Daily News Roundup - Aug 1 2012

hutdown of production at the Tata Motors’ car plant in Pune, the second time in six weeks, triggered by a general slowdown in sales of passenger cars has dampened spirits in the region. (BL) Titagarh Wagons Ltd has decided to restructure its various business segments, other than wagon manufacturing, into subsidiaries. (BL) Zydus Cadila said it has received the US health regulator’s approval to market aripiprazole orally disintegrating tablets, used in treating schizophrenia, in the American market. (BL) Gulf Oil Corporation Ltd has entered into a joint development agreement with Hinduja Estates for development of the 76 acre company land in Hyderabad. (BL) Rashtriya Ispat Nigam has signed a memorandum of understanding with Power Grid Corporation of India for setting up a joint venture electrical steel production facility here. (BL) ITC has scaled up its holding in Hotel Leelaventure Limited, yet again, by acquiring more than 1 % through its wholly owned subsidiary, Russell Credit. (BS) Coal India decided to revise the contentious penalty clause in the fuel supply agreements (FSAs) to be signed with power firms. The state-run company also agreed to supply at least 80 % of the required fuel to power firms. (BS) New Delhi Television Limited (NDTV), has dropped a US$1.3-bn bomb on The Nielsen Co, accusing the global leader in market research of fudging viewership data in favour of other networks willing to bribe its officials in India. (BS) Hindustan Unilever will launch its premium hair care brand TRESemme in India to target salon-frequenting consumers in the urban market. (ET) A consortium of Indian companies -- ONGC, Indian Oil Corp and Petronet LNG -- wants to buy a 15 % stake in Russia's Yamal LNG project. (ET) US-based pharma major Bristol-Myers Squibb has filed a contempt suit against Natco Pharma for allegedly violating a court order that prevents it from selling a generic version of its patented cancer drug dasatinib. (ET) Sun Television Network announced a tie-up with state government promoted-Arasu Cable Television Corporation. (ET) The joint venture cement plant of Sagar Cements Ltd and Vicat Group of France will commence production in October. (BL) Jaguar Land Rover is recalling 2,229 Freelander 2 SUV in China due to a potential perforation in power steering hose that could lead to oil leak and even combustion. The Freelander 2s are imported from the UK. (BL) Economy Snippets The Reserve Bank of India (RBI) on Tuesday left its key policy rate unchanged at eight % in line with expectations, but its sharp tone on inflation doused all hopes of any monetary easing in the near future as well.(BS) The Reserve Bank of India’s (RBI) decision to reduce the Statutory Liquidity Ratio (SLR) is likely to bring down bulk deposit rates and encourage banks to cut interest rates on retail loans and working capital finances, said bankers. In an unexpected move, RBI reduced the minimum requirement for banks’ government bond holdings or SLR by 100 basis points to 23 %, with effect from the fortnight beginning August 11.(BS) The consumer price index (CPI)-based inflation for industrial workers stood at 10.05 per cent in June this year.(BL) India and Pakistan should work together in eliminating barriers such as lack of transport infrastructure and procedural problems to boost bilateral trade, economic think-tank CUTS International (Consumer Utility and Trust Society) today said.(BL) The Reserve Bank of India (RBI) has agreed to review the revised priority sector lending targets with an "open mind" over the next fortnight, Governor D Subbarao said on Tuesday.(BS) P Chidambaram was appointed finance minister and Sushilkumar Shinde the home minister in a reshuffle of portfolios in the Union Cabinet today. Corporate Affairs Minister Veerappa Moily will hold additional charge of the power ministry vacated by Shinde.(BS