Today Sector News – 06.06.2018
* AGRICULTURE: The 10-day nationwide strike by farmers in Punjab may be called off half-way, on Wednesday, as protests had turned violent in parts of the state, National Kisaan Mahasangh Media Coordinator Abhimanyu Kohar said.
* AVIATION: GoAir announced the appointment of former easy-Jet executive Cornelis Vrieswijk as its new CEO.
* ENERGY: India is likely to achieve 225 GW renewable energy capacity by March 2022, overachieving its target of 175 GW, Power Minister R.K. Singh said.
* EXCHANGES: The Supreme Court will start its final hearing on Jul 19 in the matter involving a fine imposed on the NSE by the Competition Commission of India for monopolistic practices.
* FAST-MOVING CONSUMER GOODS: Patanjali Ayurved has said it was pulling out of its 60-
blnrupee food processing project along the Yamuna Expressway in Uttar Pradesh, citing non-cooperation from the state government.
* INFORMATION TECHNOLOGY: Software exporter Cognizant said that it complied with "applicable laws," when it did a share buyback in May 2016 and the income tax department cannot apply "retrospectively" a law that came into effect the following month to claim unpaid dividend taxes from the company.
* INFRASTRUCTURE: Securities and Exchange Board of India has set the floor for pricing a preferential issue by a listed infrastructure investment trust at the average of weekly high and low of the closing prices on exchanges in the two weeks preceding the issue.
* OIL & GAS: The government plans to amend the official definition of petroleum to include shale oil and gas, in a bid to allow exploration and production of hydrocarbons from shale formations in producing blocks operated by private sector players.
* POWER: Essel Infraprojects, a part of Subhash Chandra-led Essel group, is in advanced stages of selling its 685-MW solar business to Greenko group.
* RETAIL: US retail giant Walmart expects to close the $16-bln deal to acquire 77% stake in Flipkart this year.
* TAXATION: The committee to overhaul the 60-year-old income tax law is considering a single levy on capital market investments, a long pending demand by industry.
* TELECOMMUNICATION: Calculation of telecom spectrum valuations in the future may be based on new and regularly updated weighted average cost of capital data of the sector that will be determined by a third party consultant. Telecom Regulatory Authority of India has reiterated that the government allow the use of foreign satellites and gateways for in-flight connectivity, as not using these would prove to be a hindrance for phone calls on aircraft.
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* AVIATION: GoAir announced the appointment of former easy-Jet executive Cornelis Vrieswijk as its new CEO.
* ENERGY: India is likely to achieve 225 GW renewable energy capacity by March 2022, overachieving its target of 175 GW, Power Minister R.K. Singh said.
* EXCHANGES: The Supreme Court will start its final hearing on Jul 19 in the matter involving a fine imposed on the NSE by the Competition Commission of India for monopolistic practices.
* FAST-MOVING CONSUMER GOODS: Patanjali Ayurved has said it was pulling out of its 60-
blnrupee food processing project along the Yamuna Expressway in Uttar Pradesh, citing non-cooperation from the state government.
* INFORMATION TECHNOLOGY: Software exporter Cognizant said that it complied with "applicable laws," when it did a share buyback in May 2016 and the income tax department cannot apply "retrospectively" a law that came into effect the following month to claim unpaid dividend taxes from the company.
* INFRASTRUCTURE: Securities and Exchange Board of India has set the floor for pricing a preferential issue by a listed infrastructure investment trust at the average of weekly high and low of the closing prices on exchanges in the two weeks preceding the issue.
* OIL & GAS: The government plans to amend the official definition of petroleum to include shale oil and gas, in a bid to allow exploration and production of hydrocarbons from shale formations in producing blocks operated by private sector players.
* POWER: Essel Infraprojects, a part of Subhash Chandra-led Essel group, is in advanced stages of selling its 685-MW solar business to Greenko group.
* RETAIL: US retail giant Walmart expects to close the $16-bln deal to acquire 77% stake in Flipkart this year.
* TAXATION: The committee to overhaul the 60-year-old income tax law is considering a single levy on capital market investments, a long pending demand by industry.
* TELECOMMUNICATION: Calculation of telecom spectrum valuations in the future may be based on new and regularly updated weighted average cost of capital data of the sector that will be determined by a third party consultant. Telecom Regulatory Authority of India has reiterated that the government allow the use of foreign satellites and gateways for in-flight connectivity, as not using these would prove to be a hindrance for phone calls on aircraft.
