ICICI, SBI cut lending rates
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ICICI Bank has decided to cut its MCLR by 10 basis points (bps) for loans with tenor of one year to 8.95 per cent. The new rate will be effective from November 1.
This is an outcome of monthly review and not an out-of-turn action. The private-sector lender has reduced MCLR for one-year loans by 25 bps since April. MCLR in April was 9.20 bps for one-year loan.
State Bank of India, too, has decided to cut its MCLR rate for a one-year loan by 15 bps to 8.90 per cent from November. This is part of a monthly review.
Other Latest News
Aadhar Housing Finance made a flattish stock market debut on Wednesday with its shares of housing finance company (HFC) getting listed at Rs 315 per share, a 0.22 per cent discount over its issue price of Rs 315 per share.
However, after listing the stock of the company moved up to 4.7 per cent at Rs 329 a piece in intraday deals on the BSE.
Prime Minister Narendra Modi on Tuesday declared his total assets amounting to Rs 3.02 crore in his Lok Sabha poll affidavit, as required for contesting elections in India.
According to the election affidavit, PM Modi has Rs 52,920 in cash and fixed deposits worth Rs 2.85 crore (Rs 2,85,60,338) in SBI. The gross total value of his assets is Rs 3,02,06,889.
PM also has four gold rings worth Rs 2,67,750.
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Public sector banks' cumulative profit crossed Rs 1.4 trillion in the financial year ended March 2024, recording a growth of 35 per cent over the previous year on a high base of Rs 1 trillion.
The 12 Public Sector Banks (PSBs) together had earned a net profit of Rs Rs 1,04,649 crore in 2022-23.
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Shares of Vedanta hit 14-year high of Rs 438.30, surging 6 per cent on the BSE in Tuesday’s intra-day trade amid heavy volumes after the company said its board will meet on Thursday, May 16 to consider fund raising plan. The board will also consider first interim dividend on equity shares, if any, for the financial year 2024-25.
Currently, Vedanta is trading at its highest level since May 2010. The stock had hit a record high of Rs 494.30 on April 8, 2010. In past two months, the market price of Vedanta has appreciated by 75 per cent.
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Quant Money Managers has got the banking regulator's approval to acquire an aggregate holding of up to 9.98 per cent of the paid-up share capital or voting rights in RBL Bank within May 12, 2025.
The stake can be acquired through various schemes of Quant Mutual Fund, a subsidiary of the investment management firm. As of May 10, Quant Money held 4.68 per cent of RBL Bank's equity share capital.
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