PFC Board to consider Second Interim Dividend

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New Delhi, Feb 21, 2018
Power Finance Corporation Ltd has informed BSE that a Meeting of the Board of Directors of the Company will be held on February 26, 2018, inter alia, to consider a proposal relating to declaration of Second Interim Dividend, if any, for the Financial Year 2017-18. Further, in terms of Company’s Code of Conduct for regulating & reporting trading by insiders and for fair disclosure, 2015 (the Code) framed pursuant to the Securities and Exchange Board of India (Prohibition of Insider Trading) Regulations, 2015, the trading window for dealing in the securities of the Company will be closed for all connected person as defined in the Code with immediate effect till February 28, 2018 (both days inclusive).

BHEL commissions 18 MW Hydro Electric Project in Punjab equipped with its Highest Rating Bulb Turbines

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New Delhi, February 16, 2018
BHEL commissions 18 MW Hydro-Electric Project in Punjab equipped with its Highest Rating Bulb Turbines New Delhi, February 16: With the commissioning of the second 9 MW hydro generating unit, Bharat Heavy Electricals Limited (BHEL) has successfully commissioned the 18 MW Mukerian Hydro-Electric Project (HEP) Stage-II in Punjab. The first unit of the 2×9 MW Mukerian HEP, commissioned in May 2017 by BHEL, has been operating successfully.
Significantly, the 9 MW Bulb Generating set is the highest rated Bulb Generating set supplied by BHEL. Bulb turbines are specialized, state-of-the-art hydro turbines used for low head and high discharge applications. Bulb turbine assembly consists of generator internally integrated with the turbine in the bulb, which is immersed in water.
Located on the Mukerian canal in Hoshiarpur district of Punjab, the 18 MW Mukerian project is a surface powerhouse of Punjab State Power Corporation Ltd (PSPCL). The generation from Mukerian HEP Stage-II will contribute significantly in the reduction of greenhouse gas emissions and will help in achieving a low carbon development path for the nation.
BHEL’s scope of work in the project comprised design, manufacture, supply, installation, and commissioning of two units of 9 MW Horizontal Kaplan Turbines & Bulb Generators, Governing System, 66 kV Switchyard, Generator Transformers, Control, Protection, Metering & Supervisory Control and Data Acquisition (SCADA) system, etc.
Notably, BHEL has made a significant contribution to the hydropower sector in the state of Punjab. The company has commissioned 1101 MW of hydro projects in the state which is approximately 84% of the total installed hydro capacity of 1318 MW.
BHEL is presently executing hydroelectric projects of around 3,000 MW in the country which are under various stage of implementation. In addition, 2,940 MW of hydro projects in Bhutan is also under execution. Significantly, more than 500 hydroelectric generating sets of various ratings have been ordered so far on BHEL in India & abroad, with a cumulative capacity of more than 29,000 MW. Of these, about 5,700 MW generating capacity is for overseas projects. BHEL’s hydro plants are successfully and efficiently performing in India and across the world, including at Afghanistan, Azerbaijan, Bhutan, Malaysia, New Zealand, Nepal, Rwanda, Taiwan, Tajikistan, Thailand, and Vietnam.

BHEL bags order worth Rs 560 crore for Emission Control equipment from NTPC

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Mumbai, February 14, 2018
)Bharat Heavy Electricals (BHEL) on Wednesday said
it has bagged an order worth Rs 560 crore for supply and
installation of the flue gas desulphurisation (FGD) system from NTPC
for 2×490 MW National Capital Power Station (NCPS) at Dadri in Uttar
The order has been secured by BHEL against stiffcompetition from
Indian and multinational companies, BHEL said in afiling with BSE.

Previously, BHEL installed the FGD system at Tata Power’s Trombay
Unit 8 in 2008, and is currently installing FGD systems at NTPC’s
3×250 MW Bongaigaon project, it said.

The company has also recently received orders for installationof FGD
system at 5×800 MW Yadadri project of TSGENCO and 2×660 MW
Maitree project in Bangladesh.
With the ordering of Dadri,BHEL has
contracted FGD orders for 13 units till date.

PNB finds fraudulent transactions worth $1.77 billion; shares fall

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Mumbai, February 14, 2018
Punjab National Bank (PNB) ihas said that it has found fraudulent transactions totalling over $1.77 billion in one of its branches in Mumbai. This was followed by its shares falling more than 6% on Wednesday
“The bank has detected some fraudulent and unauthorised transactions [messages] in one of its branches in Mumbai for the benefit of a few select account holders with their apparent connivance… The quantum of such transactions is $1771.69 million [approx]. The matter is referred to the law enforcement agencies to examine and book the culprits as per the law of the land,” said the bank in a stock exchange announcement.
At 11:10 a.m., the shares were trading at ₹151.15, down ₹10.50 or 6.50%. The shares were in the red even as the broader market was marginally in the green.
“Based on these transactions, other banks appear to have advanced money to these customers abroad. In the bank, these transactions are contingent in nature, and liability arising out of these on the bank shall be decided based on the law and genuineness of underlying transactions,” the statement said.
Last week, the CBI registered a case against diamond merchant Nirav Modi, his wife, brother and a business partner, for allegedly cheating the PNB of over Rs. 280 crore in conspiracy with bank officials. Retired PNB deputy manager Gokulnath Shetty and staff Manoj Kharat have also been named as accused in the case.

ONGC witnesses net profit of Rs 5,015 in Q3

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New Delhi, February 13, 2018

Oil and Natural Gas Corporatio Limited (ONGC) has earned a net profit of Rs 5,015 crore in Quarter 3 of Financial Year 2018. Under the leadership of CMD, Shashi Shankar, in its 303rd Board Meeting conducted on February 9, 2018, ONGC put forwarded the Quarterly results for the third quarter concluded on December 31, 2017. Standalone Production posts surge in a span of 9 months : production of Natural Gas increased by 7.7%; production of Crude Oil rose by 1.2% and VAP up 4.9% in FY’18 as compared to the corresponding period in FY’17. Until now it has reported 10 discoveries in FY’18. Gross Revenue has reached 22,996 crore and seen an increase of 14.9 % Q-o- Q whereas Net Profit has reached Rs 5,015 crore and seen an increase of 15.2 % Q-o- Q.

OVL-led consortium picks up 10% stake in Abu Dhabi’s Zakum oilfield for $600 mn

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Feb 12, 2018
A CONSORTIUM led by Oil and Natural Gas Corp (ONGC) has won a stake in Abu Dhabi National Oil Co’s (ADNOC) 40-year offshore oil concession, a deal set to help the UAE expand its foothold in Asia.
State-run ADNOC signed an agreement on February 10 with the ONGC Videsh-led consortium giving the group a 10 percent stake in the new Lower Zakum offshore concession, with a participation fee of 2.2 billion dirhams ($600 million), ADNOC said in a statement, confirming a report by Reuters.
ONGC Videsh is the foreign investment arm of ONGC. Other members…
of the consortium are Indian Oil Corp and Bharat Petro Resources Ltd, an upstream arm of refiner Bharat Petroleum Corp.
The contract signing in Abu Dhabi was attended by Abu Dhabi Crown Prince Sheikh Mohamed bin Zayed al-Nahyan and Indian Prime Minister Narendra Modi. It is the first time for Indian oil companies to take part in an Abu Dhabi oil and gas concession.
ADNOC, like other major oil producers, wants to tap rising demand growth and invest in India, the world’s third-biggest consumer.

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