Today Sector News – 22.06.2018
* AUTOMOBILE: The ministry of road transport and highways is considering allowing foreign auto manufacturers to import 2,500 vehicles each annually to promote local manufacturing.
* BANKING: The Reserve Bank of India has told banks and operators of automated teller machines to upgrade technology and security measures in phases by June 2019.
-The RBI has asked banks to install anti-skimming devices and 'white-listing' solutions in the cash machines by March 2019.
-The Indian Banks' Association has condemned the spate of chargesheets and arrests of bankers by investigative agencies and has called an emergency meeting to discuss the alleged high-handedness of investigative agencies.
-Bad loans worth 150 bln rupees will be wiped off the banking system with their reversal into standard accounts in the June quarter following new norms for differential treatment of defaults by small- and mid-sized businesses.
* GOVERNMENT: The government has sought bids from merchant bankers for advising on the issuance of the fourth tranche of Central Public Sector Enterprises-Exchange Traded Fund. The government said it is looking into fresh findings under the 'Panama Paper Leaks' and law enforcement agencies will conduct investigations in appropriate cases.
* OIL & GAS: India's total refinery throughput rose 6.8% on year to 22.24 mln tn in May, primarily due to higher throughput at the unit of Hindustan Mittal Energy and refineries of BHARAT PETROLEUM CORP.
* POWER: RBI said there cannot be an exception for any sector from regulations for stressed assets.
-Responding to requests from solar plant developers, the Ministry of New and Renewable Energy has extended the commissioning period for projects hurt by the disruption caused by the introduction of the goods and service tax.
-The Maharashtra government is planning to auction around 2,000 MW of solar capacity by Aug 15.
* REGULATORY: Securities and Exchange Board of India Chairman Ajay Tyagi has said it was yet to receive a response from ICICI BANK on allegations against the bank, its Managing Director and Chief Executive Officer Chanda Kochhar, on non-disclosure of family dealings with Videocon Group entities.
-The Securities and Exchange Board of India has initiated enforcement action against institutions and individuals in a co-location case against the National Stock Exchange over allegations of preferential treatment the bourse gave to some entities on its trading platform, Chairman Ajay Tyagi said.
-The Securities and Exchange Board of India has sought details from ICICI SECURITIES on institutional subscribers to the brokerage firm's initial public offering launched in March.
-Pharmaceutical companies must disclose observations received from the US Food and Drug Administration in the filing made to the stock exchanges as it is materially significant, said Securities and Exchange Board of India Chairman Ajay Tyagi.
-The Securities and Exchange Board of India has permitted foreign institutional investors to hold up to 15% stake in depositories and clearing corporations, in a bid to bring parity in ownership of market infrastructure institutions.
-The Securities and Exchange Board of India has eased norms for raising the open offer price, allowing such revisions till a day before the acquisition of shares starts.
-The Securities and Exchange Board of India has approved the broad changes to the regulations in initial public offerings and rights issues including time-frame for price band declaration and financial disclosures, anchor investments and promoter group classifications.
* RETAIL: Walmart Inc sold $16 bln of bonds to help finance its investment in Flipkart, in the second-largest US corporate debt sale of the year.
* STEEL: India's export of finished steel fell by 33% to 430,000 tn in May this year.
* TAXATION: The National Antiprofiteering Authority is questioning tax heads and CFOs of about 150 consumer goods and pharma companies to find out if their stocks with distributors and stockists on Jun 30, 2017, were sold at reduced rates after the GST rollout.
* TELECOMMUNICATION: Bharat Sanchar Nigam's consumers will soon be able to make calls through their Wi-Fi connection using an app on their mobile phone. The company is in the process of testing the facility, which could be launched in a month.
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* BANKING: The Reserve Bank of India has told banks and operators of automated teller machines to upgrade technology and security measures in phases by June 2019.
-The RBI has asked banks to install anti-skimming devices and 'white-listing' solutions in the cash machines by March 2019.
-The Indian Banks' Association has condemned the spate of chargesheets and arrests of bankers by investigative agencies and has called an emergency meeting to discuss the alleged high-handedness of investigative agencies.
-Bad loans worth 150 bln rupees will be wiped off the banking system with their reversal into standard accounts in the June quarter following new norms for differential treatment of defaults by small- and mid-sized businesses.
* GOVERNMENT: The government has sought bids from merchant bankers for advising on the issuance of the fourth tranche of Central Public Sector Enterprises-Exchange Traded Fund. The government said it is looking into fresh findings under the 'Panama Paper Leaks' and law enforcement agencies will conduct investigations in appropriate cases.
* OIL & GAS: India's total refinery throughput rose 6.8% on year to 22.24 mln tn in May, primarily due to higher throughput at the unit of Hindustan Mittal Energy and refineries of BHARAT PETROLEUM CORP.
* POWER: RBI said there cannot be an exception for any sector from regulations for stressed assets.
-Responding to requests from solar plant developers, the Ministry of New and Renewable Energy has extended the commissioning period for projects hurt by the disruption caused by the introduction of the goods and service tax.
-The Maharashtra government is planning to auction around 2,000 MW of solar capacity by Aug 15.
* REGULATORY: Securities and Exchange Board of India Chairman Ajay Tyagi has said it was yet to receive a response from ICICI BANK on allegations against the bank, its Managing Director and Chief Executive Officer Chanda Kochhar, on non-disclosure of family dealings with Videocon Group entities.
-The Securities and Exchange Board of India has initiated enforcement action against institutions and individuals in a co-location case against the National Stock Exchange over allegations of preferential treatment the bourse gave to some entities on its trading platform, Chairman Ajay Tyagi said.
-The Securities and Exchange Board of India has sought details from ICICI SECURITIES on institutional subscribers to the brokerage firm's initial public offering launched in March.
-Pharmaceutical companies must disclose observations received from the US Food and Drug Administration in the filing made to the stock exchanges as it is materially significant, said Securities and Exchange Board of India Chairman Ajay Tyagi.
-The Securities and Exchange Board of India has permitted foreign institutional investors to hold up to 15% stake in depositories and clearing corporations, in a bid to bring parity in ownership of market infrastructure institutions.
-The Securities and Exchange Board of India has eased norms for raising the open offer price, allowing such revisions till a day before the acquisition of shares starts.
-The Securities and Exchange Board of India has approved the broad changes to the regulations in initial public offerings and rights issues including time-frame for price band declaration and financial disclosures, anchor investments and promoter group classifications.
* RETAIL: Walmart Inc sold $16 bln of bonds to help finance its investment in Flipkart, in the second-largest US corporate debt sale of the year.
* STEEL: India's export of finished steel fell by 33% to 430,000 tn in May this year.
* TAXATION: The National Antiprofiteering Authority is questioning tax heads and CFOs of about 150 consumer goods and pharma companies to find out if their stocks with distributors and stockists on Jun 30, 2017, were sold at reduced rates after the GST rollout.
* TELECOMMUNICATION: Bharat Sanchar Nigam's consumers will soon be able to make calls through their Wi-Fi connection using an app on their mobile phone. The company is in the process of testing the facility, which could be launched in a month.
