Daily News Roundup - Feb 1 2012

Parliament’s Public Accounts Committee has summoned at least seven executives of Reliance Industries Limited to give oral evidence on hydrocarbon production-sharing contracts. (BS)

The Department of Telecommunications has issued showcause notices to five private telecom players, including Bharti Airtel, Vodafone and Reliance Communications, for allegedly under-reporting revenue. (BS)

Granting interim relief to Satyam Computer, the Andhra Pradesh High Court has stayed the Income Tax department’s plea to encash a bank guarantee worth Rs6.17bn. (ET)



Suzlon has bagged an over Rs6bn contract from CLP India for setting up a 100-MW project in Rajasthan. (BL)

Coal India Ltd has rolled back the price hike proposed under its new Gross Calorific Value-based pricing mechanism effective January 1. (BL)

With the aim of gaining a foothold in the emerging mobility solutions business, Tata Consultancy Services Ltd has inaugurated a new centre in Silicon Valley. (FE)

Infosys signed a MoU with the Madhya Pradesh government for investing Rs6bn in its proposed unit in Indore, which will generate over 13,000 jobs. (BS)

Subsequent to the decision of the Supreme Court, Essar Oil Limited has received a demand notice from the tax authorities of the Gujarat government, for repayment of sales tax deferment benefits utilised by the company, to the tune of ~Rs63bn with payable interest. (BS)

Rural Electrification Corporation is likely to issue tax-free bonds to raise Rs30bn in the third week of February. (FE)

Bharat Earth Movers Limited plans to open an after-sales service centre cum depot at the coal mining belt of Kalimantan in Indonesia this fiscal. (BL)

Kotak Mahindra Bank has acquired the non-performing portfolio of Barclays Bank’s credit card business in India. (BS)

A leading shareholder has asked AkzoNobel to re-examine the terms under which three unlisted group firms will be merged with the company. (ET)

An overseas subsidiary of Tata Global Beverages has made a financial investment in Singapore based Bjets. (BS)

Rashtriya Ispat Nigam Ltd said its Rs120bn brownfield expansion programme for raising capacity to 6.3mtpa is over and production from the extended facility will start soon. (BL)
Economy Snippets

The Finance Ministry estimates headline inflation for January at below 7%. It also believes that inflation will be around 6.5-6.8% by the end of this fiscal. (BL)

Government-owned oil marketing companies will cut aviation turbine fuel prices by 3% in line with the rising rupee. (BS)

Growth in non-food credit offtake from banks by major sectors slowed to 15.4% in December, 2011, the lowest rate so far this financial year. (BS)

India’s per capita income grew by 15.6% to Rs 53,331 per annum in 2010-11, according to government data. (BL)