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ONGC-Hinduja JV loses rights to dev Iran's oilfield to China
In a major setback to India"s oil diplomacy, the ONGC-Hinduja Group alliance has lost the rights to develop Iran"s South Azadegan oilfield to CNPC of China.

Nifty may move in 4,640-4,900 band
In a week marked by high volatility, markets corrected sharply only to bounce back with greater strength. Last week, it was mentioned that the markets might stage a July-like recovery amid high volatility. Although, markets have bounced back sharply, chances of a full recovery look remote currently. Going forward, one needs to watch the 15,530-15,640 zone for the Sensex as crucial for the current upmove to remain intact. As and when it comes below this level, the index is likely to test its long-term support of 14,800.

News of the day

MoU signed to set up rural BPO centres in 22 AP districts
The Rural Development Department of Andhra Pradesh government and Infosys BPO Limited today signed a Memorandum Of Understanding(MoU) for setting up rural BPO centres in 22 districts across the state.
Public Relations

Edserv Softsystems gets shareholders' nod for raising funds

Education solutions provider Edserv Softsystems today said it has received approval from its shareholders to raise funds through various options, including issuing securities of up to $500 million (about Rs 2,200 crore) in the overseas market. - Godrej seeks shareholders" nod to buy Godrej Sara Lee - Adhikari Bros completes 100% FCCB buyback - 2009 a mixed year for primary markets - IPO saga: Promoters garner Rs 20k cr; public gets Rs 20 cr - Overseas borrowings slip from October high - 17 FCCB violations investigated, says govt The shareholders, at the extra-ordinary general meeting of the company held today, approved the "issue of American/Global depository receipts or FCCB (foreign currency convertible bonds) not exceeding a sum of $500 million," Edserv said in a filing to the BSE. They also approved the "power of the company to mortgage or hypothecate the assets of the company whether movable or immovable up to a sum not exceeding Rs 2,000 crore", it said. Shareholders also approved the company"s plan to borrow up to Rs 2,000 crore from various avenues.


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