Today Sector News – 25.04.2018
* AGRICULTURE: Agriculture credit is growing every year and reached 10 trln rupees last fiscal, the government said stressing on the need to increase the flow to small farmers as well as providing loan access to tenant cultivators.
* AUTOMOBILE: Toyota Kirloskar Motor is all set to begin bookings for its new sedan Yaris from
Wednesday, a move that the Japanese carmaker hopes will lift its fortunes in the country.
* AVIATION: Decks have finally been cleared for Uttar Pradeshs much-awaited Noida International Greenfield Airport at Jewar.
* BANKING: The Indian Banks' Association plans to lobby the government against an arbitrary tax notice which seeks to extract as much as 400 bln rupees from the country's banks. Leading diamond exporters are scheduled to meet the heads of banks next month to discuss financing issues after the 137-bln-rupee fraud at PUNJAB NATIONAL BANK saw lenders tighten norms.
-The Competition Commission of India has ruled out cartelisation among banks in fixing savings interest rates, after finding the rates are based on independent assessment of market condit
* INFRASTRUCTURE: The government has signed a $210-mln loan agreement with the World Bank for rural road project in Madhya Pradesh.
* OIL AND GAS: Saudi Arabia is rumoured to want oil prices at $100 per barrel, but if prices rise that high, it could sow the seeds of the next downturn.
* REAL ESTATE: In one of the biggest commercial real estate transactions in the country, the debt-laden Essar Group has sold its Equinox Business Parks in Mumbai's Bandra-Kurla Complex to Brookfield Asset Management for 24 bln rupees.
* STEEL: ArcelorMittal's bid for Essar Steel in the first round of bidding for the stressed asset is likely to be higher than that of Numetal.
-Essar Steel's committee of creditors is veering towards inviting fresh bids for the stressed asset, paving the way for JSW STEEL, VEDANTA, TATA STEEL, ArcelorMittal and Numetal to make another attempt to acquire it.
-The Committee of Creditors of Essar Steel on Tuesday decided to meet again on Friday to consider a fresh round of bids as the meeting proved inconclusive with banks finding the takeover bids submitted by ArcelorMittal and Numetal below the fair value.
-A decision on the resolution of Essar Steel's bankruptcy remained elusive though the Committee of Creditors appeared to move towards a third round of bids and grant more time for Numetal and ArcelorMittal to make themselves eligible.
* TAXATION: The government will shift to a cash-based accounting system to report goods and services tax collections from the current accrual-based system.
-The Central Board of Direct Taxes on Tuesday laid down conditions for allowing a concessional rate of 10% tax on long-term capital gains tax arising from transfer of equity shares or equity oriented fund, even when securities transactions tax has not been paid on such transactions.
-The implementation of the goods and services tax regime has helped Apollo LogiSolutions, the 10 bln rupees logistics subsidiary of Apollo Group, bag bigger and longer term contracts from its existing customers like Hero, JSW, Honda and ITC in its third party logistics segment.
-The income tax department has put out draft rules specifying situations where the recently imposed capital gains tax would apply even though no securities transactions tax has been paid.
-In a bid to bridge the lag in actual revenue accrual, the finance ministry will from this fiscal shift to cash basis accounting for the goods and services tax where monthly collections will be reported on the first working day of the following month.
* TELECOMMUNICATION: The Telecom Disputes Settlement and Appellate Tribunal stayed an order from the sector's regulator changing definition of "significant market players" for penalty on predatory pricing.
-Vodafone has told the Delhi High Court it was not obligated to provide interconnectivity to Reliance Jio when it started operations in September 2016, as initially it was providing only test services.
-The telecom tribunal has stayed a regulatory order that reset the threshold for predatory pricing and required operators to report all tariffs in the interests of transparency and non-discrimination, offering relief to India's top telcom companies that said the revised norms benefitted only Reliance Jio Infocomm, their newest rival.
-Telecom Regulatory Authority of India Chairman R.S. Sharma said "data monopolies" are developing in the country and there is a need to bring in a set of regulations to ensure that consumer data remains safe and protected.
CLICK HERE
*********************************************************************************
* AUTOMOBILE: Toyota Kirloskar Motor is all set to begin bookings for its new sedan Yaris from
Wednesday, a move that the Japanese carmaker hopes will lift its fortunes in the country.
* AVIATION: Decks have finally been cleared for Uttar Pradeshs much-awaited Noida International Greenfield Airport at Jewar.
* BANKING: The Indian Banks' Association plans to lobby the government against an arbitrary tax notice which seeks to extract as much as 400 bln rupees from the country's banks. Leading diamond exporters are scheduled to meet the heads of banks next month to discuss financing issues after the 137-bln-rupee fraud at PUNJAB NATIONAL BANK saw lenders tighten norms.
-The Competition Commission of India has ruled out cartelisation among banks in fixing savings interest rates, after finding the rates are based on independent assessment of market condit
* INFRASTRUCTURE: The government has signed a $210-mln loan agreement with the World Bank for rural road project in Madhya Pradesh.
* OIL AND GAS: Saudi Arabia is rumoured to want oil prices at $100 per barrel, but if prices rise that high, it could sow the seeds of the next downturn.
* REAL ESTATE: In one of the biggest commercial real estate transactions in the country, the debt-laden Essar Group has sold its Equinox Business Parks in Mumbai's Bandra-Kurla Complex to Brookfield Asset Management for 24 bln rupees.
* STEEL: ArcelorMittal's bid for Essar Steel in the first round of bidding for the stressed asset is likely to be higher than that of Numetal.
-Essar Steel's committee of creditors is veering towards inviting fresh bids for the stressed asset, paving the way for JSW STEEL, VEDANTA, TATA STEEL, ArcelorMittal and Numetal to make another attempt to acquire it.
-The Committee of Creditors of Essar Steel on Tuesday decided to meet again on Friday to consider a fresh round of bids as the meeting proved inconclusive with banks finding the takeover bids submitted by ArcelorMittal and Numetal below the fair value.
-A decision on the resolution of Essar Steel's bankruptcy remained elusive though the Committee of Creditors appeared to move towards a third round of bids and grant more time for Numetal and ArcelorMittal to make themselves eligible.
* TAXATION: The government will shift to a cash-based accounting system to report goods and services tax collections from the current accrual-based system.
-The Central Board of Direct Taxes on Tuesday laid down conditions for allowing a concessional rate of 10% tax on long-term capital gains tax arising from transfer of equity shares or equity oriented fund, even when securities transactions tax has not been paid on such transactions.
-The implementation of the goods and services tax regime has helped Apollo LogiSolutions, the 10 bln rupees logistics subsidiary of Apollo Group, bag bigger and longer term contracts from its existing customers like Hero, JSW, Honda and ITC in its third party logistics segment.
-The income tax department has put out draft rules specifying situations where the recently imposed capital gains tax would apply even though no securities transactions tax has been paid.
-In a bid to bridge the lag in actual revenue accrual, the finance ministry will from this fiscal shift to cash basis accounting for the goods and services tax where monthly collections will be reported on the first working day of the following month.
* TELECOMMUNICATION: The Telecom Disputes Settlement and Appellate Tribunal stayed an order from the sector's regulator changing definition of "significant market players" for penalty on predatory pricing.
-Vodafone has told the Delhi High Court it was not obligated to provide interconnectivity to Reliance Jio when it started operations in September 2016, as initially it was providing only test services.
-The telecom tribunal has stayed a regulatory order that reset the threshold for predatory pricing and required operators to report all tariffs in the interests of transparency and non-discrimination, offering relief to India's top telcom companies that said the revised norms benefitted only Reliance Jio Infocomm, their newest rival.
-Telecom Regulatory Authority of India Chairman R.S. Sharma said "data monopolies" are developing in the country and there is a need to bring in a set of regulations to ensure that consumer data remains safe and protected.
