Daily Sector News Today – 20.12.2017
* AUTOMOBILE: The government would support manufacturing and selling of electric vehicles by giving incentives such as lower road taxes, NITI Aayog Chief Executive Officer Amitabh Kant said. Japanese auto major Nissan has said it will hike prices of its vehicles across its two brands, Nissan and Datsun, by up to 15,000 rupees from January to offset rise in input and manufacturing costs.
* AVIATION: Domestic airlines carried 10.5 mln passengers in November, up 17% on year, data released by the Directorate General of Civil Aviation showed.
* CORPORATE: The Rajya Sabha has passed a bill to amend the Companies Act with changes relating to the structuring, disclosure and compliance requirements for companies. Banks have decided that bidders for stressed assets in insolvency proceedings will have to disclose their source of funds and furnish a cheque for the bid amount to prove their bonafides and be eligible to participate. In a major relief for disqualified directors of companies, the government has provided a three-month window to them to file their returns and normalise operations by launching Condonation of Delay Scheme, 2018.
* ECONOMY: The cost of printing new currency notes after the government's sudden demonetisation move came in at 68.7 bln rupees as on Dec 9, Minister of State for Finance P. Radhakrishnan said. The prime minister's office is reviewing foreign investment proposals that have been pending for more than three months as it presses on with its efforts to make it easy for companies to do business.
* FAST MOVING CONSUMER GOODS: The government to establish a self-regulation platform for food companies, retailers stocking packaged food and fast-food chains, Food Safety and Standards Authority of India head Pawan Agarwal said.
* INFRASTRUCTURE: The Mumbai Metropolitan Region Development Authority has signed an agreement with Delhi Metro Rail Corp, on a deposit terms basis, for the implementation of the Metro-6 corridor in Mumbai.
* OIL AND GAS: The Ministry of Petroleum and Natural Gas is implementing on electronic key facility for tankers that carry fuel from depots to outlets to fully automate all fuel retail outlets.
* PHARMACEUTICAL: Central Drugs Standard Control Organization has inspected about a dozen bulk drug manufacturing facilities in China which export to India, between end-October and mid-November. India's bulk drug imports declined 13% on year to 183.73 bln rupees in 2016-17 (Apr-Mar) as procurement from most countries fell.
* RAILWAYS: The Indian Railways is likely to seek assistance of 130 bln rupees for electrification of 13,000 km in the annual Budget for 2018-19 (Apr-Mar). The Indian Railways will replace lights across its 7,000 stations with lightemitting diode lights by March at an expense of 2.5 bln rupees.
* REGULATORY: The Securities and Exchange Board of India board is likely to further ease norms for foreign portfolio investors and come out with easier compliance rules for companies undergoing bankruptcy.
* STEEL: Indian lenders are likely to wrap up the resolution process of Bhushan Power & Steel, Essar Steel, MONNET ISPAT & ENERGY, and ELECTROSTEEL STEELS only in the first quarter of the next financial year and miss the initial deadline of December-end set under the Insolvency and Bankruptcy Code.
* TAXATION: The Parliamentary Standing Committee on Commerce has held that the delay in processing goods and services tax refunds has been "extremely trying for exporters".
* TELECOMMUNICATION: The Telecom Regulatory Authority of India has sought comments on hiking the net worth requirement for companies seeking uplinking or downlinking rights. Aircel has decided to shut operations in six telecom circles from Jan 31 and focus on the remaining 16. The Telecom Regulatory Authority of India has decided to consult industry stakeholders on the possibility of auctioning satellite television channels.
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* AVIATION: Domestic airlines carried 10.5 mln passengers in November, up 17% on year, data released by the Directorate General of Civil Aviation showed.
* CORPORATE: The Rajya Sabha has passed a bill to amend the Companies Act with changes relating to the structuring, disclosure and compliance requirements for companies. Banks have decided that bidders for stressed assets in insolvency proceedings will have to disclose their source of funds and furnish a cheque for the bid amount to prove their bonafides and be eligible to participate. In a major relief for disqualified directors of companies, the government has provided a three-month window to them to file their returns and normalise operations by launching Condonation of Delay Scheme, 2018.
* ECONOMY: The cost of printing new currency notes after the government's sudden demonetisation move came in at 68.7 bln rupees as on Dec 9, Minister of State for Finance P. Radhakrishnan said. The prime minister's office is reviewing foreign investment proposals that have been pending for more than three months as it presses on with its efforts to make it easy for companies to do business.
* FAST MOVING CONSUMER GOODS: The government to establish a self-regulation platform for food companies, retailers stocking packaged food and fast-food chains, Food Safety and Standards Authority of India head Pawan Agarwal said.
* INFRASTRUCTURE: The Mumbai Metropolitan Region Development Authority has signed an agreement with Delhi Metro Rail Corp, on a deposit terms basis, for the implementation of the Metro-6 corridor in Mumbai.
* OIL AND GAS: The Ministry of Petroleum and Natural Gas is implementing on electronic key facility for tankers that carry fuel from depots to outlets to fully automate all fuel retail outlets.
* PHARMACEUTICAL: Central Drugs Standard Control Organization has inspected about a dozen bulk drug manufacturing facilities in China which export to India, between end-October and mid-November. India's bulk drug imports declined 13% on year to 183.73 bln rupees in 2016-17 (Apr-Mar) as procurement from most countries fell.
* RAILWAYS: The Indian Railways is likely to seek assistance of 130 bln rupees for electrification of 13,000 km in the annual Budget for 2018-19 (Apr-Mar). The Indian Railways will replace lights across its 7,000 stations with lightemitting diode lights by March at an expense of 2.5 bln rupees.
* REGULATORY: The Securities and Exchange Board of India board is likely to further ease norms for foreign portfolio investors and come out with easier compliance rules for companies undergoing bankruptcy.
* STEEL: Indian lenders are likely to wrap up the resolution process of Bhushan Power & Steel, Essar Steel, MONNET ISPAT & ENERGY, and ELECTROSTEEL STEELS only in the first quarter of the next financial year and miss the initial deadline of December-end set under the Insolvency and Bankruptcy Code.
* TAXATION: The Parliamentary Standing Committee on Commerce has held that the delay in processing goods and services tax refunds has been "extremely trying for exporters".
* TELECOMMUNICATION: The Telecom Regulatory Authority of India has sought comments on hiking the net worth requirement for companies seeking uplinking or downlinking rights. Aircel has decided to shut operations in six telecom circles from Jan 31 and focus on the remaining 16. The Telecom Regulatory Authority of India has decided to consult industry stakeholders on the possibility of auctioning satellite television channels.
