The Mint Report for 28 October 2010

The Mint Report for 28 October 2010

At least two major PSU banks reported their quarterly numbers on Thursday. Punjab National Bank posted a 16% to Rs1,075 crore. Net interest income shot up 49% to nearly Rs2,977 crore.

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Also declaring its results was Bank of Baroda. Net profit zipped upwards a full 60.7% to Rs1,020 crore. And its net interest income climbed 46.8% to Rs2,038 crore.

Reliance Power has made one of India’s biggest ever orders for power generation machinery. The company has placed a $10 billion order with Shanghai Electric Power. Under the deal, Reliance Power will get a BTG packages—boilers, turbines and generators with a capacity of 30,000 MW.

Reliance Power will get financing from China. Institutions in that country including Bank of China and China Development Bank will fund the deal.