Today Sector News – 19.09.2018
* AGRICULTURE: There was a case for "blending" subsidy with investment to boost growth in agriculture sector and make farming sustainable, Finance Minister Arun Jaitley said.
* BANKING: India on Tuesday signed a $74 mln loan agreement with World Bank for Uttarakhand
Workforce Development Project. Finance Minister Jaitley is expected to meet heads of public sector banks and financial institutions next week to discuss issues relating to bad loans and status of credit to micro and small enterprises.
* COMMODITIES: The Competition Commission of India has imposed penalties on 18 sugar mills, the Indian Sugar Mills Association, and the Ethanol Manufacturers Association of India for rigging bids pertaining to a joint tender floated by oil marketing companies on Jan 2, 2013, for procurement of ethanol.
- Concerned over record cane arrears and the prospect of a sugar glut worsening, the government is
considering financial assistance of around 55 bln rupees in the marketing year, starting October, to assuage the pain of both farmers and mills.
* CORPORATE: The Securities and Exchange Board of India has approved reclassification of promoters as public shareholders, subject to certain conditions. SEBI approved changes to the securities settlement norms, barring wilful defaulters, fugitive economic offenders, and those defaulting on payment of fees or penalty under the law from settling their proceedings.
- Key shareholders of Infrastructure Leasing and Financial Services have asked the management to
table a comprehensive turnaround and deleveraging plan, before talks of a bailout can begin.
* EXCHANGES: Securities and Exchange Board of India Chairman Ajay Tyagi said the markets regulator had returned the National Stock Exchange's settlement proposal for the co-location case. SEBI slashed regulatory fee on the turnover of exchanges from trade in farm derivatives.
* FUNDS: The Securities and Exchange Board of India on Tuesday said mutual funds can charge a
maximum of 2.25% as total expense ratio for open-ended equity oriented schemes against 2.50% currently.
* INFORMATION TECHNOLOGY: Cognizant Technology Solutions will acquire the US-based Advanced Technology Group to expand Cloud 'Quote-to-Cash' capabilities.
* INSURANCE: India Post Payments Bank on Tuesday entered into a strategic partnership with Bajaj Allianz Life Insurance Co to provide life insurance products.
* MARKETS: The Securities and Exchange Board of India will shortly issue a revised circular on knowyour- customer norms for foreign portfolio investors based on the recommendations of a committee set up in this regard. Promoters must ensure that public shareholders are given an exit option within three months of a company being delisted from recognised stock exchanges, the Securities and Exchange Board of India said.
* PHARMACEUTICAL: The Delhi High Court on Tuesday directed the central government not to take any coercive action against pharmaceutical companies manufacturing fixed dose combination drugs until Sep 27, the next date of hearing.
* STEEL: Numetal attacked ArcelorMittal S.A. over what it claimed to be "subterfuge" to overcome its disqualification in bidding for embattled Essar Steel for which both companies are in fray.
* TAXATION: The Delhi High Court on Tuesday issued a notice to the central government to respond to a plea challenging the Centre's power to amend the Central Goods and Services Tax Act 2017 with retrospective effect.
* TELECOMMUNICATION: The telecom department is willing to open up new spectrum bands to
facilitate ultra-high-speed fifth-generation or 5G services but only after a formal proposal from the sector regulator, said Telecom Secretary Aruna Sundararajan.
* TRADE: The government's move to raise duty on non-essential imports to curb India's current account deficit has split economists with some backing the proposal while others
see it as a protectionist measure that could impact foreign relations.
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* BANKING: India on Tuesday signed a $74 mln loan agreement with World Bank for Uttarakhand
Workforce Development Project. Finance Minister Jaitley is expected to meet heads of public sector banks and financial institutions next week to discuss issues relating to bad loans and status of credit to micro and small enterprises.
* COMMODITIES: The Competition Commission of India has imposed penalties on 18 sugar mills, the Indian Sugar Mills Association, and the Ethanol Manufacturers Association of India for rigging bids pertaining to a joint tender floated by oil marketing companies on Jan 2, 2013, for procurement of ethanol.
- Concerned over record cane arrears and the prospect of a sugar glut worsening, the government is
considering financial assistance of around 55 bln rupees in the marketing year, starting October, to assuage the pain of both farmers and mills.
* CORPORATE: The Securities and Exchange Board of India has approved reclassification of promoters as public shareholders, subject to certain conditions. SEBI approved changes to the securities settlement norms, barring wilful defaulters, fugitive economic offenders, and those defaulting on payment of fees or penalty under the law from settling their proceedings.
- Key shareholders of Infrastructure Leasing and Financial Services have asked the management to
table a comprehensive turnaround and deleveraging plan, before talks of a bailout can begin.
* EXCHANGES: Securities and Exchange Board of India Chairman Ajay Tyagi said the markets regulator had returned the National Stock Exchange's settlement proposal for the co-location case. SEBI slashed regulatory fee on the turnover of exchanges from trade in farm derivatives.
* FUNDS: The Securities and Exchange Board of India on Tuesday said mutual funds can charge a
maximum of 2.25% as total expense ratio for open-ended equity oriented schemes against 2.50% currently.
* INFORMATION TECHNOLOGY: Cognizant Technology Solutions will acquire the US-based Advanced Technology Group to expand Cloud 'Quote-to-Cash' capabilities.
* INSURANCE: India Post Payments Bank on Tuesday entered into a strategic partnership with Bajaj Allianz Life Insurance Co to provide life insurance products.
* MARKETS: The Securities and Exchange Board of India will shortly issue a revised circular on knowyour- customer norms for foreign portfolio investors based on the recommendations of a committee set up in this regard. Promoters must ensure that public shareholders are given an exit option within three months of a company being delisted from recognised stock exchanges, the Securities and Exchange Board of India said.
* PHARMACEUTICAL: The Delhi High Court on Tuesday directed the central government not to take any coercive action against pharmaceutical companies manufacturing fixed dose combination drugs until Sep 27, the next date of hearing.
* STEEL: Numetal attacked ArcelorMittal S.A. over what it claimed to be "subterfuge" to overcome its disqualification in bidding for embattled Essar Steel for which both companies are in fray.
* TAXATION: The Delhi High Court on Tuesday issued a notice to the central government to respond to a plea challenging the Centre's power to amend the Central Goods and Services Tax Act 2017 with retrospective effect.
* TELECOMMUNICATION: The telecom department is willing to open up new spectrum bands to
facilitate ultra-high-speed fifth-generation or 5G services but only after a formal proposal from the sector regulator, said Telecom Secretary Aruna Sundararajan.
* TRADE: The government's move to raise duty on non-essential imports to curb India's current account deficit has split economists with some backing the proposal while others
see it as a protectionist measure that could impact foreign relations.
