The Telegraph
Since 1st March, 1999
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Business Briefs

BoB raises deposit rates

Mumbai, Feb. 8: Bank of Baroda (BoB) has revised interest rate on certain categories of domestic term deposits upwards by 0.25 to 0.50 per cent effective February 10. The decision to raise the interest rate stems from the fact that the benchmark rate for 10-year government securities has now touched 6.40 per cent, while the rate for a five-year corporate paper has gone up from 6.75 to 7.1 per cent. The revised rates on deposits of one year and above would be 6 per cent (5.5 per cent earlier). The rate for 15-45 days would be 4.75 (4.50 per cent), 91-180 days — 5.5 per cent (5.25 per cent) and 181 days to less than a year — 5.75 per cent (5.25 per cent).

Forex reserves

Mumbai, Feb. 8: Revaluation of the euro vis-a-vis the dollar and gold stock have further pushed up the country’s foreign exchange reserves to cross $ 73.5 billion mark during the week ended January 31. Forex reserves rose $ 378 million at $ 73,583 million in the period under review, according to Reserve Bank of India’s weekly statistical supplement released here.

TVS-E merger

Calcutta, Feb. 8: The board of TVS Electronics (TVS-E) Limited has approved its merger with TVS eTechnology at a stock swap ratio of 1:1, subject to requisite approvals. The board seeing several synergies in the business of the two companies has decided to merge the two entities.

Airport taxes

New Delhi, Feb. 8: The civil aviation ministry is persuading the finance ministry to rationalise sales tax on aviation turbine fuel and airport taxes, union minister of state for civil aviation Shripad Y. Naik said today.

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