Hot News - Karur Vysya Bank and TCS

Karur Vysya Bank slips after increasing interest rates

Karur Vysya Bank has plunged on the BSE after the bank increased its interest rates on term deposits and hiked Benchmark Prime Lending Rate (BPLR).

The scrip is currently trading at Rs 322.50 per share, down 2.15 points or 0.66% on the BSE.

Earlier today, the stock opened at Rs 319.10 per share as compared to its previous close of Rs 324.65 per share on Monday.

Intraday, the counter touched a high and a low of Rs 322.50 per share and Rs 319.10 per share, respectively.

The stock’s 52-week high and a low stands at Rs 548 per share (January 9, 2008) and Rs 270 per share (July 16, 2008), respectively.

TCS rises on acquisition buzz of Citigroup’s captive BPO arm

Tata Consultancy Services is currently trading at Rs 845, up by 3.20 points or 0.38% from its previous closing of Rs 841.80 on the BSE.

The scrip opened in the red at Rs 841 and has touched a high of Rs 850 with a low of Rs 840.So far 58,486 shares were traded on the BSE.

The BSE group ‘A’ IT sector stock touched a 52 week high of Rs 1,151 on October 19, 2007 and a 52 week low of Rs 719.10 on July 16, 2008.

The BSE IT sector is currently trading at 3,910.74 down by 0.40% from its previous closing.

IT major belonging to the Tata Group, Tata Consultancy Services (TCS), is seen as a frontrunner for acquiring Citigroup’s captive BPO arm – Citigroup Global Services (CGSL). Global IT giant IBM is also in the race for the deal, according to a media report.

The transaction is estimated in the range of $500-550 million. An announcement notifying the winner is likely to be within three weeks, the report added.

CGSL is engaged in transaction processing and call centre processing which is expected to benefit TCS. The Tata group company pulled out of Intelenet, a third party BPO backed by Blackstone, as it wanted to exit from the voice-based BPO sector. It BPO strategy stresses on transaction processing, e-mail processing and call centre processing, the report stated.