Today Sector News – 19.06.2018
* AUTOMOBILES: Hyundai Motor announced making India and the US as regional headquarters, a move that would provide more functional autonomy for its business activities in these regions. Automaker Fiat Chrysler Automobiles India launched a limited edition variant of its Jeep Compass priced at 1.75 mln rupees, ex-showroom Delhi. Mercedes-Benz India is undertaking a portfolio revamp to comply with the Bharat Stage VI tailpipe emission norms, and will henceforth re-engineer all its upcoming diesel models.
* AVIATION: With no suitors for Air India, the government is likely to go slow on a strategic sale of the national carrier till oil prices soften, and will instead focus on improving its operating efficiency. Lawyers of former Air Asia India Chief Executive Officer Mittu Chandilya say the brand-licensing agreement signed between Air Asia Berhad group Chief Executive Officer Tony Fernandes, representing the Indian joint venture, and T. Kanagalingam, who was then chief operating officer of Air Asia Berhad, represents a "conflict of interest" because both held top positions in the same
airline.
* ECONOMY: A current account deficit of 2-3% of GDP for the full year is not a worry of India, Economic Affairs Secretary Subhash Garg said.
* EXCHANGES: National Stock Exchange of India and the BSE are gearing up to launch non-agriculture products based futures contracts on Oct 1. The National Stock Exchange said the arbitration tribunal is likely to pass an order by the first week of February deciding on the dispute regarding SGX's proposed India derivatives contracts with the Indian
bourse.
* INFORMATION TECHNOLOGY: The government will not spare any company that is found abusing voters' data to compromise elections in India, Information Technology Minister Ravi Shankar Prasad said.
* OIL AND GAS: India will seek "responsible pricing" of crude oil from the Organization of the Petroleum Exporting Countries, or OPEC, as high oil prices are hitting major consumers like India, Petroleum Minister Dharmendra Pradhan said. Finance minister Arun Jaitley rejected the demand for a sharp cut in taxes on fuel, saying the suggestion was a "trap" that would burden India with "unmanageable debt." as he highlighted the macroeconomic stability achieved by the government.
* PHARMACEUTICALS: The Drug Controller General of India has called a meeting with all major pharmaceutical companies on Jun 25 to discuss the proposal regarding introduction of trace and track mechanism for top 300 drug brands that are sold in India.
* POWER: The government plans to set up a national power distribution company that will handhold state discoms in electricity distribution activities and ensure time-bound implementation of central schemes.
* REGULATORY: SEBI is likely to change certain provisions in the takeover regulations, including those pertaining to revision of open offer price.
* STEEL: Arun Jagatramka, promoter of GUJARAT NRE COKE, has proposed a revival scheme under the Companies Act, 2013, even as the firm is undergoing liquidation under the Insolvency and Bankruptcy Code.
* TAXATION: The second round of the dedicated period for clearing refund overdue of exporters under the goods and services tax regime may have seen 120 bln rupees settled by the government.
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* AVIATION: With no suitors for Air India, the government is likely to go slow on a strategic sale of the national carrier till oil prices soften, and will instead focus on improving its operating efficiency. Lawyers of former Air Asia India Chief Executive Officer Mittu Chandilya say the brand-licensing agreement signed between Air Asia Berhad group Chief Executive Officer Tony Fernandes, representing the Indian joint venture, and T. Kanagalingam, who was then chief operating officer of Air Asia Berhad, represents a "conflict of interest" because both held top positions in the same
airline.
* ECONOMY: A current account deficit of 2-3% of GDP for the full year is not a worry of India, Economic Affairs Secretary Subhash Garg said.
* EXCHANGES: National Stock Exchange of India and the BSE are gearing up to launch non-agriculture products based futures contracts on Oct 1. The National Stock Exchange said the arbitration tribunal is likely to pass an order by the first week of February deciding on the dispute regarding SGX's proposed India derivatives contracts with the Indian
bourse.
* INFORMATION TECHNOLOGY: The government will not spare any company that is found abusing voters' data to compromise elections in India, Information Technology Minister Ravi Shankar Prasad said.
* OIL AND GAS: India will seek "responsible pricing" of crude oil from the Organization of the Petroleum Exporting Countries, or OPEC, as high oil prices are hitting major consumers like India, Petroleum Minister Dharmendra Pradhan said. Finance minister Arun Jaitley rejected the demand for a sharp cut in taxes on fuel, saying the suggestion was a "trap" that would burden India with "unmanageable debt." as he highlighted the macroeconomic stability achieved by the government.
* PHARMACEUTICALS: The Drug Controller General of India has called a meeting with all major pharmaceutical companies on Jun 25 to discuss the proposal regarding introduction of trace and track mechanism for top 300 drug brands that are sold in India.
* POWER: The government plans to set up a national power distribution company that will handhold state discoms in electricity distribution activities and ensure time-bound implementation of central schemes.
* REGULATORY: SEBI is likely to change certain provisions in the takeover regulations, including those pertaining to revision of open offer price.
* STEEL: Arun Jagatramka, promoter of GUJARAT NRE COKE, has proposed a revival scheme under the Companies Act, 2013, even as the firm is undergoing liquidation under the Insolvency and Bankruptcy Code.
* TAXATION: The second round of the dedicated period for clearing refund overdue of exporters under the goods and services tax regime may have seen 120 bln rupees settled by the government.
