SBI raises interest rates on FCNR, NRE deposits

Public sector State Bank of India, on Monday, raised interest rates on deposits of Non Resident Indians with effect from May 1. The bank raised the interest rates on Non Resident External (NRE) rupee deposits of one year to less than 2 years to 3.08 per cent from 2.49 per cent, two years to less than three years to 3.18 per cent from 2.5 per cent and three to five years to 3.45 per cent from 2.81 per cent.

Similar hikes have been made in Foreign Currency Non Resident (FCNR) deposits held in US Dollars, Pound Sterling, Euro, Australian Dollar, Canadian Dollar and Yen. The US Dollar deposits of one to two years will earn interest of 2.33 per cent as against 1.74 per cent.

Interest rate on deposits of two to three years has been raised to 2.43 per cent from 1.75 per cent, three to four years to 2.7 per cent from 2.08 per cent, four to five years to 2.93 per cent from 2.35 per cent. For five years deposits, interest rates have been raised to 3.11 per cent from 2.65 per cent.

JSW Steel Q4 net profit rises to Rs 461 crore

JSW Steel, on Monday, posted 11.55 per cent growth in net profit at Rs 461 crore for the fourth quarter ended March 31, compared with Rs 413.25 crore in the year-ago quarter, reports DHNS from Mumbai.

The total income for the quarter under review rose 63.84 per cent to Rs 4,225.97 crore from Rs 2,579.27 crore in the year-ago period. The company reported a net profit of Rs 1728.19 crore for the year ended March 31, compared with Rs 1,292 crore in the previous financial year. Total Income stood at Rs 11,677.14 crore compared with Rs 8699.59 crore in the previous fiscal.

Edelweiss Capital gets Sebi nod for MF business

Edelweiss Capital, on Monday, announced that it has got the Sebi approval to start mutual fund business in the country. The investment bank has been granted registration in the name of Edelweiss Mutual Fund and approval has been granted for Edelweiss Asset Management Ltd to act as investment manager to Edelweiss Mutual Fund, said the Company release.

The company hopes to make inroads in the segment with the launch of eight to nine products over the next 12 months. The product portfolio will include broad based equity funds, structured products, arbitrage funds, ETFs, and other innovative fixed income and equity funds in line with requirements.

Shell decides to close     15 retail outlets

Shell on Monday decided to temporarily close 15 of its retail outlets in peninsular India from May 7, 2008, till further notice due to the absence of a level playing field for private oil companies, and the rising global crude and refined product prices.

Managing Director and Retail General Manager for Shell India Marketing Private Limited Surinderdeep Singh said, “We will continue to work with the relevant authorities for the creation of a fair and level playing field in the fuels retailing sector, which will bring many benefits to retailers, their employees and especially to customers who would gain from the advantages that competition brings to the marketplace.”