HDFC Bank cuts rates on certain

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Sify Editors @ 10:55 AM:
HDFC Bank cuts rates on certain savings accounts

HDFC Bank Ltd on Thursday cut interest rates on most of its savings accounts to 3.5 percent from 4 percent.

Customers with savings bank account balance of 5 million rupees ($77,924.10) and above will continue to earn interest at 4 percent per annum, the lender said in a statement.

State Bank of India had cut deposit rates on most of its savings accounts to a six-year low last month to boost net interest margins, prior to the interest rate cut by the Reserve Bank of India.

Lenders such as Yes Bank Ltd and Axis Bank Ltd among others have also cut interest rates on certain savings accounts.

Sify Editors @ 10:25 AM:
Trading window on Infosys closed

Infy has suggested that it could consider a buyback proposal of equity shares at a meeting to be held on August 19. TCS has completed a Rs 16000 crore buyback. So has Cognizant with a $3.4 billion buyback.

Trading window on the scrip has been closed and will resume only on August 22.

Back in April the company had suggested that it will pay up to Rs13,000 crore to shareholders during the current financial year through either dividend and/or a share buyback scheme, subject to requisite approvals.

Infy’s cash reserves have grown to $6 billion and investors had suggested to either utilise the amount either through share buyback or generous dividends.

Infy said in official communication that as per its current policy, dividends of up to 50% of post-tax profits of a financial year are possible.

Sify Editors @ 9:50 AM:

The Sensex open higher

Taking a cue from global markets, the key Indian equity market indices on Thursday opened higher.

The Sensex of the BSE, which had closed at 31,770.89 points on Wednesday, opened higher at 31,919.17 points.

Minutes into trading, it was quoting at 31,816.25 points, up by 45.36 points, or 0.14 per cent.

At the National Stock Exchange (NSE), the broader 51-scrip Nifty, which had closed at 9,897.30 points, was quoting at 9,924.60 points, up by 27.30 points or 0.28 per cent.

The key Indian equity indices on Wednesday had continued with their second consecutive session of gains to close on a higher note as healthy buying was witnessed in index heavyweights such as ITC, HDFC, Tata Motors and Hindustan Unilever (HUL), among others.

Besides, broadly positive global cues, coupled with intense buying activities in automobile, banking and FMCG stocks, lifted investors’ sentiments.

The Sensex was up by 321.86 points or 1.02 per cent at the Wednesday’s closing. In the day’s trade, the barometer 30-scrip sensitive index had touched a high of 31,805.99 points and a low of 31,399.35 points.

Sify Editors @ 9:30 AM:

The Sensex opens in the Green

Benchmark Sensex has made a modest tilt in the green during the pre-morning session.

The index was up by 77.82 points or 0.24% up at 31848.71.

Nifty too was leading in the green by 0.25% to 9921.80.

Infosys was up by 3.19% at 1008 on the Sensex, while Reliance, Bharti Airtel and Dr. Reddy were the other top stocks in focus.

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