Daily News Roundup - Aug 10 2011

RIL and BP's $7.2-billion deal has received the government's stamp. Under the agreement, BP will pick up 30% stake in 21 (of 23) oil and gas blocks RIL operates in India. (BS)

Hero MotoCorp unveiled plans to morph itself into an independent and global two-wheeler company, that will involve investments in excess of Rs 45bn over the next five years. (BS)

TCS has joined hands with the Singapore Management University to start a research facility for developing information technology frameworks for the so-called intelligent city model of urban development.(BL)



Infosys has announced that City Savings bank, a 45-year-old Philippines-based thrift bank, has selected Finacle core banking solution(FE)

Dabur India has formed a new entity,Dabur Lanka Pvt Ltd,as part of a strategy to strengthen its presence in Sri Lanka(ET).

Dr Reddys Laboratories lost a patent case to USbased Pozen after a US court denied permission to the Indian company to make a cheaper version of Pozens Treximet.(ET)

EIH Ltd, which manages and owns the Oberoi and Trident chain of hotels, and RIL are looking to develop at least two properties jointly.(BS)

Sterlite Energy, which is setting up a 2,400 MW power plant near Jharsuguda in Orissa with Independent Power Producer status, is all set to commission its second unit of 600 MW by the end of December this year. (BS)

Southern States have stepped up the heat on a Reliance Power Transmission arm, which is to execute a key transmission link connecting the region with the rest of the country.(BL)

M&M expects clarity from the Maharashtra State Government on its recent modifications to the Value-Added Tax rule.(BL)

Ssangyong Motor and its parent company M&M are in the final stages of deciding joint future vehicle platforms – a key to its turnaround strategy. (BL)

Reliance Power plans to set up a 200 MW wind power project at Vashpet in the Sangli district of Maharashtra with an investment of Rs 15bn.
Economy Snippets

Defending interest rate rises by the RBI in Parliament, the finance ministry said in the absence of monetary tightening, inflation would have been higher due to demand pressures.(BS)

Crude oil price has declined nine per cent compared to month-ago prices, the government sees it as reasonably high.(BS)

Despite the duty cut on crude and petroleum products in June, indirect tax collections in July registered a 27% growth.(BL)

The finance ministry has said use of foreign telecom networks will be liable to service tax in India, dealing a blow to the cash flows of IT,IT-enabled services and telecom companies that may have to cough up past dues.(ET)

India's tea exports declined by 4% to 12.27mn kg in June this year due to a fall in exports of the brew from south India.(ET)