Tamilnad Mercantile Bank raises interest rates for deposits

Tamilnad Mercantile Bank Ltd (TMB) has increased its domestic term deposit interest rates for various maturities by 25 to 100 basis points with effect from 21st December.

The revised rates for deposits are: 7% (old rate 6.25%) from 91 days to 120 days for the general public as well as senior citizens. For deposits from 121 days to 270 days, the rate had been increased to 7.25% (6.25%) for general public as well as senior citizens.

For 271 days to less than a year the rate is 7.5% (7%) for general public as well as senior citizens.

The rate for deposits of one year to 554 days would be 8.75% (8.25%) for general public and for senior citizens 9.25% (8.75%).

For period of 555 days, the rate had been revised from 8.50% to 8.85% for general public and for senior citizens from 9% to 9.35%. For 556 days and less than three years the rate would be 8.75% (8.25%) for general public and for senior citizens it would be 9.25% (8.75%).

The interest rate for three years to less than 10 years tenure would be 8.50% for general public and 8.75% for senior citizens. For more than 10 years, the rate was 9%.

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Bajaj Hindusthan signs MoU with Uttar Pradesh government to set up 1,980MW plant

Bajaj Hindusthan Ltd (BHL) has said that the company through a consortium has signed a memorandum of understanding (MoU) with the Uttar Pradesh government for setting up a mega power project of 1,980MW (3x660MW) at Bargarh in Uttar Pradesh (UP).

The cost of this project is estimated to be Rs5 crore per MW.

The above venture is proposed to be undertaken either directly or through a special purpose vehicle (SPV) of BHL, in which BHL/consortium, as the case may be, is obligated to hold a minimum of 26% equity.

On Tuesday, BHL rose 0.36% to Rs110.15 on the Bombay Stock Exchange, while the benchmark Sensex closed 0.86% up at 20,060.32 points.

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Lanco Infratech wins EPC contract worth Rs4,100 crore

Lanco Infratech Ltd has won an engineering, procurement and construction (EPC)  contract worth Rs4,100 crore from a subsidiary of Moser Baer Projects Pvt Ltd for execution of its coal based 2x600 MW power project.

The scope of work includes setting up of the main plant including civil and structural works on EPC basis. Lanco has already received its notice to proceed, said the company in a statement.

The total project will be completed in 39 months starting from 20 December 2010.

The Unit-I is expected to be completed in 35 months and Unit-II in 39 months.

On Tuesday, Lanco Infratech gained 0.64% to Rs62.50 on the Bombay Stock Exchange, while the benchmark Sensex closed 0.86% up at 20,060.32 points.

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