Daily News Roundup - March 26 2009

The Fertiliser firms have sought the Petroleum and Natural Gas Regulatory Board’s intervention to resolve issues between the fertiliser companies and GAIL India over the supply of gas from RIL’s KG basin. (BS)

Satyam Board has short listed eight bidders including LT, Tech Mahindra and IBM Global. (ET)

Tata Communication sold 1% stake in Tata Teleservices (Unlisted) for Rs4.2bn. (ET)

Gail India will spin off its marketing business Gail Gas into a separate firm from April 1 '09, plan to list the Gail Gas on bourses. (ET)

Ranbaxy Lab has received nod to sell anti-psychotic drug by Australian drug regulators. (ET)

Novartis offers to buy 39% more in Indian subsidiary. (BS)

SBI asks associate banks to pay royalty for logo use. (BL)

Sobha Developers has received the nod from three mutual funds to roll over debt of around Rs3.5bn. (BS)

ONGC plans to set up a crude desalter plant in Mehsana, similar to its existing facility in Nawagam at an estimated cost of Rs1.5-2bn. (BS)

Tata Power exits a part of its holding in Tata Teleservices for Rs3.2bn. (ET)

Coal India Limited expects the exploration of coal block for its proposed coal gasification project in joint venture with ONGC to be done within 18 months. (BS)

Essar Oil is set to acquire 50% stake in 4mtpa Kenya Petroleum Refinery. (ET)

The PE arm of Aditya Birla Group plans to raise about $2bn in PE capital within the next five years. (BS)

Spice Group may opt out of Satyam bid. (BL)

SEBI has allowed the promoter group of Godrej Industries a passive increase in voting rights through a company’s buyback plan. (BL)

BRPL merged with its parent IndianOil with effect from Wednesday. (BL)

S&P rating services lowered its corporate credit rating of Tata Motors to 'B+' from 'BB-'. (ET)

Havells India has bagged US$200mn export order from the west European countries to supply motors and CFL. (ET)

Omaxe Ltd has bagged a contract to develop a convention centre, a library and a computer centre at the Deenbandhu Chhotu Ram University of Science and Technology at Sonepat.(FE)

RBI issued fresh norms for the treatment of provisions for restructured accounts, standard assets and NPAs. (BS)

For the first time in nearly three months deposit base shrunk, whereas credit flow improved during the fortnight ended March 13. (BS)

The National Advisory Committee on Accounting Standard has postponed the implementation of Accounting Standard 11 (AS 11) to 2011. (BS)

Cement prices have gone up by about Rs10 a 50-kg bag in March owing to an increase in demand and transportation constraints despite a duty cut. (BL)