Central Bank cuts deposit rates

MUMBAI: Public-sector lender Central Bank of India has reduced deposit rates by 0.25-0.5 per cent across various maturities inorder to reduce cost of funds, its chairman said. “We have cut the deposit rates by 0.25-0.5 per cent,” chairman and managing director S Sridhar said.

ICICI Bank to act as clearing bank for SMX

MUMBAI: The country’s second largest lender, ICICI Bank, has entered into an agreement with Singapore Mercantile Exchange for providing clearing and settlement processing services to traders on the exchange. The membership will also see the bank provide a platform to the market participants in India and abroad to trade on a global commodity exchange, ICICI Bank said.

Renuka Sugars buys Brazilian co for $82 mn

MUMBAI: India;s biggest sugar refiner Shree Renuka Sugars said on Wednesday it has acquired Brazilian sugar and ethanol producer Vale Do Ivai SA Acucar E Alcool for $82 million. “It was a distressed asset,” CEO Narendra Murkumbi said, adding it has managed to restructure the firm's loans at low interest rates.

Small car on anvil, says Honda

NEW DELHI: Japanese auto major Honda has said it will focus on India and China for future growth as sales in developed markets like the US and Europe continue to drag due to the global economic downturn. The company is also mulling to source motorcycle components from India for its global operations.The company said it was working on a small car to address demand of the high volume segment in the country.

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