Syndicate Bank reduces  its lending rates
SyndicateBank, on Friday, announced reduction in lending rates on housing loans, SSI & SME loans, consumer credit and loans to women entrepreneurs ranging from 0.25 per cent to 1.50 per cent with effect from February 18, 2008. Interest rate on housing loans has been reduced by 25 basis points for loans upto Rs 20 lakh.
    To increase flow of credit to small scale industries and SMEs, the Bank has decided to reduce rate of interest from 25 basis points to 1 per cent depending upon rating of the clients. In order to encourage women entrepreneurs, interest rates have been reduced by 1 per cent on the loans offered under Bank’s ‘Synd Mahila’ scheme.  SyndicateBank has also reduced its interest rate by 1.50 per cent for consumer credit (both personal loans and consumer durables) extended to salaried class where salary is credited to Bank’s account.

IFMR signs an MOU with NCDEX
Institute for Financial Management and Research (IFMR) on Friday signed a Memorandum of Understanding (MoU) with National Commodity and Derivatives Exchange Ltd (NCDEX), to promote research and education in commodity markets and derivatives, for building capacity in this relatively virgin domain.

    IFMR and NCDEX will set up a dedicated Centre, NCDEX Centre for Research in Commodity Markets, at IFMR for research and knowledge management in the area of commodity markets and derivatives. The centre would conduct certification courses, organise seminars, workshops and conferences to generate awareness.

REC’s IPO to enter    market on February 19
Rural Electrification Corporation, which proposes to raise over Rs 1,400 crore by offering 15.61 crore equity shares through IPO constituting 18.18 per cent of the company’s fully-diluted post-issue capital,is banking on fundamentals to get a good response despite a choppy capital market at present, reports DHNS from Chennai. The IPO opens on February 19 and closes on February 22. The price band has been set at Rs 90-105. At the lower end of the band, the company will raise Rs 1,400 crore and at the upper end of the band Rs 1,640 crore.  

Diemould India 2008 & Tooltech 2008 opens
Diemould India 2008 and Tooltech 2008, organised by Tool and Gauge Manufacturers Association (TAGMA) and Indian Machine Tool Manufacturers’ Association (IMTMA) respectively began in Bangalore on Friday. The four-day exhibition is held at Bangalore International Exhibition Centre (BIEC). The 6th edition of Diemould India 2008 has attracted 273 exhibitors from 17 countries. The 10th edition of Tooltech 2008, has 106 exhibitors from 13 countries, with products valued over Rs 4 crore exhibited.

Three-day Acrex India 2008 begins in City
Acrex India 2008, the expo  for the air-conditioning, refrigeration, heating began here on Friday, at the KTPO Trade Centre, reports DHNS from Bangalore. The three-day expo is organised by all India chapters of Ishrae (Indian Society of Heating, Refrigerating & Air-conditioning Engineers), in association with Ashrae (American Society of Heating, Refrigerating & Air-conditioning Engineers) and Aiacra (All India Air-conditioning & Refrigeration Association). Theme for the expo is “Towards sustainable growth” with special focus on air-conditioning, refrigeration, electrical engineering, etc. Around 300 Indian exhibitors and 75 international exhibitors will take part in the Expo.

Tata Capital, Mizuho’s wealth mgmt biz
Tata Capital and Mizuho Financial Group Inc’s securities unit have signed a preliminary agreement, a statement of Tata Capital said on Monday. The agreement envisages cooperation on buyout investments and cross-border mergers and acquisitions, reports DHNS from Mumbai. As part of its expansion in Asian economies, Mizuho’s corporate-banking arm will cooperate with SBI, to sell syndicated loans to Japanese companies in the world’s second-most populous nation. 

NYSE Euronext to buy  5% equity in MCX
NYSE Euronex, owner of the New York Stock Exchange and four European bourses, on Friday, announced that it would buy a five per cent stake in Multi Commodity Exchange of India Ltd (MCX) for Rs 240 crore. “The transaction, which requires regulatory approval, will probably be completed by June,’’ the companies said in New Delhi.