Highest Interest paying banks on FDs in India

Name of the Bank                               Period of fixed Deposit       Rate of Interest (%)

Catholic Syrian Bank                              >2 years to 3 years            10.00%
City Union Bank (CUB)                                1 Year                           10.00%
Lakshmi Vilas Bank                               1 year to  < 2 years            10.00%
South Indian Bank                                      39 Months                      10.00%
South Indian Bank                                  27 Months                            9.90%
State Bank of Patiala                              555 days                               9.75%
Tamilnad Mercantile Bank (TMB)       1 year to  < 2 years              9.75%
Karur Vysya Bank                                 1 years to 2 years                  9.75%

Dhanalakshmi Bank                                 500 days                               9.75%

DCB Bank                                               18 Months                             9.75%

City Union Bank (CUB)                   Above 1 year and upto 3 years   9.75%

          Highest Interest paying banks on FDs in India

Name of the Bank                               Period of fixed Deposit       Rate of Interest (%)

Catholic Syrian Bank                              >2 years to 3 years            10.00%
City Union Bank (CUB)                                1 Year                           10.00%
Lakshmi Vilas Bank                               1 year to  < 2 years            10.00%
South Indian Bank                                      39 Months                      10.00%
South Indian Bank                                  27 Months                            9.90%
State Bank of Patiala                              555 days                               9.75%
Tamilnad Mercantile Bank (TMB)       1 year to  < 2 years              9.75%
Karur Vysya Bank                                 1 years to 2 years                  9.75%

Dhanalakshmi Bank                                 500 days                               9.75%

DCB Bank                                               18 Months                             9.75%

City Union Bank (CUB)                   Above 1 year and upto 3 years   9.75%

learning +: Property prices inMumbai set to increase 20% Mumb...

learning +:
Property prices inMumbai set to increase 20% Mumb...: Property prices in Mumbai set to increase 20%   M umbai home prices could rise by 15 to 20 per cent every year over the next five yea...

Property prices in Mumbai set to increase 20%

 

Mumbai home prices could rise by 15 to 20 per cent every year over the next five years due to heavy demand from buyers, shows a new study by a unit of ICICI Home Finance.

The study revealed, though residential transactions had been slow, a pick-up had been noted over the previous financial year and prices in Mumbai might continue to see an upward trend over the one-year period and grow in double digits in the next five years, says the report by ICICI Property Services.

"This is mainly due to the hesitant buyer now taking the decision to purchase, as the hope of a correction in real estate prices has faded," the report said.

"More, some builders have offered an attractive 20:80 scheme, which has revived transactions in the market," the report said. In a 20:80 scheme, developers absorb pre-installment charges."

Overall, residential real estate prices are likely to remain firm on the back of increasing input costs to developers, coupled with supply slowing due to the slow process of approvals and limited land availability in Mumbai, the report said.

Courtsey: Business Standard

BSE, NSE reduce price bands of few stocks

Due to Surveillance concerns, BSE and NSE in consultation with SEBI decided to reduce the price bands of the following securities to 5% with effect from July 30, 2012 till further notice.

The security names are Glodyne Technoserve, Radico Khaitan, Pipavav Defence and Offshore Engineering Company, Parsvnath Developers, Tulip Telecom and Era Infra Engineering

The above measure was communicated to the Exchanges for implementation today during pre-open phase, however as revised price bands were being implemented, market opened. Since a few trades were already executed at the original price band of 20%, the price bands were restored back to 20% in a coordinated manner by both the stock exchanges in consultation with SEBI in these stocks to ensure uniformity among investors trading these stocks.

India to become USD 5 trn economy by 2020: D&B

Source: IRIS (27-JUL-12)

The Indian economy crossed the USD 1 trillion GDP mark in FY08 consequent to the high growth witnessed since the second half of the last decade. The big push that India received during 1990`s through the initiation of wide-ranging structural reforms had catapulted the economy to a high growth path. 

Though it had taken some time for the reform to bring about the required structural changes, it eventually expanded the opportunities for economic activity immensely which resulted in more rapid growth. The set of industrial, trade and financial sector reforms and the consolidation of government finances which encouraged private investment activity had played a major role in  driving the growth. The growth rate of the Indian economy accelerated sharply to over 8.0% in FY04 and witnessed an average annual growth of around 9.5% during the period FY06 -FY08. The high growth recorded during this period had raised the aspirations of achieving a double digit growth rate.

The growth trajectory of the Indian economy suffered a setback when the economy slowed down due to the impact of the global financial crisis. The crisis revealed that the emerging market economies (EMEs) were not completely decoupled from the advanced economies. The crisis in fact brought to fore the extent of inter linkages of the EMEs with the developed economies through trade, finance and confidence channels.

Dr. Arun Singh, Senior Economist, Dun & Bradstreet India said, ``The subdued growth in the domestic economy owing to the culmination of domestic and global factors is likely to continue till FY15, after which we expect the Indian economy to embark on a high growth phase. By FY20 we expect India to become a USD 5.5 trillion economy driven by increased infrastructure spending, substantial growth in investment activity, strong growth in services sector, emerging of a large working age population and robust consumption demand. However, the future performance of the Indian economy will heavily depend on reinforcing domestic drivers of growth and stability in the global economic environment. The major impetus to incremental growth will come from the BIMAROU states which are expected to contribute significantly to India`s growth story during the current decade. Further, India`s success story is set to enter a new era of inclusive growth during the current decade.``

``While India has moved into the one trillion dollar economy league, the downside risks and therefore the challenges to growth have increased significantly over the last one year. As the economy progresses ahead, there are reasons to believe that these challenges will be met with some assurance of success. We believe that emphasis on boosting the investment activity and setting up of a favorable policy environment would provide the ``big push`` to the Indian economy. Moreover, convergence of policies at the centre and state government levels and concentrated efforts by the governments would be a prerequisite to achieve this vision,`` he further added.

Maruti's Statement on Violence

Maruti Suzuki India, India`s largest carmaker, shut Manesar plant on Thursday following violent clashed between workers and management on Wednesday.

Maruti Suzuki issued following statement on Manesar violence on Thursday: 

We are deeply disturbed by the mob violence and arson at our Manesar Plant on Wednesday evening. Several executives, managers and supervisors were brutally attacked and injured, and nearly 100 of them had to be hospitalised. 

We have also lost Awanish Kumar Dev, General Manager (HR) at Manesar Plant, who was burnt to death by the mob. Awanish was an outstanding professional and team member, compassionate, soft spoken and deeply committed to cordial industrial relations. In the past year, he had been instrumentalin the Company taking far-reaching steps to enhance the wellbeing and working conditions of workers at the Manesar Plant.

We are still assessing the total damage to property and facilities from the acts of arson. What is clear is that the office facilities have been burnt beyond repair, as have the main gate, security office and the fire safety section.

Both our plants in the Manesar campus were, of course, closed on Thursday. We will shortly announce our decision on the next steps with regard to resuming operations in these facilities. We request our customers and partners to bear with us in this extraordinary situation. 

The top management team visited the injured colleagues in the hospitals in Gurgaon where they are admitted. Their experiences are shocking. A few of our colleagues remain serious. While the rest are recovering from the physical injuries, it will take them a while to come out of the trauma. The injured include two Japanese expatriates, including the plant manager of the Manesar Plant.

Sequence of the violence 

The workers` union was demanding reinstatement of a worker who had been suspended for beating up a supervisor. While negotiations were on with the senior management, the first act of violence by the mob was to forcibly shut the main gate and prevent managers from leaving the premises after working hours. 

Thereafter, armed with iron rods and door beams of cars, the mob spread out in groups in the factory area and targeted supervisors, managers and executives. In simultaneous attacks in different parts of the factory, the mob beat the managers on their head, legs and back, rendering many of their victims bleeding and unconscious. They also ransacked offices, broke glass panes and wantonly damaged property. Finally, they set the offices on fire. 

After being terrorized, abused and attacked in this manner by the mob, recovery for the injured will not be easy. We will ensure they continue to receive quality medical attention, and are extending whatever support is possible to the families as well. 
By any account, this is not an ``industrial relations`` problem in the nature of management-worker differences over issues of wages or working conditions. Rather, it is an orchestrated act of mob violence at a time when operations had been normal over the past many months. 

Such acts of violence - pre planned, unprovoked and gruesome - have implications beyond one company or region. They are negative trigger for existing companies and regions across the country, as also for prospective investors and job seekers. 

We are extending full co-operation to the police and government authorities in identifying the guilty and taking suitable action.

Hike in standard asset provisioning to impact PSU banks` profit by 5-10%: Edelweiss

The Reserve Bank Of India (RBI) on Friday released a working group report to review restructuring guidelines. The paper advocates stricter/tighter regime of restructuring compared to the current norms, which it  believes are fret with moral hazard issues (absence of adequate due diligence by lenders coupled with encouragement to lax business practices by borrowers).

Norms related to removal of regulatory forbearance, extension of the timeframe for upgrade to standard restructured, restricting the usage of conversion of debt into pref/equity and ensure promoter`s ``skin in the game`` (raising contribution of promoters in the sacrifice), ensuring mandatory personal guarantees will make restructuring more difficult, but genuine. 

``Hike in standard asset provisioning requirement to impact earnings (PBT) of PSU banks 5% to 10%. Hit to be highest for banks like Indian Overseas Bank, Oriental Bank of Commerce, Union Bank of India, and Punjab National Bank. Hit to be minimal for private banks at less than 1%,`` said Edelweiss Securities.

Basics of Investment from Amit Joshi

Pranab Mukherjee elected new President of India

=================================================================================

Pranab Mukherjee was on Sunday elected the next President trouncing P A Sangma by a huge margin to embark on a new journey capping over four decades of active political innings. 

In a virtually one-side election that saw divisions in the opposition NDA, the 76-year-old UPA nominee Mukherjee secured a vote value of 7,13,763, garnering 69.3% of the total 10,29,750 valid votes polled.

Rival P A Sangma, who was backed by BJP and some other opposition parties like AIADMK and BJD, trailed far behind with 3,15,987 vote value in the polling that saw heavy cross-voting against him by BJP MLAs in Karnataka in favour of Mukherjee.

``I declare that Shri Pranab Mukherjee has been duly elected to the office of President of India,`` Returning Officer and Rajya Sabha Secretary General V K Agnihotri after more than seven-hours of counting that went on expected lines.

A veteran of politics and art of governance, Mukherjee brings a wealth of experience to the top Constitutional office having held various key positions in the party and government at the Centre.

Troubleshooter for the UPA till recently, Mukherjee will be sworn-in as the 13th President on July 25.

In brief comments after being elected, Mukherjee pledged to ``protect, defend and preserve`` the Constitution.

``I will try to justify in a modest way as I can to be trustworthy,`` he said.

He said he was overwhelmed by the support he got from people, not limited to the electoral college comprising MPs and MLAs.

``I have received much more from the country, its political establishment and Parliament than what I have given.`` Congratulations poured from all over with Prime Minister Manmohan Singh, Congress President Sonia Gandhi, Rahul Gandhi and senior Ministers making a beeline to his 13, Talkatora Road residence to greet him. Vice President Hamid Ansari called him to congratulate.

Sangma, a former Lok Sabha Speaker who split from his party NCP to contest the election, congratulated Mukherjee and wished him success.

Adding to this, BJP allies JD(U) and Shiv Sena broke ranks from NDA, setting the path of victory for the UPA nominee much before the polling on July 19.

BJP, which adopted Sangma whose name was propped up by AIADMK and BJD keeping in view the 2014 Lok Sabla polls, congratulated Mukherjee.

``Once he becomes the President, he is our President,`` said BJP spokesman Ravi Shankar Prasad.

Mukherjee, who defeated Sangma by a margin of 3,97,776 vote value, established a clear lead throughout the counting of 4659 votes polled by MPs and MLAs, out of which 4578 were valid.

Out of 748 MPs, who had voted, he secured 527 votes with a value of 3,73,116 against 206 for Sangma which has a value of 1,45,848.

Fifteen votes were invalid, besides that of SP chief Mulayam Singh Yadav which was declared as cancelled. Of the invalid votes, nine were to be in favour of Mukherjee while six for Sangma.

In the states too, Mukherjee established a clear lead except in BJP-ruled states. But the ruling BJP suffered a humiliation in Karnataka when Mukherjee got 117 votes against BJP`s 103 in the 224-member Assembly.

In Kerala it was a clean sweep for Mukherjee as won all the 124 votes polled while one was invalid. Sangma drew a blank. CPI and RSP members abstained from voting which has a 140 member Assembly.

In Andhra Pradesh, which has a 294-member Assembly, Mukherjee got the support of 182 MLAs including that of Congress and YSR Congress while Sangma got the backing of three.

Five were invalid. In terms of vote value, Mukherjee got 26,936 while Sangma 444. A total of 190 MLAs voted because TDP and TRS abstained. Each MLA in Andhra Pradesh has a vote value of 148.

Mukherjee kept up his lead even in Arunachal Pradesh, where he got 54 of the 59 votes polled.

The vote value corresponded to 432 for Mukherjee, while it was 16 for Sangma. Three votes were invalid.

In the 126-member Assam Assembly, Mukherjee got 110 votes while Sangma got 13. Two votes were invalid while one did not vote. In terms of vote value, Mukherjee got 12,760 while Sangma got 1,508.

In Bihar too, where the ruling JD(U) has declared support for Mukherjee, the UPA candidate got 146 out of the 240 votes polled in the 243 member Assembly. Sangma got 90, mostly from BJP, which shares power with JD(U).

Mukherjee`s vote value in in the state was 25,258 while for Sangma it was 15,570. Three votes were invalid while one did not not vote.

In the 90-member Assembly Chhattisgarh which is ruled by BJP, 39 votes went to Mukherjee while Sangma got 50. One vote was invalid.

In terms of vote value, Mukherjee got 5,031 while Sangma got 6,450. Mukherjee got 59 votes and Sangma 123 votes in 182-member Gujarat Assembly where BJP has the majority.

In terms of vote value, Mukherjee got 8673 while Sangma got 18,081. In 81-member Jharkhand Assembly, Mukherjee got 60 votes while Sangma won 20.

Mukherjee`s vote value is 10560 while Sangma`s stands at 3520.

In the states too, Mukherjee established a clear lead except in BJP-ruled states. But the ruling BJP suffered a humiliation in Karnataka when Mukherjee got 117 votes against BJP`s 103 in the 224-member Assembly.

In Kerala it was a clean sweep for Mukherjee as won all the 124 votes polled while one was invalid. Sangma drew a blank. CPI and RSP members abstained from voting which has a 140 member Assembly.

In Andhra Pradesh, which has a 294-member Assembly, Mukherjee got the support of 182 MLAs including that of Congress and YSR Congress while Sangma got the backing of three.

Five were invalid. In terms of vote value, Mukherjee got 26936 while Sangma 444. A total of 190 MLAs voted because TDP and TRS abstained. Each MLA in Andhra Pradesh has a vote value of 148.

Mukherjee kept up his lead even in Arunachal Pradesh, where he got 54 of the 59 votes polled.

The vote value corresponded to 432 for Mukherjee, while it was 16 for Sangma. Three votes were invalid.

In the 126-member Assam Assembly, Mukherjee got 110 votes while Sangma got 13. Two votes were invalid while one did not vote. In terms of vote value, Mukherjee got 12,760 while Sangma got 1,508.

In Bihar too, where the ruling JD(U) has declared support for Mukherjee, the UPA candidate got 146 out of the 240 votes polled in the 243 member Assembly. Sangma got 90, mostly from BJP, which shares power with JD(U).

Mukherjee`s vote value in in the state was 25,258 while for Sangma it was 15,570. Three votes were invalid while one did not not vote.

In the 90-member Assembly Chhattisgarh which is ruled by BJP, 39 votes went to Mukherjee while Sangma got 50. One vote was invalid.

In terms of vote value, Mukherjee got 5,031 while Sangma got 6,450. Mukherjee got 59 votes and Sangma 123 votes in 182-member Gujarat Assembly where BJP has the majority.

In terms of vote value, Mukherjee got 8673 while Sangma got 18,081. In 81-member Jharkhand Assembly, Mukherjee got 60 votes while Sangma won 20.

Mukherjee`s vote value is 10560 while Sangma`s stands at 3520.

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Source: DDI (23-JUL-12)

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