The bulk polycrystalline sample FeSe1/2Te1/2 is synthesized by solid state reaction route in an evacuated sealed quartz tube at 750 oC. The presence of superconductivity is confirmed through magnetization/thermoelectric/resistivity studies. It is found that the superconducting transition temperature (Tc) is around 12 K. Heat capacity (Cp) of superconducting FeSe1-xTex exhibited a hump near Tc, instead of well defined Lambda transition. X-ray Photo electron spectroscopy (XPS) studies revealed well defined positions for divalent Fe, Se and Te but with sufficient hybridization of Fe (2p) and Se/Te (3d) core levels. In particular divalent Fe is shifted to higher BE (binding energy) and Se and Te to lower. The situation is similar to that as observed earlier for famous Cu based HTSc (High Tc superconductors), where Cu (3d) orbital hybridizes with O (2p). We also found the satellite peak of Fe at 712.00 eV, which is attributed to charge carrier localization induced by Fe at 2c site.