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Intrasoft Tech files DRHP with Sebi
Intrasoft Technologies, which runs greetings card website 123greetings.com, will enter the capital market to raise funds and has filed draft papers with market regulator Securities and Exchange Board of India (Sebi).

First medical device cluster to come up next to Nano in Sanand
State"s first medical device manufacturing cluster having a common research and development (R&D) facility in products and human resource development, will come up next to Tata Motors Nano"s plant in Sanand, official said.

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RIL discovers third gas reserves in KG basin
Reliance Industries (RIL), the country’s largest private sector company, has announced its third successive gas discovery in the exploration block KG-DWN-2003/1 (KG-V-D3), of NELP-V. The deepwater block KG-DWN-2003/1 is located in the Krishna basin, about 45 kilometers off the coast in the Bay of Bengal. The block covers an area of 3288 square kilometres. RIL holds a 90 per cent participating interest (PI) and Hardy Exploration and Production India Inc holds the rest.
Small Business

ONGC profit rises 23% to Rs 3,053 cr in Q3

Oil & Natural Gas Corporation (ONGC) posted an increase of 23.38 per cent in net profit at Rs 3,053.58 crore for the quarter ended December 31, 2009, as compared to Rs 2,474.81 crore in the corresponding quarter last year. The state-owned company reported the highest net profit growth in the last six quarters. - Maharatna status to top PSUs likely in six months - ONGC-Mittal exit Turkmenistan oil block - ONGC to pay Rs 3,497 cr fuel subsidy in Q3 - Underrecoveries to exceed gas revenue: ONGC - ONGC to lend Rs 5,000 cr to MRPL for expansion - ONGC to foot Rs 3,500 cr as fuel subsidy The company’s turnover, including sale of Mangalore Refineries and Petrochemical"s (MRPL) products, rose 23 per cent to Rs 15,373 crore for December quarter, as against Rs 12,521 crore in the same period of previous fiscal. The company made seven new discoveries during FY10 and two more in January 2010. The board has also approved Rs 2,887 crore investments for integrated development of D1 marginal field in Mumbai offshore and for acquisition of a new Multi Support Vessel. The stock outperformed the Sensex in falling market, declined by 1.98 per cent to Rs 1,140 today, as compared to 2.42 per cent fall in the index.


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