Daily News Roundup - Nov 21 2008

ONGC and its partners bag 20 blocks under NELP VII. (BL)

CCEA rejects Cairn India’s bid for the Mumbai Basin block. (ET)

Reliance Capital AMC gets Malaysia license. (BS)

Maruti rules out price cuts for its products. (FE)

Religare plans to sell it’s AMC stake to Aegon. (DNA)

Hindustan Zinc has raised zinc prices by Rs2,800/ton. (DNA)

Malco reduces production by 60%. (BS)

Nalco cuts aluminium prices by 3.5%. (BS)

Fitch downgrades bonds issued by Uco Bank and Indusind Bank. (ET)

MRTPC has initiated investigations into Jet Airways and JetLite over cartelization concerns. (ET)

Demand for JSW Steel’s auto grade steel has seen drop of 40-50%. (ET)

Cummins India to sell its power retail business. (BS)

Alok Industries puts SEZ plan on hold. (BS)

JSW Steel expects a 10-12% growth in sales in FY09. (BS)

Glenmark Pharma gets marketing rights in US for Azathioprine tablets. (ET)

Kernex wins an order worth US$17.5mn from Egyptian Railway. (ET)

Polaris denies reports of Citi selling its stake in the company. (ET)

Fitch downgrades long term credit rating of Ansal Infrastructure to negative from stable. (ET)

Air Deccan promoter trims its stake in the company to 5.01%. (ET)

Colgate-Palmolive India sells its Nepal subsidiary. (ET)

Welspun Gujarat bags orders worth Rs5bn from US and Gulf countries. (ET)

GVK Power plans to raise Rs2.4bn for its power unit in Punjab. (ET)

Kalpataru Power wins an order worth Rs1.4bn from a UAE firm. (BS)

Patni Computers wins contract from Turkish bank. (BS)

Inflation rate fell marginally to 8.9% for the week ended November 8, 2008. (ET)

Crude oil prices slipped below US$50/bbl for the first time since May 2005. (ET)

Finance ministry is considering a further relaxation in overseas borrowing norms for infrastructure companies. (ET)

Government has approved an average 96% increase in salaries of those working in central public sector enterprises. (ET)

Local rates may fall to 20 paise per minute according to telecom minister. (ET)

Indian companies had borrowed US$1bn overseas in October 2008. (ET)

Centre may hike borrowing caps for state governments. (ET)

NHAI has relaxed the rule limiting eight bids per road builder. (ET)

CCEA awards 44 blocks in the NELP-VII round. (ET)

Government mulls Rs750bn refinance window to provide concessional funds for infrastructure, housing and SMEs. (BS)

Government likely to finalize sops for textile industry. (BS)