Daily Sector News Today – 14.08.2017
* AVIATION: Foreign airlines will be able to offer more seats on routes to India in
cases where domestic carriers haven't been able to utilise even one-third of the capacity
as per their entitlements under bilateral air services agreements.
- Union Minister Nitin Gadkari said profit-making subsidiaries of Air India should be
kept out of the proposed privatisation.
* BANKING: Unusual deposits of 1.6-1.7 trln rupees of were made, during the post
demonetisation phase of Nov 11-Dec 31, into bank accounts that were generally not
active, according to a staff study by the Reserve Bank of India.
- The RBI has questioned scores of auditors at 27 public sector banks on the process
and logic they had used to compute and report write-downs at the lenders.
* COMMODITY: The government raised import duty on crude palm oil to 15% from
7.5%, on crude soyoil to 17.5% from 12.5%, and on refined palm oil to 25% from 15%.
- Food Minister Ram Vilas Paswan said that the government has no plans to allow
further imports of sugar yet.
- The Securities and Exchange Board of India plans to allow gold exchange- traded
funds to trade in gold futures and options, which will help fund managers to take
positions in the underlying asset on commodity exchanges.
* ECONOMY: Chief Economic Adviser Arvind Subramanian said that the 306.59-blnrupee
surplus transfer by the Reserve Bank of India is in line with the budget estimates
for 2017-18 (Apr-Mar).
- Five merchant bankers--JM FINANCIAL, Price Water House Coopers, ICICI
Securities, Ernst and Young LLP, Rothschild (India)--have submitted proposals to
manage the 51.1% stake sale in HINDUSTAN PETROLEUM CORP to OIL AND
NATURAL GAS CORP.
* REGULATORY: The Securities Appellate Tribunal stayed trading restrictions
imposed by Securities and Exchange Board of India on shares of SQS INDIA BFSI,
PINCON SPIRIT, SIGNET INDUSTRIES, KKALPANA INDUSTIRES (INDIA) and
PARSVNATH DEVELOPERS suspected shell companies.
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cases where domestic carriers haven't been able to utilise even one-third of the capacity
as per their entitlements under bilateral air services agreements.
- Union Minister Nitin Gadkari said profit-making subsidiaries of Air India should be
kept out of the proposed privatisation.
* BANKING: Unusual deposits of 1.6-1.7 trln rupees of were made, during the post
demonetisation phase of Nov 11-Dec 31, into bank accounts that were generally not
active, according to a staff study by the Reserve Bank of India.
- The RBI has questioned scores of auditors at 27 public sector banks on the process
and logic they had used to compute and report write-downs at the lenders.
* COMMODITY: The government raised import duty on crude palm oil to 15% from
7.5%, on crude soyoil to 17.5% from 12.5%, and on refined palm oil to 25% from 15%.
- Food Minister Ram Vilas Paswan said that the government has no plans to allow
further imports of sugar yet.
- The Securities and Exchange Board of India plans to allow gold exchange- traded
funds to trade in gold futures and options, which will help fund managers to take
positions in the underlying asset on commodity exchanges.
* ECONOMY: Chief Economic Adviser Arvind Subramanian said that the 306.59-blnrupee
surplus transfer by the Reserve Bank of India is in line with the budget estimates
for 2017-18 (Apr-Mar).
- Five merchant bankers--JM FINANCIAL, Price Water House Coopers, ICICI
Securities, Ernst and Young LLP, Rothschild (India)--have submitted proposals to
manage the 51.1% stake sale in HINDUSTAN PETROLEUM CORP to OIL AND
NATURAL GAS CORP.
* REGULATORY: The Securities Appellate Tribunal stayed trading restrictions
imposed by Securities and Exchange Board of India on shares of SQS INDIA BFSI,
PINCON SPIRIT, SIGNET INDUSTRIES, KKALPANA INDUSTIRES (INDIA) and
PARSVNATH DEVELOPERS suspected shell companies.
