OIL stake in Numaligarh unit unlikely: Oil India may not participate in the equity of the three-million-tonne Numaligarh refinery being commissioned in Assam by BPCL, which will hold 32 per cent, IBP (19 per cent) and Assam government (10 per cent). It was earlier offered 10 per cent in the project and its board had given in-principle approval to pick up the stake. The current thinking is that the corporation should give priority to exploration activities abroad, which will bring in more revenue.

ONGC Videsh gets clean slate: ONGC's liability-ridden subsidiary, ONGC Videsh Ltd, got a clean slate last week when the company's board approved adramatic change in accounting practices. The accounting magic at one stroke converts the company's Rs 57 crore of accumulated losses into capital expenditure, to be set off against earnings from its gasfield in Vietnam, scheduled to go on stream three years later.

IA 50-seater aircraft deal: The IA board of directors will meet on Monday to decide on a crucial 50-seater aircraft deal which has been hanging fire for two years. The $90-million contract is for the purchase of six 50-seater aircraft for IA. Two aircraft manufacturers - Franco-Italian ATR and Canada's Bombardier Aerospace -- are in the race for the contract.

SBI may offer shares to staff: The State Bank of India has submitted a proposal to the centre to allot certain number of shares to its entire workforce. The scheme proposes to offer a fixed and equal number of shares to over 2,60,000 employees of the bank, irrespective of their positions.

MSEB plans to invest Rs 14,000 cr: MSEB plans to invest around Rs 14,000 crorein various power projects in the 10th five-year plan. Considering the huge financial outlays required for adding 4,250 mw of new capacity, the board has decided to invite investments from private companies.

HLL to sell stake in Indo Nissin Foods: FIPB has cleared the proposal of Nissin Food Products of Japan to buy out 40 per cent shareholding of HLL in Indo Nissin Foods Ltd. It has also approved the proposal of General de Confiteria, a subsidiary of Agrolimen group, to source confectionery products from independent small-scale units for marketing and distribution through its network.

Carlson to pick 26 per cent in Country Development: FIPB has given the green signal to US-based hotel major Carlson Hospitality to acquire 26 per cent equity stake in Shiv Jatia-promoted Country Development & Management Services Pvt Ltd.

KEC orderbook driven by forex-linked projects: The RPG group transmission major KEC has run up an orderbook of which as much as 87 per cent is in foreign currency. Ofa total current orderbook of Rs 2,140 crore, as much as Rs 1,870 crore is denominated in foreign currency.

State may stall landmark deal at Swan Mills: The Maharashtra labour ministry has decided to oppose a landmark agreement of cooperation arrived at by the employees union of Swan Mill -- the Rashtriya Mill Mazdoor Sangh -- and the mill management with regard to the proposed sale of mill land.

Inflation down a tad to 6.54%: The annual rate of inflation fell marginally by 0.13 percentage points to 6.54 per cent for the week ended June 6, despite increase in the prices of petrol and urea in the Union budget.

Moody's adds to upward pressure on rates: A two-notch downgrade of India's credit ratings by Moody's Investors Services will add to the upward pressure on the country's interest rates, bankers and economists said on Sunday.