I want to know how one can add the shiny 3D effect to text as shown in the image.
I've done this in PS but unable to do in Corel.
I use Corel 12 & X3.
Very much the same way you do in PS.
For the bevel, see the tutorial here.
For the shading, see the tutorial here. It's for a button, but the same principle applies no matter what the shape.