SECTORS ALERT – 25.06.2014
* AGRICULTURE: Farm Minister Radha Mohan Singh said that the government is fully
prepared to face any probability of drought in the country due to weak rains.
* AVIATION: Air India is likely to see a 4-5% growth in revenue with its formal
induction into Star Alliance, Civil Aviation Minister Ashok Gajapathi Raju said. Civil
Aviation Minister Ashok Gajapathi Raju has said that there has been no decision taken on
privatising Air India.
* BANKING: PUNJAB NATIONAL BANK, ALLAHABAD BANK, and FEDERAL
BANK have shown interest in taking over the Rupee Co-operative Bank, Harshvardhan
Patil, Maharashtra state cooperation minister said. HSBC Holdings' arm HSBC Private
Bank Suisse SA will sell a portfolio of its private banking assets in Switzerland for $12.5
bln to LGT Bank.
* CORPORATE: Maharashtra State Co-operative Bank has invited bids for sale of assets
of two sugar mills--Pad Dr VV Patil SSK and Ninaidevi SSK. Kinetic Group and Ikaros
Solar Group have formed a JV company, Ikaros Kinetic Solar, to provide solutions for
low capacity solar photovoltaic installations. Corporate affairs ministry has invited views
from various stakeholders on easing norms for private companies under the Companies
Act 2013.
* ENERGY: The go vernment is mulling a price hike of liquefied petroleum gas and
kerosene in small dozes of 5 rupees per cylinder and 0.50-1.00 rupees a litre each month.
* EXCHANGES: Suspension or debarment of brokers by stock exchanges will not lead
to suspension of the broker in commodity exchanges, Forward Markets Commission said.
National Spot Exchange has completed 70.48 per cent financial closure for e-silver
investors, benefiting most in this category. National Spot Exchange has urged banks to
refrain from extending credit to its defaulters.
* GOVERNMENT: Broadcasting Minister Javadekar met set-top box manufacturers in
an effort to kick-start the process of produce them locally. Ban on milk and milk
products imports from China extended by one more years to Jun 23, 2015. The external
affairs ministry has said that 17 Indians have been rescued from the conflict zone in Iraq
with assistance from local authorities. The environment ministry is in process of framing
new guidelines on contentious issue of "inviolate area" that has restricted mining
activities and held up infrastructure projects worth billions.
* INFRASTRUCTURE: Road Minister Gadkari has expressed dissatisfaction over the
performance of Border Roads Organisation and said the roads organisation will not be
awarded any new projects till an audit has been conducted. Government has approved
road projects worth 200 bln rupees in Jammu & Kashmir, worth 150 bln rupees in the
north-east, and worth 50 bln rupees in flood-torn Uttarakhand.
The government, in partnership with Japanese investors, plans to set up a finance
corporation with a corpus of 1 trln rupees to fund projects in the road sector.
* METALS: The government is looking at working out a mechanism for single-window
clearance to steel projects in the country, Steel Minister Narendra Singh Tomar said.
* MINING: States that have put in place adequate environmental protection rules with
regard to small mining projects of less than 5 ha would now be exempt from taking the
Centre's clearance, Environment Minister Prakash Javadekar has said.
* PHARMACEUTICALS: The government is likely to raise the number of drugs deemed
essential and subject to price caps.
* POWER: State-owned bulk power purchaser Gridco has drawn flak from the
Comptroller & Auditor General of India for irregular collection of power dues from the
distribution companies.
* RAILWAYS: The Railways has decided to partially roll back the hike in passenger
fares for suburban train systems, with no hike applicable to second class suburban
ordinary fare up to a distance of 80 km.The Railways is likely to carry out electrification
of around 2,200 km of its tracks this financial year.
* REGULATORY: Reserve Bank of India has appointed an administrator at Mumbai- based Kapol Co-operative Bank from Jun 20.
* TELECOM: The government will challenge the telecom tribunal's order clearing the
3G intra-circle roaming pacts between operators.
* WEATHER: India Jun 24 rainfall 2.7 mm, 61% below normal.
* AGRICULTURE: Farm Minister Radha Mohan Singh said that the government is fully
prepared to face any probability of drought in the country due to weak rains.
* AVIATION: Air India is likely to see a 4-5% growth in revenue with its formal
induction into Star Alliance, Civil Aviation Minister Ashok Gajapathi Raju said. Civil
Aviation Minister Ashok Gajapathi Raju has said that there has been no decision taken on
privatising Air India.
* BANKING: PUNJAB NATIONAL BANK, ALLAHABAD BANK, and FEDERAL
BANK have shown interest in taking over the Rupee Co-operative Bank, Harshvardhan
Patil, Maharashtra state cooperation minister said. HSBC Holdings' arm HSBC Private
Bank Suisse SA will sell a portfolio of its private banking assets in Switzerland for $12.5
bln to LGT Bank.
* CORPORATE: Maharashtra State Co-operative Bank has invited bids for sale of assets
of two sugar mills--Pad Dr VV Patil SSK and Ninaidevi SSK. Kinetic Group and Ikaros
Solar Group have formed a JV company, Ikaros Kinetic Solar, to provide solutions for
low capacity solar photovoltaic installations. Corporate affairs ministry has invited views
from various stakeholders on easing norms for private companies under the Companies
Act 2013.
* ENERGY: The go vernment is mulling a price hike of liquefied petroleum gas and
kerosene in small dozes of 5 rupees per cylinder and 0.50-1.00 rupees a litre each month.
* EXCHANGES: Suspension or debarment of brokers by stock exchanges will not lead
to suspension of the broker in commodity exchanges, Forward Markets Commission said.
National Spot Exchange has completed 70.48 per cent financial closure for e-silver
investors, benefiting most in this category. National Spot Exchange has urged banks to
refrain from extending credit to its defaulters.
* GOVERNMENT: Broadcasting Minister Javadekar met set-top box manufacturers in
an effort to kick-start the process of produce them locally. Ban on milk and milk
products imports from China extended by one more years to Jun 23, 2015. The external
affairs ministry has said that 17 Indians have been rescued from the conflict zone in Iraq
with assistance from local authorities. The environment ministry is in process of framing
new guidelines on contentious issue of "inviolate area" that has restricted mining
activities and held up infrastructure projects worth billions.
* INFRASTRUCTURE: Road Minister Gadkari has expressed dissatisfaction over the
performance of Border Roads Organisation and said the roads organisation will not be
awarded any new projects till an audit has been conducted. Government has approved
road projects worth 200 bln rupees in Jammu & Kashmir, worth 150 bln rupees in the
north-east, and worth 50 bln rupees in flood-torn Uttarakhand.
The government, in partnership with Japanese investors, plans to set up a finance
corporation with a corpus of 1 trln rupees to fund projects in the road sector.
* METALS: The government is looking at working out a mechanism for single-window
clearance to steel projects in the country, Steel Minister Narendra Singh Tomar said.
* MINING: States that have put in place adequate environmental protection rules with
regard to small mining projects of less than 5 ha would now be exempt from taking the
Centre's clearance, Environment Minister Prakash Javadekar has said.
* PHARMACEUTICALS: The government is likely to raise the number of drugs deemed
essential and subject to price caps.
* POWER: State-owned bulk power purchaser Gridco has drawn flak from the
Comptroller & Auditor General of India for irregular collection of power dues from the
distribution companies.
* RAILWAYS: The Railways has decided to partially roll back the hike in passenger
fares for suburban train systems, with no hike applicable to second class suburban
ordinary fare up to a distance of 80 km.The Railways is likely to carry out electrification
of around 2,200 km of its tracks this financial year.
* REGULATORY: Reserve Bank of India has appointed an administrator at Mumbai- based Kapol Co-operative Bank from Jun 20.
* TELECOM: The government will challenge the telecom tribunal's order clearing the
3G intra-circle roaming pacts between operators.
* WEATHER: India Jun 24 rainfall 2.7 mm, 61% below normal.
