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India's largest engineering, construction and technology company, Larsen & Toubro Ltd (L&T) has won a contract worth $83 million from ONGC, which is the public sector oil company.

The contract deals with offshore rig refurbishment and had many players eying it.

It was said by L&T that the contract will be handled by the Floating Systems Business Unit (FSBU) of the company. This is a relatively newer division and is one that will be providing one-stop-shop for the execution of offshore drilling rigs and floating production units.

As per a new research it was found that over use of technology is hampering human memory, reports The Daily Telegraph.

The survey, was done by Michael Lynch of Credit Card Protection Company (CCP), has coined a term for forgetful memory termed as "numerical amnesia".

According to Lynch people now store contact details in phone memories, as they think this to be an easy way of not remembering it.

Indian market encountered profit booking after a gap-up opening, finally closed in red. In weak global cues, SENSEX shut shop at 17938, down 47 points and Nifty at 5386, down 14 points from the previous close. CNX MIDCAP index was down 0.32% and BSE SMALLCAP index was down 0.26%. The market breadth was negative with advances at 517 against declines of 761 on the NSE. Top gainers included SBIN, LT, HDFCBANK, DLF, HEROHONDA, AXISBANK and SIEMENS. Top losers are listed as M&M, INFOSYSTCH, WIPRO, ACC, STER and GAIL.

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Premium luxury brand hotel group, Hotel Leelaventure Ltd said on Wednesday that it has seen a whopping 786 per cent increase in its net profit. The figure closed at Rs. 9.24 crore during the first quarter, which was higher than Rs. 1.04 crore that it posted for the same period last year.

The group also informed that its income grew by 25 per cent for the first quarter to end at Rs.105.81 crore. Last year during the same period was rs.84.71 crore.

Pharmaceutical Company, Glenmark said on Wednesday that it has got approval from the US regulator, USFDA for introducing its treatment for asthma.

Its generic theophylline tablets are for treating lung-related diseases. It will be selling these medicines in the American markets.

The approval was given to Glenmark Generics Inc (GGI), which is a subsidiary of Glenmark Generics Ltd. It can now start marketing and distributing this drug, that will be available in 400 mg and 600mg dosages.

The Steel Ministry of India is of the opinion that iron ore, just like the other non-renewable sources of energy like coal and petroleum, should be preserved. He has thus called for a complete ban on the iron ore exports.

Even the iron ore-rich state of Karnataka had requested for a ban on the ore exports. Since the states are asking for ban on the ore exports in unison, the Mining Ministry has no option but to consider this demand.