SECTORS NEWS TODAY – 30.08.2016
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earlier decision to freeze investment after the Supreme Court lifted an eight month ban on sale of large diesel vehicles in Delhi.
* AVIATION: Moody's Investors Service has downgraded the corporate family rating and senior secured ratings of Delhi International Airport Ltd to Ba2 from Ba1 because of concern about cash flow generation. With the aviation ministry easing the 5/20 norms, Tata Sons is stepping up investment in its airline venture Vistara in India. The promoters of Vistara, Tata Sons and Singapore Airlines, have agreed to infuse 1.5 bln rupees in the airline.
* BANKING: The Reserve Bank of India has said it will "objectively" assess the effect of marginal costbased lending rate on transmission of policy rates as compared with the transmission under the earlier system of base rate. Reserve Bank of India Governor Raghuram Rajan has said while banks have improved recognition of bad loans, their focus must now move to improve the operational efficiency of stressed assets and creating the right capital structure.
- Outgoing Reserve Bank of India Governor Raghuram Rajan signalled his successor Urjit Patel
was unlikely to waver on the central bank's focus on bringing errant borrowers in line and the clean-up of banks, and would continue monitoring the various loan restructuring schemes.
* ECONOMY: With projections for India's headline retail inflation remaining at the upper limit of the
Reserve Bank of India's objective, easing room could emerge "only if inflation is projected to fall further", Governor Raghuram Rajan said. Maharashtra on Monday became the tenth state to ratify the Goods and Services Tax constitutional amendment bill passed by Parliament. With the end of Plan and non-Plan classifications of spending from Union Budget 2017-18 onwards, the Narendra Modi government will also assess and finance centrally sponsored schemes in a new manner.
* FINANCE: Tata Trusts Chairman Ratan Tata, former finance secretary Vijay Kelkar and Infosys
cofounder Nandan Nilekani are teaming up to start a technology-enabled financial inclusion vehicle,
Avanti Finance, which will provide tiny loans to poor ignored by other lenders.
* INFORMATION TECHNOLOGY: The Tata Group is tying with Ivy League universities Harvard and Yale to research and bring to market products based on soft robotic, sensors, deep-learning and network sciences.
* INFRASTRUCTURE: Large infrastructure players have made a comeback in the road sector with
companies like LARSEN & TOUBRO, PUNJ LLOYD, GAMMON AND JAIPRAKASH ASSOCIATES bagging 16 of the 40 engineering, procurement and construction contracts awarded in 2015-16. India and UK are exploring creation of a sub-fund under the National Investment and Infrastructure Fund for attracting investment for infrastructure development.
* INVESTMENTS: West Bengal Finance Minister Amit Mitra says several changes are taking place in the state, especially in the investment climate. He reeled out several numbers as to how the state is now becoming the favourite investment destination.
* PHARMACEUTICAL: Pharma companies will have to think twice before overcharging, as the National Pharmaceutical Pricing Authority, which fixes prices of drugs and limited number of medical devices, is tightening the noose. A Rajya Sabha member has alleged that four drug companies have bribed doctors across India to push their products, violating the Medical Council of India's code of conduct.
* POWER: CLP India, one of the prominent foreign investor in India's power sector, has issued another round of asset-specific bonds for its 1320 MW Jhajjar Power Plant in Haryana.
* SHIPPING: The Centre has formulated a revised central sector scheme to offer financial support to
ports for creation of infrastructure aimed at facilitating movement of cargo or assengers by sea or
National Waterways. Krishnapatnam Port has launched a weekly mainline service, to be operated by Maersk Line in partnership with Hanjin Shipping of Korea, from China to Krishnapatnam Port.
* SUGAR: The food ministry has asked states to impose stock limit on sugar mills, a senior food ministry official said. "This will be initially valid for two months--September and October," he added.
* TAXATION: The revised tax treaty with Mauritius, which allows India to tax capital gains on
investments routed through the island nation, will tackle round tripping of funds and curb tax evasion,
finance ministry said.
* TELECOMMUNICATIONS: Telecom Regulatory Authority of India's move to review interconnection usage charges, which is being opposed by the country's largest telecom cos, has found support in the highest levels of the government where the feeling is that these charges can be lowered. Heeding to the industry's demand for starting spectrum auction from an auspicious date, the government has deferred the mega sale of mobile frequencies by two days to Oct 1.
* TRADE: The government believes that the ongoing Tata Sons-NTT Docomo dispute will not affect
India-Japan relations for what it perceives to be a private dispute on a contract which was illegal to start with as per extant laws back in 2009, and even as per current rules.
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* AUTOMOBILES: Japan's Toyota will launch more cars and ramp up volumes in India, reversing anearlier decision to freeze investment after the Supreme Court lifted an eight month ban on sale of large diesel vehicles in Delhi.
* AVIATION: Moody's Investors Service has downgraded the corporate family rating and senior secured ratings of Delhi International Airport Ltd to Ba2 from Ba1 because of concern about cash flow generation. With the aviation ministry easing the 5/20 norms, Tata Sons is stepping up investment in its airline venture Vistara in India. The promoters of Vistara, Tata Sons and Singapore Airlines, have agreed to infuse 1.5 bln rupees in the airline.
* BANKING: The Reserve Bank of India has said it will "objectively" assess the effect of marginal costbased lending rate on transmission of policy rates as compared with the transmission under the earlier system of base rate. Reserve Bank of India Governor Raghuram Rajan has said while banks have improved recognition of bad loans, their focus must now move to improve the operational efficiency of stressed assets and creating the right capital structure.
- Outgoing Reserve Bank of India Governor Raghuram Rajan signalled his successor Urjit Patel
was unlikely to waver on the central bank's focus on bringing errant borrowers in line and the clean-up of banks, and would continue monitoring the various loan restructuring schemes.
* ECONOMY: With projections for India's headline retail inflation remaining at the upper limit of the
Reserve Bank of India's objective, easing room could emerge "only if inflation is projected to fall further", Governor Raghuram Rajan said. Maharashtra on Monday became the tenth state to ratify the Goods and Services Tax constitutional amendment bill passed by Parliament. With the end of Plan and non-Plan classifications of spending from Union Budget 2017-18 onwards, the Narendra Modi government will also assess and finance centrally sponsored schemes in a new manner.
* FINANCE: Tata Trusts Chairman Ratan Tata, former finance secretary Vijay Kelkar and Infosys
cofounder Nandan Nilekani are teaming up to start a technology-enabled financial inclusion vehicle,
Avanti Finance, which will provide tiny loans to poor ignored by other lenders.
* INFORMATION TECHNOLOGY: The Tata Group is tying with Ivy League universities Harvard and Yale to research and bring to market products based on soft robotic, sensors, deep-learning and network sciences.
* INFRASTRUCTURE: Large infrastructure players have made a comeback in the road sector with
companies like LARSEN & TOUBRO, PUNJ LLOYD, GAMMON AND JAIPRAKASH ASSOCIATES bagging 16 of the 40 engineering, procurement and construction contracts awarded in 2015-16. India and UK are exploring creation of a sub-fund under the National Investment and Infrastructure Fund for attracting investment for infrastructure development.
* INVESTMENTS: West Bengal Finance Minister Amit Mitra says several changes are taking place in the state, especially in the investment climate. He reeled out several numbers as to how the state is now becoming the favourite investment destination.
* PHARMACEUTICAL: Pharma companies will have to think twice before overcharging, as the National Pharmaceutical Pricing Authority, which fixes prices of drugs and limited number of medical devices, is tightening the noose. A Rajya Sabha member has alleged that four drug companies have bribed doctors across India to push their products, violating the Medical Council of India's code of conduct.
* POWER: CLP India, one of the prominent foreign investor in India's power sector, has issued another round of asset-specific bonds for its 1320 MW Jhajjar Power Plant in Haryana.
* SHIPPING: The Centre has formulated a revised central sector scheme to offer financial support to
ports for creation of infrastructure aimed at facilitating movement of cargo or assengers by sea or
National Waterways. Krishnapatnam Port has launched a weekly mainline service, to be operated by Maersk Line in partnership with Hanjin Shipping of Korea, from China to Krishnapatnam Port.
* SUGAR: The food ministry has asked states to impose stock limit on sugar mills, a senior food ministry official said. "This will be initially valid for two months--September and October," he added.
* TAXATION: The revised tax treaty with Mauritius, which allows India to tax capital gains on
investments routed through the island nation, will tackle round tripping of funds and curb tax evasion,
finance ministry said.
* TELECOMMUNICATIONS: Telecom Regulatory Authority of India's move to review interconnection usage charges, which is being opposed by the country's largest telecom cos, has found support in the highest levels of the government where the feeling is that these charges can be lowered. Heeding to the industry's demand for starting spectrum auction from an auspicious date, the government has deferred the mega sale of mobile frequencies by two days to Oct 1.
* TRADE: The government believes that the ongoing Tata Sons-NTT Docomo dispute will not affect
India-Japan relations for what it perceives to be a private dispute on a contract which was illegal to start with as per extant laws back in 2009, and even as per current rules.
