Daily Sector News Today – 25.09.2017
* AVIATION: The Centre has invited bids to appoint asset valuer for the divestment of national flag
carrier Air India. Indian airlines are seeking relief under the goods and services tax regime, which they say has added significantly to costs,
* BANKING: Prime Minister Narendra Modi has inaugurated Utkarsh Small Finance Bank in Varanasi.
* COMMODITIES: India's gold dore imports slowed down in August and may fall further in September as domestic prices are at a discount to the landed cost of imported gold.
* CORPORATE: The National Company Law Appellate Tribunal said the petition filed by Cyrus Mistry's family firms against Tata Sons could not be termed as a frivolous application.
Aditya Birla Group is readying a bid for aluminium maker Aleris Corp.
* ECONOMY: Finance Minister Arun Jaitley said the government must strike a balance between
increasing public expenditure and maintaining fiscal prudence. The government has so far saved about 580 bln rupees over the past three years by transferring subsidies through Direct Benefit Transfer, Information Technology Minister Ravi Shankar Prasad sai Chief Economic Adviser Arvind Subramanian has been given a one-year extension, Finance Minister Arun Jaitley said. The Ministry of Finance thinks there is some scope for additional monetary easing, given the outturn of inflation and its projections.
* FINANCE: From Oct 3, Masala bonds will no longer be a part of the limit available for investments by foreign portfolio investors in corporate bonds, and will form a part of external commercial borrowings. The National Stock Exchange has said it will auction investment limits for overseas investors for purchase of government bonds worth close to 28 bln rupees today.
* INFRASTRUCTURE: National Investment and Infrastructure Fund is close to its first major deal with Abu Dhabi Investment Authority.
* OIL AND GAS: Foreign ships have begun turning to Sri Lanka and Bangladesh for refuelling, prompting the petroleum ministry to seek an exemption from integrated goods and services tax on bunker fuel. Essar Ports is looking to set up a cluster of small and medium sized terminals for handling liquefied natural gas on India's west and east coasts.
* POWER: Power ministry claims only four plants are eligible for tax refunds promised under the
revised Mega Power Policy.
* REAL ESTATE: The Ministry of Housing and Urban Affairs will extend interest subsidy of 260,000 rupees on home loans under the 'Housing for All' scheme to middle-income beneficiaries for 15 months beyond December. The housing ministry is looking for global firms which will provide the required technology and partner local companies for a large number of affordable houses.
* TELECOMMUNICATION: The telecom regulator has filed caveats in 18 high courts, asking them not to take any decision without hearing it out if firms seek to stall the implementation interconnect usage charge cut. The Bombay High Court has set aside a Competition Commission of India order directing a probe against IDEA CELLULAR, BHARTI AIRTEL and Vodafone India on complaints of "cartelisation" made by Reliance Jio. Vodafone India has approached Supreme Court seeking access to the cost model used by the telecom regulator to calculate how much one operator must pay another to connect calls between their networks.
* TRANSPORT: The NITI Aayog has signed a pact with Geneva-based International Road Federation for cooperation over intelligent transportation systems in India and to create a policy for it.
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carrier Air India. Indian airlines are seeking relief under the goods and services tax regime, which they say has added significantly to costs,
* BANKING: Prime Minister Narendra Modi has inaugurated Utkarsh Small Finance Bank in Varanasi.
* COMMODITIES: India's gold dore imports slowed down in August and may fall further in September as domestic prices are at a discount to the landed cost of imported gold.
* CORPORATE: The National Company Law Appellate Tribunal said the petition filed by Cyrus Mistry's family firms against Tata Sons could not be termed as a frivolous application.
Aditya Birla Group is readying a bid for aluminium maker Aleris Corp.
* ECONOMY: Finance Minister Arun Jaitley said the government must strike a balance between
increasing public expenditure and maintaining fiscal prudence. The government has so far saved about 580 bln rupees over the past three years by transferring subsidies through Direct Benefit Transfer, Information Technology Minister Ravi Shankar Prasad sai Chief Economic Adviser Arvind Subramanian has been given a one-year extension, Finance Minister Arun Jaitley said. The Ministry of Finance thinks there is some scope for additional monetary easing, given the outturn of inflation and its projections.
* FINANCE: From Oct 3, Masala bonds will no longer be a part of the limit available for investments by foreign portfolio investors in corporate bonds, and will form a part of external commercial borrowings. The National Stock Exchange has said it will auction investment limits for overseas investors for purchase of government bonds worth close to 28 bln rupees today.
* INFRASTRUCTURE: National Investment and Infrastructure Fund is close to its first major deal with Abu Dhabi Investment Authority.
* OIL AND GAS: Foreign ships have begun turning to Sri Lanka and Bangladesh for refuelling, prompting the petroleum ministry to seek an exemption from integrated goods and services tax on bunker fuel. Essar Ports is looking to set up a cluster of small and medium sized terminals for handling liquefied natural gas on India's west and east coasts.
* POWER: Power ministry claims only four plants are eligible for tax refunds promised under the
revised Mega Power Policy.
* REAL ESTATE: The Ministry of Housing and Urban Affairs will extend interest subsidy of 260,000 rupees on home loans under the 'Housing for All' scheme to middle-income beneficiaries for 15 months beyond December. The housing ministry is looking for global firms which will provide the required technology and partner local companies for a large number of affordable houses.
* TELECOMMUNICATION: The telecom regulator has filed caveats in 18 high courts, asking them not to take any decision without hearing it out if firms seek to stall the implementation interconnect usage charge cut. The Bombay High Court has set aside a Competition Commission of India order directing a probe against IDEA CELLULAR, BHARTI AIRTEL and Vodafone India on complaints of "cartelisation" made by Reliance Jio. Vodafone India has approached Supreme Court seeking access to the cost model used by the telecom regulator to calculate how much one operator must pay another to connect calls between their networks.
* TRANSPORT: The NITI Aayog has signed a pact with Geneva-based International Road Federation for cooperation over intelligent transportation systems in India and to create a policy for it.
