ONGC's first commercial power project costing Rs 9,000 crore will start generating electricity next year in Palatana, Madhya Pradesh. ICICI Bank launched an instant cross-border money transfer option called I-Express for NRIs to transfer funds instantly into beneficiary accounts in India through ICICI Bank's partners in Gulf countries. Coal India plans to sell 63.16 crore shares in an IPO priced between Rs 225-245 per share, which would reduce government ownership to 90% after the offering.

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