HDFC raises rates

Mumbai, April 2: Hdfc has increased its retail prime lending rate (rplr) on which its adjustable rate home loans (arhl) are benchmarked by 0.50 percentage points. For all new home loan customers, the ARHL will now be priced at 11.25 per cent while the fixed rates will be 13.25 per cent. The increase in rplr will affect existing borrowers whose loans come up for re-pricing on or after April 1. hdfc Bank too upped its prime lending rate by 1 percentage point from 14 to 15 per cent. The new rate will come into effect from tomorrow.

Fiat unit

Mumbai, April 2: Fiat has inaugurated its production unit at Ranjangaon, near Pune. The project is an industrial joint venture between Fiat Group and Tata Motors.

Tata-Corus

London, April 2: The Tata group’s takeover of the Corus group reached its culmination with the deal coming into effect from today, making Tata Steel the world’s fifth largest steel firm.

Mittal shares

Paris, April 2: Arcelor Mittal has announced a share buyback programme to repurchase up to $590 million worth of shares. The buyback was part of a dividend policy to return 30 per cent of net income each year to shareholders.

Moser Baer

Mumbai, April 2: Affiliates of private equity investor Warburg Pincus have hiked their stake in Moser Baer India to 33.75 per cent through conversion of 47,500 gdrs.