Daily Sector News Today – 25.10.2017
* BANKING: Continuing with its recommendations for reform of state-owned banks, Banks Board Bureau has mooted separation of the management and supervisory role of public sector banks' board.
- The Asian Development Bank has raised 11 bln rupees through the re-issuance of 10-year Masala bonds, originally issued last October.
- The Reserve Bank of India has amended the sovereign gold bond scheme, making these bonds ineligible for meeting the Statutory Liquidity Ratio requirement if held as collateral by banks.
* ECONOMY: The worst seems to be over for India's GDP growth, with various indicators suggesting a turnaround in the economy during Jul-Sep, Economic Affairs Secretary Subhash C. Garg said.
- Collections under the goods and services tax for September were at 921.5 bln rupees, up 1.6% from 906.7 bln rupees collected in August.
- Subir Gokarn, executive director of the International Monetary Fund, said India needs to "seriously look at exports to drive growth" for efficient utilisation of the country's resources and manufacturing capacity.
* INFRASTRUCTURE: Maharashtra Cabinet approved two new metro corridors for the city to be built at an expense of 150.9 bln rupees.
* MUTUAL FUNDS: The Supreme Court has dismissed Sahara Mutual Fund's plea challenging a Securities and Exchange Board of India's order that cancelled its licence on the grounds it was no longer 'fit and proper' to carry out business.
* PHARMACEUTICALS: The Supreme Court has begun debating a government plea to uphold a ban on the sale of 344 popular fixed-dose combination drugs, which was overturned by the Delhi High Court.
* RAILWAYS: Facing stagnancy in wagon orders from Indian Railways, TEXMACO RAIL AND ENGINEERING and TITAGARH WAGONS are changing their product mix and market strategy.
* RETAIL: The Department of Industrial Policy and Promotion approved the foreign direct investment proposal of Reebok India worth 200 mln rupees to open single-brand retail stores in the country.
* TELECOMMUNICATION: Telecom Regulatory Authority of India has released its recommendations to the Department of Telecommunications on the regulatory framework for internet telephony.
- American Tower Corp is set to buy 20,000-odd standalone towers of Vodafone India and IDEA CELLULAR at an enterprise value just over $1 bln in an all-cash deal.
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- The Asian Development Bank has raised 11 bln rupees through the re-issuance of 10-year Masala bonds, originally issued last October.
- The Reserve Bank of India has amended the sovereign gold bond scheme, making these bonds ineligible for meeting the Statutory Liquidity Ratio requirement if held as collateral by banks.
* ECONOMY: The worst seems to be over for India's GDP growth, with various indicators suggesting a turnaround in the economy during Jul-Sep, Economic Affairs Secretary Subhash C. Garg said.
- Collections under the goods and services tax for September were at 921.5 bln rupees, up 1.6% from 906.7 bln rupees collected in August.
- Subir Gokarn, executive director of the International Monetary Fund, said India needs to "seriously look at exports to drive growth" for efficient utilisation of the country's resources and manufacturing capacity.
* INFRASTRUCTURE: Maharashtra Cabinet approved two new metro corridors for the city to be built at an expense of 150.9 bln rupees.
* MUTUAL FUNDS: The Supreme Court has dismissed Sahara Mutual Fund's plea challenging a Securities and Exchange Board of India's order that cancelled its licence on the grounds it was no longer 'fit and proper' to carry out business.
* PHARMACEUTICALS: The Supreme Court has begun debating a government plea to uphold a ban on the sale of 344 popular fixed-dose combination drugs, which was overturned by the Delhi High Court.
* RAILWAYS: Facing stagnancy in wagon orders from Indian Railways, TEXMACO RAIL AND ENGINEERING and TITAGARH WAGONS are changing their product mix and market strategy.
* RETAIL: The Department of Industrial Policy and Promotion approved the foreign direct investment proposal of Reebok India worth 200 mln rupees to open single-brand retail stores in the country.
* TELECOMMUNICATION: Telecom Regulatory Authority of India has released its recommendations to the Department of Telecommunications on the regulatory framework for internet telephony.
- American Tower Corp is set to buy 20,000-odd standalone towers of Vodafone India and IDEA CELLULAR at an enterprise value just over $1 bln in an all-cash deal.
