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Weekly news 9

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Weekly news 9

  1. 1. Submittedby: Sambhav jain
  2. 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. 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. 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. 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. 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. 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. 8. Thank You