Daily Sector News Today – 09.01.2018
* AVIATION: The government plans to allow a 25% increase of foreign flying rights between India and Ethiopia. The government will invite expressions of interest from those interested in buying Air India, after the budget presentation on Feb 1.
* BANKING: With the government raising National Bank for Agriculture and Rural Development's authorised capital, it will foray into the rural housing finance segment through loan disbursements under the Pradhan Mantri Gramin Awaas Yojana, Chairman Harsh Kumar Bhanwala said.
- Citibank India has said that Indian residents cannot use credit cards issued by the bank to trade in
foreign exchange in India as well as overseas markets. Indian banks have sought the option to withdraw cases admitted by the National Company Law Tribunal for insolvency proceedings. In the absence of suitable bidders, banks may choose to sell to asset reconstruction companies many of the 28 stressed loan accounts.
* FAST MOVING CONSUMER GOODS: Reckitt Benckiser India has moved the Delhi High Court against Patanjali Ayurved for manufacturing a product that the former alleged was "deceptively" similar to its toilet cleaner Harpic. The Supreme Court has stayed the Karnataka High Court order that had paved way for smaller pictorial warnings on tobacco products.
* ECONOMY: Prime Minister Narendra Modi will meet top economists on Wednesday to seek their view on the macroeconomic situation. The government has extended the deadline for linking of biometric identification Aadhaar to small savings schemes to like post office deposits, Kisan Vikas Patra by three months to March 2018.
* ENERGY: The National Company Law Tribunal Monday admitted STATE BANK OF INDIA'S plea to initiate insolvency proceedings against Bhushan Energy.
* FINANCE: The government is considering a unified financial sector regulator for the International
Financial Services Centre at the Gujarat International Finance Tec-City, or GIFT City, in Gandhinagar. Top companies raising funds by selling bonds privately may have to pay less in fees, with SEBI introducing an exchange platform that would allow borrowers to issue such securities in the primary market.
* HEALTHCARE: Radiant Life Care is in preliminary discussions to buy a strategic stake in Max Healthcare.
* REAL ESTATE: Shapoorji Pallonji Investment Advisors is set to acquire a commercial project Inspire BKC in Mumbai's Bandra-Kurla Complex from Adani Realty in a nearly 20-bln-rupee transaction.
* TAXATION: States have requested the Union government to expedite pending refunds for exporters under the goods and services tax in a timely manner and the Centre is already working on it, Commerce and
Industry Minister Suresh Prabhu said. The finance ministry is considering extending the holding period for short-term capital gains tax on listed securities from one year to three years.
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* BANKING: With the government raising National Bank for Agriculture and Rural Development's authorised capital, it will foray into the rural housing finance segment through loan disbursements under the Pradhan Mantri Gramin Awaas Yojana, Chairman Harsh Kumar Bhanwala said.
- Citibank India has said that Indian residents cannot use credit cards issued by the bank to trade in
foreign exchange in India as well as overseas markets. Indian banks have sought the option to withdraw cases admitted by the National Company Law Tribunal for insolvency proceedings. In the absence of suitable bidders, banks may choose to sell to asset reconstruction companies many of the 28 stressed loan accounts.
* FAST MOVING CONSUMER GOODS: Reckitt Benckiser India has moved the Delhi High Court against Patanjali Ayurved for manufacturing a product that the former alleged was "deceptively" similar to its toilet cleaner Harpic. The Supreme Court has stayed the Karnataka High Court order that had paved way for smaller pictorial warnings on tobacco products.
* ECONOMY: Prime Minister Narendra Modi will meet top economists on Wednesday to seek their view on the macroeconomic situation. The government has extended the deadline for linking of biometric identification Aadhaar to small savings schemes to like post office deposits, Kisan Vikas Patra by three months to March 2018.
* ENERGY: The National Company Law Tribunal Monday admitted STATE BANK OF INDIA'S plea to initiate insolvency proceedings against Bhushan Energy.
* FINANCE: The government is considering a unified financial sector regulator for the International
Financial Services Centre at the Gujarat International Finance Tec-City, or GIFT City, in Gandhinagar. Top companies raising funds by selling bonds privately may have to pay less in fees, with SEBI introducing an exchange platform that would allow borrowers to issue such securities in the primary market.
* HEALTHCARE: Radiant Life Care is in preliminary discussions to buy a strategic stake in Max Healthcare.
* REAL ESTATE: Shapoorji Pallonji Investment Advisors is set to acquire a commercial project Inspire BKC in Mumbai's Bandra-Kurla Complex from Adani Realty in a nearly 20-bln-rupee transaction.
* TAXATION: States have requested the Union government to expedite pending refunds for exporters under the goods and services tax in a timely manner and the Centre is already working on it, Commerce and
Industry Minister Suresh Prabhu said. The finance ministry is considering extending the holding period for short-term capital gains tax on listed securities from one year to three years.
