ONGC plans separate sales unit
ONGC will set up a separate marketing division next month. The Delhi-based unit will handle direct retail trade of ONGC's key petro-products like crude, gas, aromatic naphtha, kerosene, liquefied petroleum gas (LPG) and liquid nitrogen.

B4U drops movie channel plan
Shelving its immediate plans of a movie channel, B4U will launch a general entertainment channel, B4U Digital Entertainment Channel, on September 3."The technical test is on. If everything goes right, we should launch on that day," said B4U chief executive officer Ravi Gupta.

BSES Telecom to invest Rs 300 cr
BSES Telecom, a subsidiary of the Mumbai-based utility BSES, plans to invest around Rs 300 crore for its fast growing optical fibre network business. The plan envisages laying an optical fibre cable backbone network to cover 1,000 km from the currently laid 400 km network in and around Mumbai. BSES proposes to gain a sizable share in the ISP market, set up portals and provide e-commerce and value added services.

Parke Davis to seek shareholder nod
In what is perceived as a step towards facilitating a smooth union in India, Parke Davis (India) is seeking shareholder approval to "welcome the merger of Warner Lambert Company and a wholly-owned subsidiary of Pfizer Inc." American multinational Pfizer Inc and Warner Lambert had earlier this year agreed to a $90 billion merger to create the world's fastest growing pharma company with combined annual revenues of roughly $28 billion.

Sun Earth Ceramics to get $2.75 mn
The Exim Bank of India has sanctioned $2.75 million to the Motwani group controlled Sun Earth Ceramics to part-finance the acquisition of two companies, one each in Spain and Romania. The acquisition of companies in Spain and Romania would be through a special purpose vehicle (SPV) at a total acquisition cost of $5 million, of which $1.25 million will be funded by way of internal accruals and the rest through Exim loans.

IDBI to pick stake in Hughes Tele.com
The Industrial Development Bank of India (IDBI) has decided to take an equity stake in Hughes Telecom, which is coming out with a Rs 750 crore public issue. The board, which met in Delhi on August 25, decided to invest Rs 50 crore to Rs 100 crore, depending on the pricing of the issue being offered through book-building route, IDBI sources said.

Ahmedabad bourse to recast index
Taking a leaf out of big brother BSE, the Ahmedabad Stock Exchange has decided to recast its index, ASE-20.The most sought after new economy stocks will find its place replacing 11 old economy stocks. The new index will be implemented from September 1.

HCL Tech hints at stock split
HCL Technologiesis likely to offer a 2:1 stock split for its 27.95 crore equity shares. Each shareholder will receive two equity shares of par value Rs 2 for every share of Rs 4 par value held.