Briefly Business: UBI, Central Bank & Corporation Bank cut rates

UBI, Central Bank & Corporation Bank cut rates

Mumbai: Union Bank of India, Central Bank of India and Corporation Bank on Tuesday slashed benchmark lending rate by 15-25 basis points. Union Bank and Corporation Bank revised base rate or minimum lending rate by 15 basis points to 10.50 per cent from 10.65, while Central Bank of India reduced the base rate by 25 basis points to 10.50 per cent. The revised rates will be effective from May 1.

'Loan restructurings set to hit R2 lakh cr this fiscal'

Mumbai: With the pressure on Indian banks' asset quality set to continue, the total amount of loans that are to be restructured by banks is likely to hit a record level of Rs 2 lakh crore by March 2013, rating agency Crisil said.

Sesa Goa Q4 net down 20.50% to R1,162 crore

Mumbai: Vedanta group firm Sesa Goa on Tuesday reported a decline of 20.50 per cent in its consolidated net profit at Rs 1,162.11 crore for the quarter ended March 31, 2012. In another development CCI has approved the merger of Sterlite Industries and Sesa Goa.

EGoM to meet today to decide on more sugar exports

New DelhI: The Empowered Group of Ministers is scheduled to meet on Wednesday to discuss allowing further exports of sugar.

Sony to hire 500 people in India in 2012-13

New DelhI: Sony India on Tuesday said it is registering "healthy profit" and plans to increase its headcount by 500 people in the current financial year.

Private airlines owe R14,573 cr to PSU banks

New DelhI: Private airlines owe a total of Rs 14,573 crore to state-run banks, with Kingfisher Airlines and Jet Airways together accounting for almost 80 per cent of the outstanding as on the second quarter of 2011-12, MoS Finance Namo Narain Meena said in a reply to the Rajya Sabha.

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