conditional formattngi of cell containing specific text in the adjacent column with time

I have read articles of using conditional formating of specific text. But i want to format with present time in the cell , i want to conditional format with specific text in adjacent column entry. If any body give solution with enclosure, i will be very much happy.If i know the formula, i will use format painter to copy to the cells i wanted. Expecting solution.
When i select specific text it allows only one condition that is the specific text and format. i am little confused