Daily News Roundup - Aug 5 2010

TCS is eyeing two contracts for strategic defense communication systems worth Rs28bn. (BS)

ONGC-led consortium of state-owned energy firms proves viability of 2.7 trillion cubic feet (tcf) Mahanadi block. (ET)

L&T bags orders worth Rs10.25bn for the construction of two hospital, residential projects in Mumbai and a cement plant. (BL)

Andhra Pradesh government awards ~Rs121bn Hyderabad Metro Rail Project to L&T. (BS)

Tamil Nadu government signs three MoUs worth about Rs130bn with major companies for various projects, including setting up of a liquefied gas terminal by IOC. (BS)

Maruti Suzuki may manufacture cars for Volkswagen’s global business on contract basis. (BL)

Maruti Suzuki to advance Manesar plant operations by six months. (ET)

DoT to seek legal view on RCom audit for allegedly under-reporting its revenues to the government. (BL)

M&M is now firming up plans to enter the domestic motorcycle market by the end of this year. (BS)

M&M board is likely to approve the company’s bid for ailing Korean SUV maker Ssangyong at its meeting on Thursday. (ET)

Reliance Power will be able to commission the 4,000MW Krishnapatnam ultra mega power project eight months ahead of schedule. (BS)

Godrej Consumer Products in talks with P&G to give up its license to sell air freshener brand ‘Ambipur’ in India. (BS)

JK Tyres to invest Rs15bn in facility in near Chennai. (BL)

NMDC hikes capex for FY-11 to Rs10bn. (BL)

Mundra Port to invest Rs60bn over the next three to five years for port development. (ET)

Independent News & Media has sold its residual 5.7% stake in Jagran Prakashan for Rs2.01bn to a bunch of domestic and foreign funds. (ET)

IDBI has raised its benchmark prime lending rate by 50 basis points (bps), effective August 5.(BS)

Videocon will invest Rs15bn over the next five years at Manamadurai SIPCOT Industrial Park. (BS)

Piramal Healthcare is looking to grow its healthcare business which consists of CRAM, OTC and critical care segments, through acquisitions as well as normal expansion. (BS)

State government opposes the draft Constitutional Amendment Bill that gives the Union Finance Minister a veto power in matters relating to State GST. (BL)

Union Ministry of Information Technology and Communication wants uniform tax soaps for all IT units. (BL)

FDI declined by about 45% to $1.41bn in June this year. (ET)

Tea exports fell by around 15% to 12.7mn kg in June this year. (ET)

Ministry of heavy industries and public enterprises has sought imposition of up to 14% Customs duty on import of power equipment. (ET)

RBI issues draft proposals for credit protection on infra bonds. (BS)