Daily Sector News Today – 10.01.2018
* AVIATION: Flyers are making the most of low airfares with bookings having risen 35%.
* BANKING: ICICI Venture will soon acquire a 13.8% stake in Go Fashion India Pvt Ltd, parent of women legwearbrand Go Colors, for about 1 bln rupees.
* ENERGY: The government is working on amendments to the electricity act to levy hefty penalties on power distribution companies for load shedding and to make provisions for direct subsidy transfer by states to power consumers.
* INSURANCE: The Insurance Regulatory and Development Authority of India has invited expression of interest from consultancy firms to assist, advise and guide the regulator on drafting and implementing a risk-based capital framework for the insurance industry.
* POWER: Power tariffs across the country may increase by an average of 2% as COAL INDIA has increased noncoking coal prices by an average of 9% effective Tuesday, ICRA has said. India, the largest importer of Chinese solar equipment, has proposed a 70% safeguard duty on cells and modules shipped from China and Malaysia, citing "threat of serious injury" to domestic industry. Encouraged by the successful implementation of solar projects in states like Karnataka and Gujarat, the Uttar Pradesh government led by Chief Minister Yogi Adityanath plans to invite bids for 100 MW of solar power projects by March.
* REALTY: Piramal Fund Management is in the process of investing about 15-20 bln rupees in Wadhwa Group's portfolio of projects.
* REGULATORY: The Securities and Exchange Board of India plans to impose a limit on the minimum market capitalization for companies to remain listed in an effort to weed out so-called penny stocks. Market regulator Securities and Exchange Board of India's probe into the recent 'earnings leak' may be a test of its mettle in gathering evidence on insider-trading relying on encrypted digital technology.
* STEEL: The liquidation value--a guiding factor for bidders--of five steel companies on the Reserve Bank of India's first list of non-performing assets has been pegged at 540 bln rupees compared to their debt of 1.4 trln rupees.
* TAXATION: The Confederation of All India Traders has demanded extending the last date for filing of returns under the goods and services tax for Jul-Nov to at least Jan 30. Middle class can hope for a big relief in the 2018-19 (Apr-Mar) Union Budget, which will also be the last regular budget of the National Democratic Alliance government, as the finance ministry is contemplating hiking personal tax exemption limit and tweak tax slabs.
* TELECOMMUNICATION: The Telecom Commission has accepted recommendations made by the Telecom Regulatory Authority of India on easing caps on spectrum held by operators. Telecom major Vodafone is back with its iconic advertising campaign, featuring the famous pug 'Cheeka', representing strong fourth generation data network.
- The absence of an auction for spectrum and lower collection of licence fee and spectrum usage charge from operators in the wake of lower revenue due to competitive pressure from Reliance Jio Infocomm will see the government's revenue for 2017-18 (Apr-Mar) from telecom services fall 33% from the budgeted amount to 295.24 bln rupees.
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* BANKING: ICICI Venture will soon acquire a 13.8% stake in Go Fashion India Pvt Ltd, parent of women legwearbrand Go Colors, for about 1 bln rupees.
* ENERGY: The government is working on amendments to the electricity act to levy hefty penalties on power distribution companies for load shedding and to make provisions for direct subsidy transfer by states to power consumers.
* INSURANCE: The Insurance Regulatory and Development Authority of India has invited expression of interest from consultancy firms to assist, advise and guide the regulator on drafting and implementing a risk-based capital framework for the insurance industry.
* POWER: Power tariffs across the country may increase by an average of 2% as COAL INDIA has increased noncoking coal prices by an average of 9% effective Tuesday, ICRA has said. India, the largest importer of Chinese solar equipment, has proposed a 70% safeguard duty on cells and modules shipped from China and Malaysia, citing "threat of serious injury" to domestic industry. Encouraged by the successful implementation of solar projects in states like Karnataka and Gujarat, the Uttar Pradesh government led by Chief Minister Yogi Adityanath plans to invite bids for 100 MW of solar power projects by March.
* REALTY: Piramal Fund Management is in the process of investing about 15-20 bln rupees in Wadhwa Group's portfolio of projects.
* REGULATORY: The Securities and Exchange Board of India plans to impose a limit on the minimum market capitalization for companies to remain listed in an effort to weed out so-called penny stocks. Market regulator Securities and Exchange Board of India's probe into the recent 'earnings leak' may be a test of its mettle in gathering evidence on insider-trading relying on encrypted digital technology.
* STEEL: The liquidation value--a guiding factor for bidders--of five steel companies on the Reserve Bank of India's first list of non-performing assets has been pegged at 540 bln rupees compared to their debt of 1.4 trln rupees.
* TAXATION: The Confederation of All India Traders has demanded extending the last date for filing of returns under the goods and services tax for Jul-Nov to at least Jan 30. Middle class can hope for a big relief in the 2018-19 (Apr-Mar) Union Budget, which will also be the last regular budget of the National Democratic Alliance government, as the finance ministry is contemplating hiking personal tax exemption limit and tweak tax slabs.
* TELECOMMUNICATION: The Telecom Commission has accepted recommendations made by the Telecom Regulatory Authority of India on easing caps on spectrum held by operators. Telecom major Vodafone is back with its iconic advertising campaign, featuring the famous pug 'Cheeka', representing strong fourth generation data network.
- The absence of an auction for spectrum and lower collection of licence fee and spectrum usage charge from operators in the wake of lower revenue due to competitive pressure from Reliance Jio Infocomm will see the government's revenue for 2017-18 (Apr-Mar) from telecom services fall 33% from the budgeted amount to 295.24 bln rupees.
