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Weekly news 9
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  • 1. Submittedby: Sambhav jain
  • 2.  The state-owned Oil and Natural Gas Corporation's (ONGC) first ever 726 MW commercial power project would start generating electricity next year.  The ONGC's biggest power project is being commissioned in Palatana, about 60 km south of here, at a cost of Rs 9,000 crore.
  • 3.  ICICI Bank has announced the launch of I-Express (the option of visiting any partner outlet for instant credit into the beneficiary account maintained with ICICI Bank in India), an instant cross-border money transfer option for non-resident Indians (NRIs).  The service would be available through the ICICI Bank's select partners in the Gulf countries
  • 4.  State-owned Coal India (CIL) plans to hit the capital markets with an offering of 63.16 crore equity shares in the price band of Rs 225- 245.  After the initial public offering or IPO, the government’s stake would come down to 90%. At the offer price, the price-to-earnings, or PE, ratio of the company works out to 13.7-14.9 times for retail investors, based on FY10 financials.
  • 5.  Retail investors will get to double their bets on initial public offerings as the market regulator is set to raise the limit to Rs 2 lakh, the first revision in five years, as it attempts to keep pace with the eroding value of the rupee.  Hike will enrich the wealthy more than the middle class if it is done without an increase in the overall allocation for the retail segment, which is capped at 35%.
  • 6.  Diversified conglomerate Essar Group has firmed up plans to invest over Rs 2,000 crore to set up a new cement and Ferro-alloy unit in Madhya Pradesh as part of its mega-investment programme in the state.  The group, which has already committed investments worth around Rs 8,000 crore in the state across sectors like steel, power and telecom had last week entered into a pact with the Madhya Pradesh government for a cement and Ferro-alloys project.
  • 7.  With double-digit revenue growth returning to the $60 billion Indian IT-ITeS sector , top IT players, including TCS and Infosys, are stepping up their hiring plans for the next few quarters to meet the reviving demand in the US and European markets.
  • 8. Thank You