Hawkins Cookers Ltd on Tuesday introduced fastened deposit (FD) charges throughout three tenors of 13 months, 24 months and 36 months at 7.5%, 7.75percentand eight%, respectively. The charges have remained unchanged from final yr regardless of a hike in key charges by the central financial institution up to now few months.
Minimum deposit quantity throughout the three phrases in ₹25,000 and depositors can have the choice to go for both half-yearly or cumulative curiosity payout. In the half-yearly choice, curiosity is paid out twice in a yr, whereas curiosity within the cumulative choice is paid out on the finish of the FD time period, permitting the curiosity to compound month-to-month. However, observe that TDS is deducted on the cumulative FD curiosity as effectively if the curiosity on the FD crosses the ₹5,000 threshold in a monetary yr, as specified by the tax legal guidelines.
Hawkins Cookers FD is rated AA- (secure) by Icra, unchanged from final yr. The rates of interest on Hawkins Cookers FD has steadily declined over the previous few years from 10.5% (on 36-months tenor) in 2019, to 9% in 2020 and eight% in 2021 and 2022.
Even although the corporate has not raised its FD charges this yr in tandem with the speed hike, it’s among the many highest charges amongst company FDs of comparable credit standing. Compared to charges supplied by banks, Hawkins Cookers FD charges are 225-300 foundation factors (1 foundation level is 1/one hundredth of 1 share level) increased.
Hawkins Cookers Ltd stated it has FDs value ₹38.11 crore on its books as on 4 August 2022 from 1,119 depositors and it could possibly elevate extra ₹25.39 crore from basic public and its shareholders. It registered revenue after tax of ₹83.89 in monetary yr 2021-22, up from ₹80.64 in monetary yr 2020-21 and ₹72.49 in monetary yr 2019-20.
Applications will open on 20 September on the corporate’s web site and might be thought-about on a first-come-first-served foundation.
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