Tata group chairman Ratan Tata has invested $15 million (around `70 crore) in a startup firm supporting research on cars that can run on water, an eminent scientist said on Friday.
Chairman of the scientific advisory council to the Prime Minister C.N.R. Rao said one of his close friends and a professor in the famed Massechusetts Institute of Technology in the US has found a way to split water directly into hydrogen and oxygen.
“Ratan Tata has given him (the professor) $15 million so that he (Tata) can own that company when it comes up,“ Rao said. “He (Tata) wants to invest in a company which will split water directly into hydrogen and oxygen”, Rao said.
Jet, Kingfisher raise fuel surcharge
Flying within India will become costlier from the New Year with two major airlines--Kingfisher Airlines Ltd and Jet Airways (India) Ltd--hiking fuel surcharge by up to `200 per ticket with immediate effect.
As global crude prices touched $90 (`4,032) a barrel, state owned oil firms hiked jet fuel prices from midnight on Friday by almost 2%, the sixth straight increase in rates since October.
The two airlines on Friday increased their fuel surcharge by `100 for travel up to 750km and `200 for flights covering a distance of over 750km.
A Kingfisher spokesperson said the increase in fuel surcharge was necessitated due to the recent hikes in the jet fuel prices
Four bank hike lending rates
Four banks, including the country's largest lender State Bank of India (SBI) and ICICI bank Ltd, on Friday hiked their lending rates in the range of 0.250.65 % in line with an overall hike in deposit rates in the system.
SBI has hiked its base rate by 40 basis points to 8% and benchmark prime lending rate (BPLR) to 12.75% effective 3 January, the bank said in a release. One basis point is one hundredth of a percentage point. Base rate is the lowest rate below which banks cannot offer loans. It replaced BPLR from 1 July.
SBI also hiked its deposit rates across various maturities by 50100 basis points.
Following the hike, ICICI bank's base rate now stands at 8.25% with effect from 3 January. ICICI Bank has also increased its BPLR by 0.25%. The new rates will not be applicable for fixed rate customers, the bank said. Kotak Mahindra Bank Ltd and state run Corporation Bank also hiked their base rates to 8.25% and 8.9%, respectively, banks said in separate releases.
“There has been a sharp hike in the deposit rates both on the retail and wholesale side. Base rate is driven by a formula and the hike in deposit rates triggered the increase”, Kotak Mahindra group president (treasury) Mohan Shenoy said.
Many banks, including Union Bank, Punjab National Bank, Bank of India, IDBI Bank, Indian Bank, Indian Overseas Bank, Allahabad Bank, Dena Bank and Standrad Chartered Bank have hiked their base rates in the recent past. Kotak Mahindra Bank also hiked its BPLR by 0.25% to 17% for the old borrowers, Shenoy said. DINESH UNNIKRISHNAN
