Infy set to reward staff with shares on 30th yr of ops

The firm did not disclose total disbursement,it said all employees will be eligible for a minimum of five equity shares,with an incremental allocation of one equity share for each completed year of service. However,the disbursement is not available for employees,currently serving the notice period.

The firm recorded revenues of $4.8 billion in March 2010. It has 1,13,796 employees on its rolls.

“The trustees of the Infy Employee Welfare Trust have informed the company that all employees of Infosys and its subsidiaries who are on the rolls of the company as on March 31,2010 and who are not under the notice period and continue to be in the rolls of the company on the distribution date would be eligible for this distribution,” a statement said.

SBI teaser rates to stay till Sept 30

MUMBAI

Even after a move to the base rate system from July 1,country’s largest lender State Bank of India (SBI) is leaving the terms of its special home and car loan schemes unchanged till September 30 this year,a top official said. State Bank of India set its base rate for loans at 7.5 per cent on Tuesday as part of a new rule to set minimum lending rates that may raise rates for some borrowers.

However Housing Development Finance Corporation (HDFC) which had its own teaser scheme on home loans has not intimated any extension of the scheme. “We are yet to take a call on the issue very soon,” said a HDFC official.

“SBI has once again decided to extend its teaser rates on home loan schemes such as SBI Advantage Home Loans and SBI Easy Home Loans,and car loan schemes like SBI Advantage Car Loan and SBI Ezee Car Loan,and leave their terms unchanged following the transition to base rate system with effect from July 1,” a bank statement said adding that the rates will be valid till September 30,2010,unless the base rate is revised in the meantime.

“For home loans,the rate is 8 per cent per annum fixed for the first year and 9 per cent fixed for the second and third years irrespective of the loan amount. From the fourth year onwards,the rate is linked to base rate,and the effective rate is 9.25 per cent per annum for loans upto Rs 50 lacs and 9.75 per cent for loans above Rs 50 lacs at present,” it said.

Apr-May fiscal deficit at 26.5 pc of Budget target

MUMBAI

The country’s fiscal deficit stood at Rs 1.01 lakh crore in the first two months of the current fiscal,or 26.5% of the full year Budget target,up from 22.6 per cent in the same period in the previous fiscal,according to latest data released by the Controller General of Accounts (CGA) on Wednesday. Fiscal deficit is the excess of government expenditure over its revenue.

The government’s total expenditure was Rs 1.47 lakh crore in April and May 2010,or 13.2 per cent of the Budget target for the entire fiscal,up from 12.1 per cent in the same period in the last fiscal. Its total receipts were Rs 46,000 crore,or 6.3 per cent of the budget target for the entire fiscal,up from 5.2 per cent in the same period in the last fiscal.

Revenue from tax collections stood at Rs 31,896 crore in these two months,or 6 per cent of the budget target for the entire fiscal,up from 5.5 per cent in the same period in the last fiscal. Non-tax revenue was at Rs 12,761 crore in April and May 2010,or 8.6 per cent of the budget target for the entire fiscal,up from 4.3 per cent in the same period in the last fiscal.

The finance ministry has pegged a fiscal deficit of Rs 3.81 lakh crore or 5.5 per cent of gross domestic product,for 2010-11,down from the actual of 6.9 per cent in the last fiscal.

The government is hopeful that revenue from auction of airwaves and broadband will help it curtail the deficit.

Proceeds from stake sale in government companies,as well as the decision to free petrol prices,would further help the government cut its borrowing burden. Companies that won licenses for 3G spectrum auction paid Rs 67,720 crore to the government last month,while another Rs 38540 crore came in wireless broadband operators in the BWA auction.