DAILY SECTORS ALERT – 27.02.2017
* BANKING: Reserve Bank of India's Executive Director said in case of a security breach in the financial system, the bank can only react and punish post facto.
-The government has notified Apr 1 as the effective date for the merger of State Bank of India and five of its associate banks.
-The government has warned banks of "de-authorisation" of branches if they refuse to accept taxes
under the Pradhan Mantri Garib Kalyan Yojana, which will end on Mar 31.
-Big banks plan to cut interchange fees on transactions in micro ATMs, which will make business
unviable for institutions that have taken banking to villages, sources said.
-Operations at public sector banks may be hit on Tuesday as most unions under the aegis of UFBU have threatened to go on strike to press for various demands, including accountability of top executives in view of mounting bad loans in the banking sector.
* CORPORATE: The finance ministry is likely to frame broad guidelines on mergers and acquisitions of state-owned companies as part of the government plan to consolidate public-sector companies in various sectors.
The Income Tax department has clarified that provisions of place of effective management will not
apply to firms with annual turnover of up to 500 mln rupees.
The Essar Group has reached a settlement with IDFC Alternatives, ending arbitration proceedings that threatened to delay the $12.9 bln Essar-Rosneft deal and block the proposed sale of Essar Power's Vadinar plant.
* CEMENT: Sector companies have raised prices in Bihar, Jharkhand, and Odisha by 3-18 rupees for
every 50-kg bag from middle of February on the back of a revival in demand.
* ECONOMY: The review committee of the Fiscal Responsibility and Budget Management law has
recommended that the Centre's revenue deficit be no more than 30% of the fiscal deficit by 2023. The
Reserve Bank of India is expected to formulate standard operating procedure for approval of FDI
proposals by ministries following the government decision to phase out the Foreign Investment Promotion Board.
* ENERGY: INDIAN OIL CORP, BHARAT PETROLEUM CORP, and HINDUSTAN PETROLEUM CORP have agreed to pay the merchant discount rate, a fee on card usage at swipe machines on fuel purchased using debit cards.
* INFRASTRUCTURE: City and Industrial Development Corporation in Navi Mumbai expects the
construction work for the airport to start next month and the airport to be ready by end of 2019.
* PHARMACY: The US Food and Drug Administration wants Indian drug manufacturers to get their act together, citing instances of sale of drugs which lack the stated content and complaints of medicines not delivering desired results.
* POWER: India's first wind energy auction saw tariffs falling to 3.46 rupees per unit, mirroring the steep fall in tariffs in the solar power sector and giving coal-fired plants another emission-free and competitive rival.
* STEEL: India's steel exports registered a three-fold on-year increase to 889,000 tn in January.
* TECHNOLOGY: Apple has told the government that it plans to make most of its products in India and that it will establish an ecosystem of partners, which may include contract manufacturers and suppliers.
Free Intraday Tips : Join Our Whatsapp No : 9841986753
Free Commodity Tips : Join our Whatsapp No : 9094047040
* BANKING: Reserve Bank of India's Executive Director said in case of a security breach in the financial system, the bank can only react and punish post facto.
-The government has notified Apr 1 as the effective date for the merger of State Bank of India and five of its associate banks.
-The government has warned banks of "de-authorisation" of branches if they refuse to accept taxes
under the Pradhan Mantri Garib Kalyan Yojana, which will end on Mar 31.
-Big banks plan to cut interchange fees on transactions in micro ATMs, which will make business
unviable for institutions that have taken banking to villages, sources said.
-Operations at public sector banks may be hit on Tuesday as most unions under the aegis of UFBU have threatened to go on strike to press for various demands, including accountability of top executives in view of mounting bad loans in the banking sector.
* CORPORATE: The finance ministry is likely to frame broad guidelines on mergers and acquisitions of state-owned companies as part of the government plan to consolidate public-sector companies in various sectors.
The Income Tax department has clarified that provisions of place of effective management will not
apply to firms with annual turnover of up to 500 mln rupees.
The Essar Group has reached a settlement with IDFC Alternatives, ending arbitration proceedings that threatened to delay the $12.9 bln Essar-Rosneft deal and block the proposed sale of Essar Power's Vadinar plant.
* CEMENT: Sector companies have raised prices in Bihar, Jharkhand, and Odisha by 3-18 rupees for
every 50-kg bag from middle of February on the back of a revival in demand.
* ECONOMY: The review committee of the Fiscal Responsibility and Budget Management law has
recommended that the Centre's revenue deficit be no more than 30% of the fiscal deficit by 2023. The
Reserve Bank of India is expected to formulate standard operating procedure for approval of FDI
proposals by ministries following the government decision to phase out the Foreign Investment Promotion Board.
* ENERGY: INDIAN OIL CORP, BHARAT PETROLEUM CORP, and HINDUSTAN PETROLEUM CORP have agreed to pay the merchant discount rate, a fee on card usage at swipe machines on fuel purchased using debit cards.
* INFRASTRUCTURE: City and Industrial Development Corporation in Navi Mumbai expects the
construction work for the airport to start next month and the airport to be ready by end of 2019.
* PHARMACY: The US Food and Drug Administration wants Indian drug manufacturers to get their act together, citing instances of sale of drugs which lack the stated content and complaints of medicines not delivering desired results.
* POWER: India's first wind energy auction saw tariffs falling to 3.46 rupees per unit, mirroring the steep fall in tariffs in the solar power sector and giving coal-fired plants another emission-free and competitive rival.
* STEEL: India's steel exports registered a three-fold on-year increase to 889,000 tn in January.
* TECHNOLOGY: Apple has told the government that it plans to make most of its products in India and that it will establish an ecosystem of partners, which may include contract manufacturers and suppliers.
