Snehal khanna Blog

Savings bank deposits with SBI since June 2011, as with most other banks, earned an interest of 4% LATEST NEWS    :  State Bank of India (SBI) has introduced a two-tier interest rate structure on savings bank deposits. With effect from July 2017, a savings bank balance of over Rs 1 crore will earn an interest rate of 4% per annum (p.a.), while the ones with Rs 1 crore or less will earn an interest rate of Rs 3.5% p.a. The move sent the stock soaring 4% in intra-day deals to Rs 313 levels on the Bombay Stock Exchange (BSE). “The decline in the rate of inflation and high real interest rates are primary considerations warranting a revision in the rate of interest on saving bank deposits,” SBI said in a release. "This is a step in the right direction and I expect more banks to cut savings bank interest rates going ahead. That apart, SBI will also save on the interest costs going ahead. This is getting reflected in the stock reaction post the development," sa...

The stock slipped 15% to Rs 277 on BSE, its sharpest intra-day fall since October 27, 2008 LATEST NEWS : ITC has slipped 15% to Rs 277, its sharpest intra-day fall in past one decade on BSE, after the Goods and Services Tax (GST) Council increases cess on cigarettes. The stock has fallen nearly 18% in past two trading sessions. Earlier, on October 27, 2008, the stock tanked 17% in intra-day trade. “The GST Council meeting on Monday raised the cess on cigarettes, in a bid to reduce profiteering by companies and harm to public health. The exact amount of the cess would depend on the length of the cigarettes,” the Business Standard report suggests. Cess on cigarettes of up to 65 mm was raised by Rs 485 per 1,000 sticks in the case of both filter and non-filter ones. Those longer than 65 mm had different cess rates — it increased by Rs 792 per 1,000 sticks for non-filter ones; for filtered ones, between 65 mm and 70 mm, the cess was raised by Rs 621 per 1,000 sticks and ...