SECTORS NEWS TODAY– 22.08.2016
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*AVIATION: Air India is negotiating with its lenders to convert around 100 bln rupees debt into equity to reduce its interest burden.
* COMMODITIES: Prices of tomato have nosedived nearly 70% in Mumbai over the last month due to bumper arrivals following good rainfall. Securities and Exchange Board of India asked commodity
bourses to lay down the hedging policy for granting hedge limits to their members and clients.
* CONSTRUCTION: In a bid to boost the sector, NITI Aayog is working on a policy to enable various government agencies to pay back debt of their contracting companies directly to the financial institutions or banks.
* ECONOMY: Finance Minister Arun Jaitley said implementation of the goods and services tax followed by strengthening of public sector banks are the immediate challenges for the government. India has taken the first step to account for environmental damage while calculating its national income or gross domestic product. Various ministries have begun pooling data to create environment accounts for forest cover, water, waste and soil resources, among others, under a newly introduced System of Environmental Economic Accounting.
* FINANCE: The Reserve Bank of India today said 17 states will raise 140.75 bln rupees through the sale of 5-, 10- and 20-year bonds on Tuesday. Venture capital firm Accel Partners is expected to raise $400 mln-$500 mln fund for its fifth fund for India. The government has selected four investment banks for the proposed share sale in Housing and Urban Development Corp.
* FMCG: Letters have been issued to alcohol vendors asking them to register with service tax authorities and pay the levy on alcohol licence fees.
* INFRASTRUCTURE: Union Minister for Water Resources, River Development and Ganga Rejuvenation Uma Bharti launched Namami Gange projects worth 5.6 bln rupees at Ganga Barrage in Kanpur.
* IT: Canada's Ontario Teachers' Pension Plan Investment Board, Blackstone, Bain Capital and CVC
Capital Partners are competing to buy significant minority stake in big data analytics firm Mu Sigma at $1 bln-$1.2 bln valuation.
* LABOUR: Bandaru Dattatreya, union labour minister, said Employee Provident Fund Organisation will raise its proportion of investments in Exchange Traded Funds from 5%. The quantum will be decided soon.
* MINING: After being asked to explore the possibility of underground mining and wait until the Ken- Betwa river linking project was finalised, mining giant Rio Tinto on Friday decided to close its 22-blnrupee diamond mine project in Madhya Pradesh.
* PHARMACEUTICAL: Prices of 22 essential drugs used for treating cancer, HIV, bacterial infections, and malaria among others, have been capped by the government, reducing the cost in the range of 10-45%.
* REAL ESTATE: Global investors such as Morgan Stanley, Macquarie and Ivanhoe Cambridge are
planning to re-enter Indian real estate market with joint ventures worth 40 bln rupees.
* TAXATION: The government will introduce suitable legislative changes in the Special Economic Zone Act and Foreign Trade Act to make them compliant with the Goods and Services Tax regime. The Goods and Services Tax Bill is likely to be ratified by 11 more states which include opposition party-led governments.
* TELECOMMUNICATIONS: The Telecom Regulatory Authority of India floated a consultation paper to seek stakeholders' views on charging Internet service providers a spectrum user charge based on the percentage of adjusted gross revenues. The telecom regulator permitted the increase of validity for mobile data packs to 365 days, from the current validity which is up to 90 days.
Tata Sons sought another two weeks to reply to the order that NTT Docomo could attach the former's
overseas assets to recover $1.2 bln in penalties that a London arbitration court awarded Japan's largest telecom company.
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* COMMODITIES: Prices of tomato have nosedived nearly 70% in Mumbai over the last month due to bumper arrivals following good rainfall. Securities and Exchange Board of India asked commodity
bourses to lay down the hedging policy for granting hedge limits to their members and clients.
* CONSTRUCTION: In a bid to boost the sector, NITI Aayog is working on a policy to enable various government agencies to pay back debt of their contracting companies directly to the financial institutions or banks.
* ECONOMY: Finance Minister Arun Jaitley said implementation of the goods and services tax followed by strengthening of public sector banks are the immediate challenges for the government. India has taken the first step to account for environmental damage while calculating its national income or gross domestic product. Various ministries have begun pooling data to create environment accounts for forest cover, water, waste and soil resources, among others, under a newly introduced System of Environmental Economic Accounting.
* FINANCE: The Reserve Bank of India today said 17 states will raise 140.75 bln rupees through the sale of 5-, 10- and 20-year bonds on Tuesday. Venture capital firm Accel Partners is expected to raise $400 mln-$500 mln fund for its fifth fund for India. The government has selected four investment banks for the proposed share sale in Housing and Urban Development Corp.
* FMCG: Letters have been issued to alcohol vendors asking them to register with service tax authorities and pay the levy on alcohol licence fees.
* INFRASTRUCTURE: Union Minister for Water Resources, River Development and Ganga Rejuvenation Uma Bharti launched Namami Gange projects worth 5.6 bln rupees at Ganga Barrage in Kanpur.
* IT: Canada's Ontario Teachers' Pension Plan Investment Board, Blackstone, Bain Capital and CVC
Capital Partners are competing to buy significant minority stake in big data analytics firm Mu Sigma at $1 bln-$1.2 bln valuation.
* LABOUR: Bandaru Dattatreya, union labour minister, said Employee Provident Fund Organisation will raise its proportion of investments in Exchange Traded Funds from 5%. The quantum will be decided soon.
* MINING: After being asked to explore the possibility of underground mining and wait until the Ken- Betwa river linking project was finalised, mining giant Rio Tinto on Friday decided to close its 22-blnrupee diamond mine project in Madhya Pradesh.
* PHARMACEUTICAL: Prices of 22 essential drugs used for treating cancer, HIV, bacterial infections, and malaria among others, have been capped by the government, reducing the cost in the range of 10-45%.
* REAL ESTATE: Global investors such as Morgan Stanley, Macquarie and Ivanhoe Cambridge are
planning to re-enter Indian real estate market with joint ventures worth 40 bln rupees.
* TAXATION: The government will introduce suitable legislative changes in the Special Economic Zone Act and Foreign Trade Act to make them compliant with the Goods and Services Tax regime. The Goods and Services Tax Bill is likely to be ratified by 11 more states which include opposition party-led governments.
* TELECOMMUNICATIONS: The Telecom Regulatory Authority of India floated a consultation paper to seek stakeholders' views on charging Internet service providers a spectrum user charge based on the percentage of adjusted gross revenues. The telecom regulator permitted the increase of validity for mobile data packs to 365 days, from the current validity which is up to 90 days.
Tata Sons sought another two weeks to reply to the order that NTT Docomo could attach the former's
overseas assets to recover $1.2 bln in penalties that a London arbitration court awarded Japan's largest telecom company.
