IVRCL Infra wins project worth Rs750 crore

IVRCL Infrastructures & Projects (IVRCL) said it has won a project worth Rs750 crore for four laning and improvement of Karanji-Wani-Ghuggus-Chandrapur Road, Maharashtra State Highway 6 & 7 in Yavatmal and Chandrapur district. The company has won the contract from Public Works Department of Maharashtra.

The project will be completed on design, build, finance, operation and transfer (DBFOT) basis. The state government will provide a viability gap funding of Rs232 crore. The project construction is slated to be completed within 24 months, IVRCL said in a regulatory filing.

On Thursday, IVRCL Infra shares rose 1.7% to Rs169 on the Bombay Stock Exchange, while the benchmark Sensex declined 0.4% to 19,861 points.

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Jet Airways in $62 million contract with IBM

Jet Airways (India) Ltd said it has signed a 10-year business transformation and information technology (IT) services agreement, worth $62 million, with IBM.
As part of the deal, IBM will provide technology solutions to transform the airline's business areas such as airport operations, direct distribution and frequent flier programs. This engagement will help Jet Airways improve its IT systems to deliver a highly differentiated customer experience and improve its operational efficiency.

IBM will support Jet Airways with IT infrastructure and application support services including employee transition, data centre operations, central helpdesk support, server and storage operations, and Internet security services through the use of Tivoli suite, network management, SAP and other operating system.

On Thursday, Jet Airways shares gained 2.9% to Rs815 on the Bombay Stock Exchange, while the benchmark Sensex declined 0.4% to 19,861 points.

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ONGC starts shale gas exploration in Ichapur

State-owned Oil and Natural Gas Corporation Ltd (ONGC) said it has ventured into shale gas exploration by spudding the first shale gas well RNSG-1 at Ichapur village in West Bengal.

The well is targeted to a depth of 2,000 m and will be assessing the shale gas potential of about 700 m thick shale. ONGC plans to drill three more wells in Damodar Valley by end of XI Plan, the company said in a press release.

Presently, ONGC has worked out a comprehensive shale gas pilot execution programme to test the flow of shale gas in the field and learn about proprietary technologies, initially in the Damodar Valley basins. The beginning has been made with the spudding of the first well. The contract has been awarded to Schlumberger and the results of the well are expected by 30 October 2010.

Shale gas is natural gas produced from shale. In the US, shale gas production contributes to nearly 17% of the country's total gas production. Many other countries and oil companies are indulging in aggressive shale gas exploration programmes.

On Thursday, ONGC shares ended 1.9% up at Rs1,427 on the Bombay Stock Exchange, while the benchmark Sensex declined 0.4% to 19,861 points.
 

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