Today Sector News – 03.08.2018
* AUTOMOBILES: The government is set to approve a subsidy of around 35 bln rupees for promoting electric vehicles over the next five years as part of the FAME 2 plan, while limiting support only to government-run buses and denying benefit currently available to private vehicles, including hybrids.
* AVIATION: State-owned Jawaharlal Nehru Port Trust, India's busiest container gateway, is evaluating market prices before taking a final call on buying the iconic 23-storey Air India tower in the city, the port's Chairman-in-Charge Neeraj Bansal said. Jet Airways India has approached investment bankers again to help sell a stake in the carrier.
* COMMODITIES: The government is developing a mechanism to differentiate between ethanol manufactured directly from cane juice and that produced from C-heavy molasses.
* CORPORATE: Tata Sons, the holding company of the Tata group, has reported flat financial performance under Chairman N Chandrasekarans first year in office.
* DEFENCE: The US Congress has passed the $716-bln defence spending bill which, among its many provisions, seeks to strengthen and enhance the country's defence partnership with India.
* E-COMMERCE: The Delhi High Court has ordered Amazon Seller Services to de-list some sellers on its platform after Beverly Hills Polo Club said they were selling fake products of the US brand on the e-commerce site. E-commerce players will finally see scrapping of the proposed tax collected at source under the goods and services tax regime, if proposals for the draft policy are implemented.
* ECONOMY: Former Reserve Bank of India governor C. Rangarajan said India's GDP growth in the current financial year ending March is likely to be over 7.0%.
* ENERGY: Nayara Energy is moving to replace high-interest loans with new debt, part of efforts to reshape its balance sheet and cut borrowing costs.
* FINANCE: International Finance Corp has invested funds worth $25 mln in Mahindra Rural Housing Finance.
* FUEL: Niti Aayog will soon float a cabinet note that seeks to make it mandatory for passenger vehicles to run on petrol blended with 15% methanol.
* INFORMATION TECHNOLOGY: Cognizant Technology Solutions Corp expects its sales to rise to $4.06 bln-$4.10 bln in the September quarter, growth of 1.2-2.2% compared with the June quarter. American technology giant Apple hit the $1-trln market capitalisation mark, making the iPhone maker the first publicly-traded US company to reach the record valuation.
* POWER: The Allahabad High Court will on Aug 9 hear the case filed by private power producers against the Reserve Bank of India's new stressed loan norms for power companies.
* PHARMACEUTICALS: Days after it restricted the sale and supply of the controversial but life-saving growth drug oxytocin, the government is likely to take a "u-turn".
* REALTY: Noting the demand for credit from realty developers, newly established non-banking finance companies are setting up internal real estate verticals and hiring senior executive head.
* SHIPPING: The government has appointed Chicago-based consultant Cushman & Wakefield to ascertain the value of Air India's building at Nariman Point, Mumbai, before the sale of the asset to Jawaharlal Nehru Port Trust.
* TAXATION: India could consider offering a one-time settlement to clear legacy central excise duty and value added tax issues to ensure they do not linger and act as a drag in the goods and services tax regime. The Goods and Services Tax Council might decide to incentivise small digital payments by allowing 'instant cashback'.
* TELECOMMUNICATION: The Delhi High Court has adjourned to Oct 9 a hearing in the Central Bureau of Investigation's plea against the acquittal of Essar Group promoters Ravi Kant Ruia, Anshuman Ruia, and Loop Telecom in the alleged scam related to 2G spectrum allocation, as the respondents sought more time to file their replies.
- The Telecom Regulatory Authority of India has asserted that 4G and 5G services will drive demand for spectrum in the next round of auctions, contesting the view that financially-stressed companies are likely to tread cautiously despite steep price cuts for several previously unsold bands.
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* AVIATION: State-owned Jawaharlal Nehru Port Trust, India's busiest container gateway, is evaluating market prices before taking a final call on buying the iconic 23-storey Air India tower in the city, the port's Chairman-in-Charge Neeraj Bansal said. Jet Airways India has approached investment bankers again to help sell a stake in the carrier.
* COMMODITIES: The government is developing a mechanism to differentiate between ethanol manufactured directly from cane juice and that produced from C-heavy molasses.
* CORPORATE: Tata Sons, the holding company of the Tata group, has reported flat financial performance under Chairman N Chandrasekarans first year in office.
* DEFENCE: The US Congress has passed the $716-bln defence spending bill which, among its many provisions, seeks to strengthen and enhance the country's defence partnership with India.
* E-COMMERCE: The Delhi High Court has ordered Amazon Seller Services to de-list some sellers on its platform after Beverly Hills Polo Club said they were selling fake products of the US brand on the e-commerce site. E-commerce players will finally see scrapping of the proposed tax collected at source under the goods and services tax regime, if proposals for the draft policy are implemented.
* ECONOMY: Former Reserve Bank of India governor C. Rangarajan said India's GDP growth in the current financial year ending March is likely to be over 7.0%.
* ENERGY: Nayara Energy is moving to replace high-interest loans with new debt, part of efforts to reshape its balance sheet and cut borrowing costs.
* FINANCE: International Finance Corp has invested funds worth $25 mln in Mahindra Rural Housing Finance.
* FUEL: Niti Aayog will soon float a cabinet note that seeks to make it mandatory for passenger vehicles to run on petrol blended with 15% methanol.
* INFORMATION TECHNOLOGY: Cognizant Technology Solutions Corp expects its sales to rise to $4.06 bln-$4.10 bln in the September quarter, growth of 1.2-2.2% compared with the June quarter. American technology giant Apple hit the $1-trln market capitalisation mark, making the iPhone maker the first publicly-traded US company to reach the record valuation.
* POWER: The Allahabad High Court will on Aug 9 hear the case filed by private power producers against the Reserve Bank of India's new stressed loan norms for power companies.
* PHARMACEUTICALS: Days after it restricted the sale and supply of the controversial but life-saving growth drug oxytocin, the government is likely to take a "u-turn".
* REALTY: Noting the demand for credit from realty developers, newly established non-banking finance companies are setting up internal real estate verticals and hiring senior executive head.
* SHIPPING: The government has appointed Chicago-based consultant Cushman & Wakefield to ascertain the value of Air India's building at Nariman Point, Mumbai, before the sale of the asset to Jawaharlal Nehru Port Trust.
* TAXATION: India could consider offering a one-time settlement to clear legacy central excise duty and value added tax issues to ensure they do not linger and act as a drag in the goods and services tax regime. The Goods and Services Tax Council might decide to incentivise small digital payments by allowing 'instant cashback'.
* TELECOMMUNICATION: The Delhi High Court has adjourned to Oct 9 a hearing in the Central Bureau of Investigation's plea against the acquittal of Essar Group promoters Ravi Kant Ruia, Anshuman Ruia, and Loop Telecom in the alleged scam related to 2G spectrum allocation, as the respondents sought more time to file their replies.
- The Telecom Regulatory Authority of India has asserted that 4G and 5G services will drive demand for spectrum in the next round of auctions, contesting the view that financially-stressed companies are likely to tread cautiously despite steep price cuts for several previously unsold bands.
