The State Bank of India (SBI), the largest bank in the country, has picked up 19.7 per cent equity in Orissa-based Mayfair Hotels and Resorts (MHRL) through a private equity (PE) deal, for an undisclosed sum.

The group currently has four hotels in the state and plans to use the funds to expand organically and geographically.

The deal was for 37.33 lakh shares with a face value of Rs 10 each. Post-deal, the promoters' share will be 80 per cent.

IBM has entered into a US$5 million IT services agreement with Kotak Mahindra Bank Limited (Kotak) to further strengthen latter’s position as one of the leading banking and financial services provider in India.

Under the arrangement, IBM will design, build and maintain a highly scalable, energy-efficient green data center as well as the converged IP network infrastructure for the client.

The country’s largest private sector lender ICICI Bank has informed that it has entered into an agreement with BSNL Cell One to enable the latter's customers pay their bills through ICICI Bank's Web site.

Under the facility, the subscriber will be able to view their billing details on the Internet and pay accordingly by clicking a button. Their account will be debited for the billing amount and the proceeds shall be remitted to the BSNL.

State Bank of India (SBI) plans to raise about Rs 500 crore from retail investors as Tier II capital. This capital will be a part of the Rs 5,000 crore, which the bank plans to raise in January.

According to the SBI Chairman, O P Bhatt, the bank is now giving this opportunity to the common man as earlier it was raising Tier II capital only through big investors.

He said, “The minimum investment required will be anywhere between Rs 10,000 and Rs 1 lakh. We are planning to do this in the current quarter.”

Stock analysts have maintained ‘buy’ rating on State Bank of India (SBI) stock with an intraday target of Rs 1333.

According to them, interested traders can purchase the stock around Rs 1315 with a strict stop loss of Rs 1295. If the stock market remains on positive track, the stock pricing becomes more attractive, and reach above Rs 1350.
 

The largest private sector bank of the country, ICICI has slashed interest rates by 50 to 75 basic points with immediate effect. Now, people can enjoy low interest rates on home and auto loans.

The announcement has come after some public sector and private lenders have taken initiative to reduce interest rates in line with the interest rate cut by the apex bank.