Public sector bank State Bank of India today announced a hike in its domestic term deposit rates.

91-180 days interest on FD hiked to 5.5% from existing 4.75%

1 year to 554 days rate increased to 7% from 6.75%

555 days will yield an interest rate of 7.5% instead of 7.25%

1000 days fixed deposits will give 7.75% interest against 7.25%

1001 days to less than 3 years : 7.25% (old 7%)

No changes in other slabs

The new FD/Term deposit rates will come in to effect from tomorrow (Oct 1, 2010).

But Base rate (minimum rate of interest on loans) will continue at 7.5 percent.

After announcement of yearly results after a gap of two years share price of Satyam Computers plunged 6% on both National Stock Exchange and Bombay Stock Exchange.

At 10:30am Satyam Computers Services Ltd (500376) is trading at 92.80, down 6.10 points or 6.17% on BSE

On NSE Satyam (SATYAMCOMP) is trading at 92.85, down 6.10 points or 6.16%

On Wednesday Mahindra Satyam Reported Rs 124.6 crore loss in last financial year.

Even though it was better than analysts estimates markets gave a thumbs down for the results as the net loss in the previous financial year was Rs 8,176.8 crore.

Mahindra Satyam officials also said that merger process with Tech Mahindra is on and will complete after getting necessary approvals.

Tech Mahindra is trading at 771, down 22.2 points or 2.8%

Mahindra Satyam (formerly Satyam Computer) today announced the consolidated results for the year ended March 2010 after a gap of two years.

For the year ended March 31, 2010, Mahindra Satyam reported a net loss of Rs. 124.60 crore and net sales of Rs. 5481 crore.

It is far better compared to its previous year results in which company reported a net loss of 8,176.8 crore and a net sale of 8,812.6 crore after Satyam Computer?s founder B Ramalinga Raju admitted to multi-crore rupee scam.

Also merger between Tech Mahindra and Mahindra Satyam is expected after getting the necessary approvals.