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Business Briefs

Syndicate cuts rates on loans

Bangalore, Nov. 12: Syndicate Bank has announced a reduction in its prime lending rate (PLR) and prime term lending rate (PTLR) rates by 50 basis points from the prevailing 12 per cent to 11.50 per cent effective from November 1. With this cut in the PLR, the bank’s interest rates on housing loans will further go down touching a minimum rate of 9 per cent for a housing loan of five years tenor, 9.5 per cent for housing loans repayable over five years up to 10 years and 10 per cent for housing loans of over 10 years up to 20 years.

Industry output

New Delhi, Nov. 12: Industrial production in the country grew by 6.1 per cent during September this year compared with a 2 per cent growth during the same period last year.

ICI plan

New Delhi, Nov. 12: ICI India today said its shareholders have approved a proposal to divest the company’s catalyst business to UK-based Johnson Matthey Plc for about Rs 140 crore.

Canara foray

Bangalore, Nov. 12: As part of its overseas expansion plans, Canara Bank is mulling setting up of a representative office in China and its branch in Moscow is expected to be opened in January or February next year.

UTI selloff

Calcutta, Nov. 12: All India Bank Employees’ Association (AIBEA) has joined the All India Unit Trust Staff Joint Action Committee in opposing the privatisation of the country’s largest mutual fund.

Shaw Wallace

Mumbai, Nov. 12: Shaw Wallace Breweries Ltd has made an open offer to acquire up to 9.98 per cent equity stake in Skol Breweries Ltd at Rs 38.07 per share.

Om Kotak

Mumbai, Nov. 12: Old Mutual Plc has said it would like to raise its stake in Om Kotak Mahindra Life Insurance Company if the rules allow.

Panna-Mukta

New Delhi, Nov. 12: Oil and Natural Gas Corporation has given British oil and gas major BG Group time till Wednesday to agree to jointly operating Panna-Mukta and Tapti oil and gas fields.


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