Invensys Process Systems (IPS), a global technology, software and consulting firm, has entered into a five-year contract with Petrobras, to provide comprehensive safety services and solutions.

Under the arrangement, the company will implement its Triconex safety and critical controls and Avantis asset management technology to upgrade and modernize 11 Petrobras refining facilities throughout Brazil. The contract is valued at $50 million.

Seamec Ltd, a subsidiary of Cof lexip Stena Offshore (Mauritius) Ltd., has signed a contract with a Dubai firm, Dulam International, to deploy one of its vessels for twelve months for $16.12 million.

The contract will commence around mid-June 2009.

Apart from the latest order, the company has also bagged a $4.47 million contract for deployment of vessel in Persian Gulf.

The Charter will commence effective from May 16, 2009.

Seamec Ltd. primarily provides support services, including marine, construction, and diving services to offshore oilfields in India and internationally. It operates three vessels: SEAMEC 1, SEAMEC 2, and SEAMEC 3.

Following the recent withdrawal of the export-oriented unit (EoU) status of Jamnagar refinery, a move facilitating the sale of its products in the domestic market, Reliance Industries Ltd (RIL) is expected to get on with it selling fuel in the country, next week onwards.

RIL's decision to go in for a change in status of the refinery is reported to have come in the wake of a nosedive in the prices of international crude and petroleum product. The drop in prices has reduced the company's its export realization, thereby indicating lower margins.

With the Wall Street Journal reporting that some problems had occurred in Suzlon Energy Ltd's supply of blades to REpower Systems AG for a project in China, the shares of the company - India's foremost wind-turbine generators' manufacturer - plunged 19 percent to Rs 55.95 on the National Stock Exchange on Thursday.

While Suzlon's blades have reportedly been rejected, the company - which owns 74 percent of Germany's REpower and is looking at increasing its stake beyond 90 per cent - denied any problem, saying that prototypes were being tested and the actual delivery would begin in a couple of months.

Gold rates dropped to a one-week low on Thursday (April 17) as higher U. S. equities broke safe-haven demand, and the bullion market showcased signals of a slump in investment demand and technical selling.

Slow physical buying was also offering little support to prices. U. S. gold future for June delivery fell $13.70 at $879.80 per ounce on the COMEX Division of the New York Mercantile Exchange.

Nirmal Bang Research has suggested investors to 'sell' ONGC stock as there are full chances of a downward trend in this stock in the coming days.

According to report, investors can sell the stock with a strict stop loss of Rs 880 to achieve a target that lies between Rs 790-740.

Today (April 17), the stock opened at Rs 860, as against its last closure at Rs 851.75 on the Bombay Stock Exchange (BSE) on Thursday (Feb 16). Current EPS & P/E ratio stood at 76.03 and 11.47 respectively. The share price has seen a 52-week high of Rs 1124 and a low of Rs 538.10 on BSE.