Breather for Cairn India

New Delhi, Feb. 25: An empowered committee of secretaries has approved Cairn India’s long-pending proposal to lay a $800-million pipeline to transport oil from its Rajasthan fields and recover the cost through sale of crude. The committee, comprising secretaries of finance, petroleum and law, approved shifting crude oil delivery point from the field flange in Barmer district of Rajasthan to Salaya in Gujarat, a government official said.

Bank strike

New Delhi, Feb. 25: The two-day strike of public sector banks has been called off after United Forum for Bank Unions agreed to discuss its demands with the Indian Banks Association (IBA). IBA chairman M.B.N. Rao said a formal agreement to hold the discussion between the two sides would be signed today.

Survey date

New Delhi, Feb. 25: Finance minister P. Chidambaram will present his pre-budget economic survey in Parliament on February 28, followed by the budget for 2008-09 the next day.

REC issue

New Delhi, Feb. 25: Rural Electrification Corporation (REC) has fixed the issue price for its IPO at the upper end of the price band at Rs 105. REC is expected to list on the bourses by mid-March.

Pfizer net

Mumbai, Feb. 25: Pfizer has reported a net profit of Rs 340 crore for the fiscal ending November 30, 2007, a three-fold rise over the corresponding period last year.