Home Loans Get Cheaper

HOME LOANS GET CHEAPER 

The RBI maintained status quo during the monetary policy meeting earlier this month. The industry and the markets cheered this move. The banks and mortgage lenders did not fall behind to extend this benefit to its customer. State Bank of India, Kotak Mahindra Bank and HDFC has cut interest rates on home loans by 25 basis points. Kotak Mahindra has informed that this rate will be applicable till January 31, 2014. 

JIGNESH SHAH AND TEAM NOT FIT TO RUN AN EXCHANGE 

The Forward Markets Commission (FMC) has worded that Financial Technologies (FTIL) and Jignesh Shah is not fit to run an exchange. The commission has reported that Jignesh Shah and his team were well aware of the happenings in the National Spot Exchange. It is also mentioned that FTIL which was founded by Jignesh Shah has lost the right to hold more than two per cent stake in MCX. Joseph Massey and Shrikant Javalgekar are not ‘fit and proper’ to hold board managerial position in a recognized commodity exchange. 

SAIL, RINL, MOIL ENTERS INTO JV FOR SETTING UP A FERRO ALLOY PLANT 

In a latest development three central government units have entered into a three-way joint venture. The companies involved are SAIL, RINL and MOIL. The joint venture is for production of ferro alloys. A Rs 400 crore joint venture was signed between SAIL and MOIL was proposed to be set up in Chhattisgarh with an annual capacity of one lakh tonnes per annum. The Rs 200 crore JV between RINL-MOIL in Andhra Pradesh was supposed to manufacture 50000 tonnes of ferro alloys a year. 

EXODUS OF HEAD HONCHOS OF INFOSYS 

Here comes the eighth top-level exit from the board of Infosys. Recently V Balakrishnan, director at the Infosys board has tendered his resignation. It is rumoured that Balakrishnan was in the race for becoming the company’s next chief executive officer when the S.D. Shibulal’s tenure gets over in 2015. There is a strong indication that a big transition is going on in the company. But the performance of the scrip remained unabated and continued with its good show on the bourses. 

CONSOLIDATION IN THE MF INDUSTRY 

The largest fund house of the country HDFC Mutual Fund has acquired Morgan Stanley Mutual Fund for a consideration of Rs 170 crore. The acquired fund house has total eight schemes and has asset worth more than Rs 3000 thousand crore. This marks a big step towards the consolidation in the domestic MF markets. HDFC Mutual Fund has Assets Under Management (AUM) of well above Rs 1 lakh crore.