Bank of Maharashtra gets Rs588 crore from government

State-run Bank of Maharashtra said it received Rs588 crore from the Government of India as capital infusion that will help the lender to expand its business.

The instrument used is perpetual non cumulative preference shares (PNCPS) has an annual floating coupon to be benchmarked to repo rate with a spread of 100 basis points to be re-adjusted each year. The PNCPS will be a part of Tier I Capital, it said in a regulatory filing to Bombay Stock Exchange (BSE).

On Thursday, Bank of Maharashtra shares closed 0.7% higher at Rs60 on the BSE, while the Sensex ended at 0.2% up at 17,909 points.

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Suzlon Energy gets 37.8 MW order from Serum Institute

Wind turbine manufacturer Suzlon Energy Ltd said it won an order from Serum Institute of India Ltd to set up, operate and maintain a 37.8 MW project at Jaibhim in Dhule-Nandurbar wind park in Maharashtra.

The project will comprise 18 units of Suzlon’s S88-2.1 MW wind turbines which are enough to power more than 8,000 households. The project is set to be commissioned by March 2011, it said in a regulatory filing.

On Thursday, Suzlon Energy shares closed 0.3% down at Rs60 on the Bombay Stock Exchange, while the Sensex ended at 0.2% up at 17,909 points.

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Nagarjuna Construction’s unit to develop 1,320 MW thermal power plant

Hyderabad-based Nagarjuna Construction Co Ltd said its subsidiary NCC Power Projects Ltd (NCCPPL) is developing a 1,320 MW thermal power plant at Sompeta in Srikakulam district of Andhra Pradesh. No financial details were disclosed.

To set up the plant, NCCPPL acquired 972 acres of land by the state government and 573 acres of land is purchased from private owners, it said in a regulatory filing.

On Thursday, Nagarjuna Construction shares closed 4.6% down at Rs180 on the Bombay Stock Exchange, while the Sensex ended at 0.2% up at 17,909 points.

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