RBI to infuse `7K crore
KOLKATA, 3 JUNE: The Reserve Bank of India today announced it will infuse Rs 7,000 crore into the system on 7 June by buying government securities to ease the liquidity situation. “Consistent with the stance of monetary policy and based on the current assessment of prevailing and evolving liquidity conditions, the Reserve Bank has decided to conduct open market operations (OMO) by purchasing…government securities for an aggregate amount of Rs 7,000 crore on 7 June 2013,” it said in a statement. The OMO would be conducted through multi-security auction using the multiple price method, the statement added. sns
SBI rate cut
NEW DELHI, 3 JUNE: State Bank of India today announced reduction in interest rate on fixed deposits of maturity up to one year by 0.25 per cent to 7.25 per cent. It has been decided to revise downwards by 25 basis points the interest rate on bulk deposits above Rs 1 crore for the tenors seven days to less than one year, SBI said in a statement. “Accordingly, the interest rate for bulk deposits for the above tenors will be 7.25 per cent per annum with effect from 7 June 2013,” it said. pti
Manufacturing slows
NEW DELHI, 3 JUNE: Manufacturing sector output fell in the month of May, its first decline since March 2009, as order flow weakened and power outages affected the sector, a survey said today. As per HSBC Purchasing Managers’ Index, the economic activities in manufacturing sector continued to remain sluggish last month with output falling for the first time in about four years. The index, an indicator measuring changes in output, new orders, employment, supplier delivery times and stocks of purchases, fell from 51.0 in April to 50.1 and hit a 50-month low. pti
Penalty on Vodafone
NEW DELHI, 3 JUNE: The penalty woes for Vodafone have refused to go with the department of telecom imposing a fresh penalty of Rs 1,263 crore for allegedly under-reporting revenues during financial years 2007-08 to 2010-11. Official sources said: “The notice has been given today. It (Vodafone) has been asked to pay within 15 days.” The exact break-up of penalty imposed on the company for each financial year could not be ascertained. pti
CIL misses target
KOLKATA, 3 JUNE: Coal India Limited today said it produced 34.55 million tons (MT) of coal in May, missing its target of 36.50 MT for the month. The company also missed it offtake target of 40.92 MT for the month, recording an offtake of 38.27 MT, CIL said in a filing to the Bombay Stock Exchange. sns