Business Diary

Asia Innovator Award for Thermax MD and CEO

M S Unnikrishnan, MD and CEO of Thermax, has been honoured with the Asia Innovator Award at the Asia Business Leaders Awards-2012 (ABLA), instituted by CNBC to acknowledge exceptional CEOs across the region. The award is in recognition of his "inventive thinking in business and his leadership in an organisation that has innovation at its core." He received the award at the 11th edition of ABLA held in Bangkok last month. The winners under various categories were selected from a list of 1,000 candidates that narrowed down to a handful of Asia's best, after analysing company performances and conducting face-to-face interviews. The judges noted Unnikrishnan had made it a priority to foster a culture of innovation at Thermax, setting a goal for 30 per cent of the company's revenues coming from innovations in the last five years.

Bank of Maharashtra ups interest rates on term deposits

Bank of Maharashtra has increased its interest rates on domestic term deposits by 10 to 25 basis points (bps) in different maturity bands with effect from December 7. The interest rate in its popular 444-day term deposit scheme "Maha Nidhi" for deposit amount up to Rs 1 crore has been increased by 25 bps. Under the scheme, senior citizens will be offered interest rate of 9.75 per cent and other depositors will be offered 9.25 per cent per annum. The bank has also done upward revision of interest rates on short term deposits for Rs 1 crore to Rs 5 crore. For these deposits, interest rate for a one year maturity period has increased by 25 bps to 9 per cent from 8.75 per cent. For the maturity band 31 days to 45 days interest rate has increased by 10 bps to 8.35 per cent from 8.25 per cent, for maturity band 120 days to 180 days the same has increased by 10 bps to 8.50 per cent from 8.40 per cent.

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