Daily News Roundup - Feb 3 2012

Reliance Industries has secured a US$400mn equivalent loan from Italian export-credit agency SACE SpA, for expansion of its petrochemical capacity. (BS)

Wipro expects to build 100MW of solar projects next year. (BL)

NTPC is in talks with GAIL (India) for signing a long-term pact for sourcing imported gas for its plants. (BL)

Bajaj Auto will launch bigger and more powerful Pulsar and KTM motorcycle models in the 200cc to 700 cc range over the next few years. (ET)

Allahabad Bank slashed processing fee by 50% for both housing and car loans to attract new customers. (BS)



A decision on the disinvestment strategy for ONGC & BHEL was deferred after a meeting of the empowered group of ministers. (ET)

Reliance Industries’ officials are expected to appear before the Public Accounts Committee of Parliament to give oral evidence on alleged irregularities in managing gas field, D6 in the Krishna-Godavari block. (ET)

Orchid Chemicals & Pharmaceuticals has received approval from the US FDA for its abbreviated new drug application for Levofloxacin tablets. (BL)

Apollo Hospitals Group has unveiled an MRI-guided high intensity focused ultrasound solution from Philips Healthcare. (BL)

Escorts Ltd has cut production and raised prices of tractors by Rs 7,000 in January to improve its profitability. (BL)

Fortis Healthcare plans to hive off its non-core business and related assets into a separate company that is likely to be listed on the Singapore Stock Exchange as a business trust to raise US$300mn. (ET)

GMR Infrastructure is pursuing brownfield projects to augment revenues and boost cash flows. (ET)

Dish TV announced the launch of Dish truHD+, a high-definition digital video recorder compatible with a USB device and priced at Rs 2,690. (BL)

The International Air Transport Association has suspended Kingfisher Airlines from its Geneva-based clearing house due to non-payment of dues to airline members. (ET)

Ashok Leyland has posted a 34% surge in vehicle sales in January, boosted by Dost – the light commercial vehicle from the Leyland-Nissan joint venture. (BL)

The Supreme Court ordered the cancellation of all the 122 unified access service licences issued in January 2008 by former telecom minister A Raja. It also directed the Telecom Regulatory Authority of India to make fresh recommendations for the telecom spectrum auction route in future, within four months. (BS)

The Centre has discontinued with immediate effect the weekly release of wholesale price index for the commodities/items under the groups ‘primary articles’ and ‘fuel and power’. (ET)

A Group of Ministers is scheduled to meet on February 16 to finalise a new investment policy for the urea sector. (BL)

The RBI said total credit disbursement to the agriculture and allied areas grew by only 5.6% to ~4.60tn in December. (BS)