IT stocks: As major players in India’s IT industry prepare to announce their Q2FY25 results, attention will be on management commentary regarding demand and forward guidance. Analysts expect moderate growth, with TCS kicking off the earnings season on October 10, followed by Infosys and HCLTech later in the month.

Adani Group: The Gautam Adani-led group is pursuing a $900 million public-private partnership for high-voltage power lines in Tanzania, alongside other significant investments in the region. This expansion could further strengthen the group’s portfolio in the energy sector.

Utkarsh Small Finance Bank: The bank is working on a reverse merger, expected to be completed within a year, subject to regulatory approval, the company’s MD and CEO Govind Singh said.

Biocon: The company’s subsidiary, Biocon Biologics has successfully refinanced $1.1 billion in long-term debt through US dollar bonds and a new syndicated facility. This includes $800 million in senior secured notes due 2029 at a 6.67 per cent coupon rate. The refinancing enhances the company’s liquidity and reduces repayment pressures, deferring a $250 million repayment to five years from now. CFO Kedar Upadhye highlighted that this move grants access to international capital markets and flexibility in financial operations.

Disclaimer:Disclaimer: The views and investment tips by experts in this News18.com report are their own and not those of the website or its management. Users are advised to check with certified experts before taking any investment decisions.

Science & Environment

Stocks To Watch: SpiceJet, SBI, HDFC Bank, Vedanta, Titan,…

26 September 2024
by admin

Stocks To Watch On September 26: Markets experienced a volatile session on Wednesday but managed to extend their upward trend, with a sharp rally in the fag-end. In today’s trade, shares of SpiceJet, SBI, HDFC Bank, Adani Green, and Vedanta among others will be in focus due to various news developments.

State Bank of India: SBI aims to be the first Indian financial firm to reach a net profit of Rs 1 trillion within the next 3-5 years, said the bank’s chairman, C S Setty. With a standalone net profit of Rs 61,077 crore in FY24, a growth of 21.59 per cent year-over-year, the bank is focused on balancing profit growth with customer-centric operations. A robust credit pipeline of Rs 4 trillion from corporate clients is anticipated, particularly in infrastructure sectors.

Vedanta: The company’s board will meet on October 8 to discuss a potential fourth interim dividend for FY25. The company has already declared a total dividend of Rs 13,474 crore this financial year, showcasing strong shareholder returns. Vedanta Resources plans to reduce its debt by up to $3 billion over the next three years.

Piramal Pharma: The pharmaceutical firm aims to double its revenue to $2 billion by FY30, while tripling its Ebitda, said company Chairperson Nandini Piramal. The company plans to maintain a net debt to Ebitda ratio of 1x by FY30. Their CDMO segment is expected to grow significantly, driven by increased demand, especially due to the potential impact of the US Biosecure Act.

HDFC Bank: The bank’s loan growth may slip below 10 per cent YoY in Q2FY25 due to portfolio management strategies, according to a Macquarie research note. The bank is focusing on reducing its loan-deposit ratio and enhancing net interest margins. Separately, UBS Group bought over Rs 543 crore worth of HDFC Bank shares through an open market transaction, acquiring 30.72 lakh shares at Rs 1,768.05 each.

Bharti Airtel: The telcom company is rolling out an AI-based solution to detect spam calls and messages, enhancing customer protection and potentially improving customer satisfaction and retention.

Titan: The company’s fragrance division SKINN Fragrances has launched a new affordable line, 24Seven, targeting younger consumers. The company aims to onboard 2.5 million customers by FY25.

Adani Enterprises: Gautam Adani’s discussion with Bombardier’s CEO about enhancing India’s aviation capabilities, particularly in MRO services and defense, signals potential growth opportunities in the aviation sector.

SpiceJet: The airline aims to expand its fleet to 100 aircraft by 2026, according to Chairman Ajay Singh. This announcement follows the airline’s successful fundraising of Rs 3,000 crore through qualified institutional placement (QIP). Singh cited challenges like the Boeing 737 Max grounding and the COVID-19 pandemic as significant hurdles but expressed confidence in the airline’s fundamentals.

Coromandel International: The company announced it will increase its stake in Senegal-based BMCC to 53.8 per cent by acquiring an additional 8.82 per cent for $3.84 million, alongside a loan infusion of $6.5 million for expansion. The investment is crucial as India relies heavily on imported rock phosphate for fertiliser production. Coromandel’s CEO noted that this move will enhance supply security for its operations, supporting its production at the Kakinada Unit.

Shriram Finance: The company has successfully raised $500 million via fixed-rate senior secured social USD notes with a 6.15 per cent coupon. This marks the company’s first USD bond issuance in FY25 and reflects strong demand from investors, achieving a 2.4x subscription. Proceeds from the fundraise will be used towards sustainable income-generating segments, particularly in vehicle finance and MSME financing.

Reliance Power: Rosa Power, a Reliance Power subsidiary, has prepaid Rs 850 crore to Varde Partners, moving closer to achieving zero-debt status. This initiative supports Reliance Power’s broader strategy to strengthen its balance sheet while transitioning towards renewable energy. The company plans to eliminate its remaining obligations by the end of the financial year.

Bank of India: The bank has raised Rs 2,500 crore through tier-II bonds at a 7.49 per cent coupon rate, amid a robust demand that saw bids exceeding Rs 6,000 crore. This issuance is part of the bank’s strategy to bolster its capital adequacy ratio, which is expected to rise to 16 per cent. The bank plans further capital raising through additional tier-I bonds and infrastructure bonds in the coming months.

Infosys: The company has partnered with Polestar to create a technology hub in Bengaluru aimed at developing software for electric vehicles, including infotainment and advanced driver assistance systems.

Biocon: Biocon Biologics, a part of Biocon, reported positive Phase-III clinical study outcomes for its biosimilars of adalimumab and ustekinumab at the EADV Congress 2024. The studies suggest that patients can switch between the biosimilar and reference drugs safely, indicating significant potential for interchangeability and improved patient access to treatments, which could lower healthcare costs.

Science & Environment

Big Update For Customers: HDFC Credit Card Rules Changing…

25 September 2024
by admin

New Delhi: HDFC Bank is updating its loyalty program for specific credit cards. The new rules are set to take effect on October 1, 2024. One significant change is the limitation on redeeming reward points for Apple products. It will now be capped at one product per calendar quarter through the Smartbuy platform.

According to the HDFC Bank website, “On the HDFC Bank SmartBuy portal, redemption of Reward Points to get Apple Products is capped to one product for every calendar quarter, effective October 1st, 2024. Calendar quarters: April to June, July to September, October to December, January to March. This applies only to Infinia & Infinia Metal Cards.”

Moreover, the bank stated, “On HDFC Bank SmartBuy portal, redemption of Reward Points for Tanishq vouchers will be capped at 50,000 Reward Points for every calendar quarter, starting October 1st, 2024. Calendar quarters: April to June, July to September, October to December, January to March. This applies only to Infinia & Infinia Metal Cards.”

What is the fee for the HDFC Bank Infinia Credit Card?

The HDFC Bank website outlines that the joining and renewal membership fee for the Infinia Credit Card is Rs 12,500 plus applicable taxes. As stated on the HDFC Bank website, “Joining/Renewal Membership Fee – Rs. 12,500 + Applicable Taxes. Enjoy Welcome and Renewal benefit of 12,500 reward points* upon fee realisation and card activation. Spend 10 lakhs or more in the preceding 12 months and get renewal membership fee waived off for next year.”

Who can apply for the HDFC Bank Infinia Metal Edition in India?

Membership for the HDFC Bank Infinia Credit Card is available by invitation only.

Lounge Access

Cardholders enjoy unlimited complimentary access to over 1,000 airport lounges in India and abroad through Priority Pass. This benefit also extends to additional cardholders with a Priority Pass.

Science & Environment

After EY Pune Employee Death, HDFC Bank Employee In…

25 September 2024
by admin

HDFC Bank Gomti Nagar: A woman employee of HDFC Bank in Lucknow allegedly died due to work pressure, days after the death of a woman employee of Ernst & Young (EY) India, reportedly from overwork, in Pune, according to a News18 report.

The incident took place on Tuesday, September 24. The woman, identified as Sadaf Fatima, was reportedly posted as Additional Deputy Vice-President at HDFC Bank’s Vibhuti Khand branch in Gomti Nagar.

Fatima’s colleagues stated that she passed away after collapsing in her chair at the bank. On September 24, while working, Sadaf Fatima fell from her chair and was immediately taken to the hospital, where she was pronounced dead. Her body was later sent for a postmortem examination.

In an X (formerly Twitter) post, Samajwadi Party (SP) chief Akhilesh Yadav called the incident “worrying” and described it as “a symbol of the current economic pressure in the country.”

लखनऊ में काम के दबाव और तनाव के कारण एचडीएफ़सी की एक महिलाकर्मी की ऑफिस में ही, कुर्सी से गिरकर, मृत्यु का समाचार बेहद चिंतनीय है।

ऐसे समाचार देश में वर्तमान अर्थव्यवस्था के दबाव के प्रतीक हैं। इस संदर्भ में सभी कंपनियों और सरकारी विभागों तक को गंभीरता से सोचना होगा। ये देश के… pic.twitter.com/Xj49E01MSs

— Akhilesh Yadav (@yadavakhilesh) September 24, 2024

“Instead of improving working conditions, the BJP minister, who is lecturing the youth of the country to develop the strength to withstand pressure, is further distressing them in this time of grief.

If her government cannot provide any solace or improvement, it should at least refrain from increasing public anger with heartless and insensitive advice in the context of this incident,”Akhilesh Yadav said in his post.

“The employed people of the country have no hope from the BJP because the BJP has thrived on the money of capitalists who exploit their employees to increase profits and share those profits with the BJP,” he added.

To recall, the death of Anna Sebastian Perayil, a 26-year-old Chartered Accountant at EY in Pune, has once again brought the spotlight on the diminishing work-life balance in the lives of many corporate employees. Anna Sebastian Perayil, the EY Pune CA from Kerala, lost her life, with her mother alleging that it was due to office stress and overwork.

Science & Environment

Stocks To Watch: HDFC Bank, SpiceJet, Mankind Pharma, Tata…

23 September 2024
by admin

Stocks To Watch On September 23: Domestic markets edged higher on Friday, gaining nearly one and a half percent, largely tracking global trends. In today’s trade, shares of SpiceJet, Mankind Pharma, Vodafone Idea, Aarti Drugs, BHEL, among others will be in focus due to various news developments.

SpiceJet: SpiceJet’s board approved the issuance of 48.71 equity shares to the eligible qualified institutional buyers at an issue price of Rs 61.60 per share.

HDFC Bank: The board of HDB Financial Services (HDBFS), a subsidiary of HDFC Bank, has approved a listing of equity shares, including a fresh issue of up to Rs 2,500 crore and an offer for sale (OFS) by existing shareholders. HDBFS reported a 2.6 per cent year-on-year growth in net profit to Rs 580 crore in the June quarter, with a total loan book expanding 30 per cent year-on-year to Rs 95,600 crore.

IIFL Finance: CARE Ratings downgraded IIFL’s long-term instruments rating from “AA” to “AA-” due to a decline in its gold loan book. Despite the recent lifting of RBI restrictions, the company’s ability to regain market share remains a key focus.

Max Healthcare: The company is on an expansion path, aiming to add around 3,500 beds in four years. Recent acquisitions, including Alexis Hospital and Sahara Hospital, have added 750 beds to its network, strengthening its position in new geographies.

Vodafone Idea: The company is facing financial challenges after a Supreme Court ruling on AGR dues. An unexpected meeting with investors is scheduled to address recent developments. Vi has also entered a three-year, $3.6-billion deal with Nokia, Ericsson, and Samsung for network expansion, crucial for its 4G and upcoming 5G services.

Adani Total Gas: ATGL secured an initial financing of $315 million as part of a $375 million deal with international lenders to support its city gas distribution network expansion.

Mankind Pharma: The pharmaceutical major plans to raise up to Rs 10,000 crore through non-convertible debentures and commercial papers to finance its recent acquisition of Bharat Serums and Vaccines.

Tata Steel: The company inaugurated a new blast furnace at its Kalinganagar plant in Odisha, increasing its capacity from 3 million tonnes to 8 million tonnes with a total investment of Rs 27,000 crore. This expansion increases Tata Steel’s capacity in Odisha to 14.6 million tonnes. The project includes additional facilities like a pellet plant and a coke plant.

Adani Ports & SEZ: Adani Ports and Special Economic Zone (APSEZ) signed an MoU with Rorix Holdings to integrate advanced technologies into their logistics and trading platforms. This partnership aims to revolutionise commodity trading and enhance operational efficiencies. The company, led by Karan Adani highlighted that this collaboration is crucial for their goal to become a leading global transport and logistics infrastructure provider.

Reliance Infrastructure: The company announced a fundraising initiative, including Rs 1,100 crore from promoters and Rs 1,910 crore from Mumbai-based investment firms. The company plans to raise over Rs 6,000 crore through a combination of preferential allotments and QIPs.

Religare Enterprises: Proxy advisory firm InGovern raised concern over governance issues at Religare Enterprises following the delay of its AGM. The postponement has led to frustration among shareholders, especially as it comes amid scrutiny of executive chairperson Rashmi Saluja regarding insider trading allegations.

Zee: Axis Finance, IDBI Bank, and IDBI Trusteeship Services withdrew their petitions challenging the merger of Zee Entertainment and Sony Pictures Networks India. This followed the NCLT’s decision to recall its earlier approval of the merger, which aimed to create a major media entity but faced legal disputes.

Signature Global: The realty firm awarded a Rs 320 crore construction contract to ACC India for its luxury housing project in Gurugram. The project, titled “Twin Towers DXP,” is anticipated to be a landmark development in the region.

Mahindra & Mahindra: The company is advancing its electric vehicle (EV) strategy with a new manufacturing and battery plant in Chakan, Maharashtra, where it aims for 30 per cent EV penetration by 2030. The company confirmed that no additional EV facilities are planned beyond this site, which is set to produce 200,000 units annually by 2029.

Adani Energy Solutions: AESL is projected to experience significant growth, with expected pre-tax profit growth of 29 per cent over the next three years. With a diversified portfolio including transmission, distribution, and smart metering, analysts forecast AESL’s revenue to grow at a CAGR of 20 per cent from FY24 to FY27.

DreamFolks: The lounge access provider is currently addressing service disruptions at Adani-operated airports. The company has reaffirmed its compliance with contractual obligations amid challenges. As DreamFolks works to restore operations, it’s also expanding into highway lounges and other travel services.

Punjab and Sind Bank: The bank plans to raise up to Rs 3,000 crore through infrastructure bonds, capitalising on favorable bond yields. With significant prior fundraising activities among public sector banks, this initiative reflects the bank’s strategy to strengthen its capital base.

HFCL: The company has been selected by General Atomics to develop critical subsystems for unmanned aircraft systems, marking a significant milestone in its defense technology capabilities.

Science & Environment

HDFC Bank Hikes MCLR Rate by 5 bps On…

7 September 2024
by admin

HDFC Bank has kept MCLR unchanged for tenures other than three months.

HDFC Bank has changed interest rates on just one tenure, on 3-month MCLR, raising it by 5 basis points, while keeping it unchanged for other tenures.

HDFC Bank, India’s largest private sector bank, has revised its Marginal Cost of Lending Rate (MCLR), with effect from September 7, 2024. The updated MCLR rates now range between 9.10 per cent and 9.45 per cent per annum.

The bank has changed interest rates on just one tenure — 3-month MCLR — while keeping it unchanged for other tenures.

HDFC Bank has raised its 3-month MCLR by 5 basis points from 9.25 per cent to 9.30 per cent.

The overnight MCLR is 9.10 per cent, while the 1-month rate is 9.15 per cent. The 6-month rate remains at 9.40 per cent, and the rates for 1-year, 2-year, and 3-year tenures are unchanged at 9.45 per cent.

Mohammad Haris

Haris is Deputy News Editor (Business) at news18.com. He writes on various issues related to markets, economy and companies. Having a decade of experi…Read More

Science & Environment

Bank FD: HDFC Bank Vs ICICI Bank Vs Axis…

6 September 2024
by admin

Reported By: Mohammad Haris

Last Updated: September 06, 2024, 17:50 IST

HDFC Bank Vs ICICI Bank Vs Axis Bank FD Interest Rates.

Here’s the comparison of the current fixed deposit (FD) interest rates offered by three large banks HDFC Bank, ICICI Bank, and Axis Bank on deposits below Rs 3 crore.

HDFC Bank Vs ICICI Bank Vs Axis Bank FD Rates: Even as RBI Governor Shaktikanta Das recently told banks that they are free to decide on interest rates, the lenders are soon likely to align rates to attract deposits. Fixed deposits are currently offering as much as 7.9 per cent interest, beating inflation comfortably which currently stands at around 4 per cent.

Currently, HDFC Bank, India’s largest private sector lender, is offering up to 7.9 per cent FD rates on fixed deposits below Rs 3 crore, depending upon the age of the depositor and tenure. ICICI Bank is giving up to 7.8 per cent, while Axis Bank is giving up to 7.75 per cent.

Here’s the comparison of the current fixed deposit (FD) interest rates offered by three large banks HDFC Bank, ICICI Bank, and Axis Bank on deposits below Rs 3 crore:

HDFC Bank’s latest interest rates on fixed deposits less than Rs 3 crore (per annum):

7 days to 14 days: For General Public – 3.00 per cent; For Senior Citizens – 3.50 per cent
15 days to 29 days: For General Public – 3.00 per cent; For Senior Citizens – 3.50 per cent
30 days to 45 days: For General Public – 3.50 per cent; For Senior Citizens – 4.00 per cent
46 days to 60 days: For General Public – 4.50 per cent; For Senior Citizens – 5.00 per cent
61 days to 89 days: For General Public – 4.50 per cent; For Senior Citizens – 5.00 per cent
90 days to less than equal to 6 months: For General Public – 4.50 per cent; For Senior Citizens – 5.00 per cent
6 months 1 day to less than 9 months: For General Public – 5.75 per cent; For Senior Citizens – 6.25 per cent
9 months 1 day to less than 1 year: For General Public – 6.00 per cent; For Senior Citizens – 6.50 per cent
1 year to less than 15 months: For General Public – 6.60 per cent; For Senior Citizens – 7.10 per cent
15 months to less than 18 months: For General Public – 7.10 per cent; For Senior Citizens – 7.50 per cent
18 months to less than 21 months: For General Public – 7.25 per cent; For Senior Citizens – 7.75 per cent
21 months to 2 years: For General Public – 7.00 per cent; For Senior Citizens – 7.50 per cent
2 years 1 day to less than 2 years 11 months: For General Public – 7.00 per cent; For Senior Citizens – 7.50 per cent
2 years 11 months to 35 months: For General Public – 7.35 per cent; For Senior Citizens – 7.85 per cent
2 years 11 months 1 day to less than or equal to 3 years: For General Public – 7.00 per cent; For Senior Citizens – 7.50 per cent
3 years 1 day to less than 4 years 7 months: For General Public – 7.00 per cent; For Senior Citizens – 7.50 per cent
4 years 7 months to 55 months: For General Public – 7.40 per cent; For Senior Citizens – 7.90 per cent
4 years 7 months 1 day to less than or equal to 5 years: For General Public – 7.00 per cent; For Senior Citizens – 7.50 per cent
5 years 1 day to 10 years: For General Public – 7.00 per cent; For Senior Citizens – 7.50 per cent.

Axis Bank’s FD Interest Rate (On Deposits Below Rs 3 Crore):

7 days to 14 days: 3.00 per cent for General Public; 3.50 per cent for Senior Citizens
15 days to 29 days: 3.00 per cent for General Public; 3.50 per cent for Senior Citizens
30 days to 45 days: 3.50 per cent for General Public; 4.00 per cent for Senior Citizens
46 days to 60 days: 4.25 per cent for General Public; 4.75 per cent for Senior Citizens
61 days to less than 3 months: 4.50 per cent for General Public; 5.00 per cent for Senior Citizens
3 months to 3 months 24 days: 4.75 per cent for General Public; 5.25 per cent for Senior Citizens
3 months 25 days less than 4 months: 4.75 per cent for General Public; 5.25 per cent for Senior Citizens
4 months to less than 5 months: 4.75 per cent for General Public; 5.25 per cent for Senior Citizens
5 months to less than 6 months: 4.75 per cent for General Public; 5.25 per cent for Senior Citizens
6 months to less than 7 months: 5.75 per cent for General Public; 6.25 per cent for Senior Citizens
7 months to less than 8 months: 5.75 per cent for General Public; 6.25 per cent for Senior Citizens
8 months to less than 9 months: 5.75 per cent for General Public; 6.25 per cent for Senior Citizens
9 months to less than 10 months: 6.00 per cent for General Public; 6.50 per cent for Senior Citizens
10 months to less than 11 months: 6.00 per cent for General Public; 6.50 per cent for Senior Citizens
11 months to less than 11 months 25 days: 6.00 per cent for General Public; 6.50 per cent for Senior Citizens
11 months 25 days to less than 1 year: 6.00 per cent for General Public; 6.50 per cent for Senior Citizens
1 year to less than 13 months: 6.70 per cent for General Public; 7.20 per cent for Senior Citizens
13 months to less than 14 months: 6.70 per cent for General Public; 7.20 per cent for Senior Citizens
14 months to less than 15 months: 6.70 per cent for General Public; 7.20 per cent for Senior Citizens
15 months to less than 16 months: 7.10 per cent for General Public; 7.60 per cent for Senior Citizens
16 months to less than 17 months: 7.10 per cent for General Public; 7.60 per cent for Senior Citizens
17 months to less than 18 months: 7.20 per cent for General Public; 7.70 per cent for Senior Citizens
18 months to less than 2 years: 7.10 per cent for General Public; 7.60 per cent for Senior Citizens
2 years to less than 30 months: 7.10 per cent for General Public; 7.60 per cent for Senior Citizens
30 months to less than 3 years: 7.10 per cent for General Public; 7.60 per cent for Senior Citizens
3 years to less than 5 years: 7.10 per cent for General Public; 7.60 per cent for Senior Citizens
5 years to 10 years: 7.00 per cent for General Public; 7.75 per cent for Senior Citizens.

ICICI Bank’s latest interest rates on fixed deposits below Rs 3 crore:

7 days to 29 days: For General Public – 3.00 per cent; For Senior Citizens – 3.50 per cent
30 days to 45 days: For General Public – 3.50 per cent; For Senior Citizens – 4.00 per cent
46 days to 60 days: For General Public – 4.25 per cent; For Senior Citizens – 4.75 per cent
61 days to 90 days: For General Public – 4.50 per cent; For Senior Citizens – 5.00 per cent
91 days to 184 days: For General Public – 4.75 per cent; For Senior Citizens – 5.25 per cent
185 days to 270 days: For General Public – 5.75 per cent; For Senior Citizens – 6.25 per cent
271 days to less than 1 year: For General Public – 6.00 per cent; For Senior Citizens – 6.50 per cent
1 year to less than 15 months: For General Public – 6.70 per cent; For Senior Citizens – 7.20 per cent
15 months to less than 18 months: For General Public – 7.25 per cent; For Senior Citizens – 7.80 per cent
18 months to 2 years: For General Public – 7.25 per cent; For Senior Citizens – 7.75 per cent
2 years 1 day to 5 years: For General Public – 7.00 per cent; For Senior Citizens – 7.50 per cent
5 years 1 day to 10 years: For General Public – 6.90 per cent; For Senior Citizens – 7.40 per cent
5 years (tax saver FD): For General Public – 7.00 per cent; For Senior Citizens – 7.50 per cent.

The RBI recently raised the bulk deposit definition to Rs 3 crore, from Rs 2 crore earlier.

Mohammad Haris

Haris is Deputy News Editor (Business) at news18.com. He writes on various issues related to markets, economy and companies. Having a decade of experi…Read More

Science & Environment

Come August 1, Major Changes In Offing: From LPG…

27 July 2024
by admin

New Delhi: Several important changes in financial rules and regulations will come into effect starting August 1, 2024. The changes will impact the daily lives of many citizens. Each month brings adjustments to various laws and this August is no different.

Among the notable changes, HDFC Bank, the country’s largest private sector lender will modify its credit card rules while Google will update its charges for Google Maps in India. It’s important to stay informed about these upcoming changes to understand how they might affect you. Here’s a look at what’s changing next month.

Update on LPG Cylinder Prices

Every month major changes in LPG gas cylinder prices are implemented first. Last month, the Centre reduced the cost of a 19 kg commercial cylinder, and there are speculations that the government might lower the cost again this time.

Google Maps Service Charges Reduced

There will be significant changes in Google Maps rules in India starting August 1, 2024. The company announced that it has reduced service charges in India by up to 70 per cent and will now bill in Indian rupees instead of Dollars.Notably, these changes won’t affect regular users as no extra charges will be applied to them.

HDFC Bank Credit Card Rule Changes

Starting August 1, bank customers using services like CRED, Cheq, MobiKwik and Freecharge to pay rent will be charged 1 per cent of the transaction amount, this will restrict to Rs 3,000 per transaction. Further, fuel transactions under Rs 15,000 will not incur any extra charges but transactions over Rs 15,000 will attract a 1 per cent fee, also restricted at Rs 3,000 per transaction.

Science & Environment

HDFC Bank Posts 35 Per Cent Rise In YoY…

20 July 2024
by admin

New Delhi: Banking giant HDFC bank posted a standalone net profit of Rs 16,175 crore, climbing 35.3 per cent on a Year-On-Year (YoY) basis in the first quarter of Financial year (FY) 2025, as per the financial statement filed by the company with the stock exchanges on Saturday.

The lender in the same period last year had reported a net profit of Rs 11952 crore. However, the net profit in the first quarter of FY 25 has dropped 2 per cent to Rs 16,511.85 crore, as compared to Rs 16512 crore in the fourth quarter of financial year 2024.

The bank’s net interest income (NII) rose to 2.6 per cent quarter-on-quarter to Rs 29,837 crore. Net Interest Income (NII) is the difference between the revenue generated from a bank’s interest-bearing assets and expenses incurred while paying its interest-bearing liabilities.

The bank had reported Rs 29,078 crore in the March period.The net non-performing asset (NPA) of the bank upped 17.5 per cent sequentially. It stood at Rs 9508.4 crore in the first quarter of FY 25 as compared to Rs 8.091.7 crore in the fourth quarter of last year.

The gross NPA of the bank also rose by 6 per cent quarter on quarter to Rs 33,026 crore in the June quarter, as compared to Rs 31,173 crore in the preceding March quarter of FY 2024.The bank had reported a 37 per cent YoY jump in the net profit at Rs 16,511 crore in the March quarter.

The net interest income had grown by 29 per cent YoY to Rs 29,077 crore.In the last trading session on Friday this week, the HDFC Banks stocks ended in red territory as they lasted 0.46 per cent lower at Rs 1607 apiece on the National Stock Exchange (NSE).The bank’s stocks have seen a decline of around 1.4 per cent over the past five trading sessions. However the the stocks of the bank have performed well rising 12.45 per cent in the last six months.

Science & Environment

HDFC Bank UPI, NEFT, RTGS, ATM Withdrawals To Be…

13 July 2024
by admin

New Delhi: Private sector lender HDFC Bank has announced that it is going to temporarily halt UPI services on July 13 due to migration of its Core Banking System (CBS) to a new engineered platform.

“We are conducting a system upgrade at HDFC Bank on Saturday, 13th July 2024, from 3:00 AM to 4:30 PM. This upgrade aims to enhance your banking experience by improving performance speed, expanding capacity for high traffic and boosting overall reliability,” HDFC Bank has said.

To make your future online banking experience better, we’re undergoing a system upgrade._

For more details, click here: https://t.co/3QipoYoARB #Annoucement #SystemUpgrade pic.twitter.com/z3hnXRCqeq
— HDFC Bank (@HDFC_Bank) July 12, 2024

HDFC UPI Services To Be Unavailable At THESE Timings On July 13

HDFC UPI Services will be unavailable at two intervals –one is from 3:00 AM to 3:45 AM and the other is from 9:30 AM to 12:45 PM –informed the bank.

For HDFC Bank Account holders the following UPI services will not be available in the said time

Send and receive money

Merchant payment (QR or online)

Balance enquiry

Set or change pin

NetBanking, Mobile Banking, Online Fund Transfer To Be Unavailable On July 13

NetBanking and Mobile Banking services will be unavailable throughout the entire upgrade period i.e, from 3:00 AM to 4:30 PM. Meanwhile, online fund transfer modes –IMPS, NEFT, RTGS, HDFC Bank account-to-account online transfers as well as branch transfers –will also remain unavailable throughout the upgrade period.

Can You Use Your HDFC ATM Card On July 13?

During the upgrade period, HDFC customers can withdraw cash from ATMs with the HDFC Bank debit card and credit cards. Though there will be some restricted limits on the usage. Usage of debit and credit cards on swipe machines will be permitted.

Critical Services impacted during the system upgrade:

Time	3:00AM – 3:45AM	3:45AM – 9:30AM	9:30AM – 12:45PM	12:45PM – 4:30PM
UPI	Not Available	Available	Not Available	Available
ATM & Debit Cards	Available with Restricted limits*	Available	Available with Restricted limits*	Available
NetBanking & MobileBanking	Partially Available	Partially Available	Partially Available	Partially Available
Other Fund Transfer Modes**	Not available	Not Available	Not available	Not available
Credit Cards	Available #	Available	Available #	Available
Prepaid Forex Cards & INR Cards	Available @	Available	Available @	Available

“Please plan your banking activities accordingly, as some services will be temporarily unavailable during this 13 and a half hour period,” said the bank.

HDFC Credit Card Charges To Be Revised From August

HDFC Bank has meanwhile made an important announcement relating to its Credit Card. The bank has said that effective from 1st August 2024, it will be making following revision to the Credit card charges.

The new payment charges pertain to Rental Transactions, Fuel Transactions, Utility Transactions, Educational Transactions, International / Cross Currency Transactions, Rewards Redemption towards Statement Credit, Finance Charges and Easy-EMI Processing Fee.