Daily Sector News Today – 21.07.2017
* AVIATION: Airbus Ventures, the venture capital arm of the European aircraft maker, said it is in the process of setting up an independent investment vehicle in India to invest in aerospace and non-aerospace startups.
* BANKING: The plan to allow foreign banks to set up wholly-owned subsidiaries in India has been
delayed due to compliance issues, home country approvals and technology changes that need to be made by applicant banks.
- Amazon India may soon enable payments through unified payments interface channel for purchases made on its website, said A.P. Hota, managing director and chief executive of Payments Corp of India. Paytm will now offer cashback in the form of gold on its platform.
* COMMODITIES: Assam's Luxmi Tea Co has concluded a deal with the government of Rwanda to
develop around 4,500 ha of tea plantation jointly with local growers.
* CORPORATE: Tata group is increasingly set to focus on growth in Indian operations. Shop Clues has hired Deepak Sharma as its chief financial officer as the company aims to go public in the next fiscal year. Unilever said softening of commodity costs and the goods and services tax regime in India will moderate the Anglo-Dutch consumer major's price growth by 30 basis points.
- KPMG India has announced the merger of BMR's transactions-merger and acquisition-and risk
consulting business with itself, which will bring in 12 partners and 100 professionals into its fold.
* ECONOMY: Finance Minister Arun Jaitley will formally launch a new pension scheme for senior
citizens today.
* FINANCE: International Finance Corp has invested 1.30 bln rupees in Aavas Financiers to help the
company extend affordable housing loans in rural and semi-urban areas.
- The Securities and Exchange Board of India said if the overall investment limit of foreign portfolio
investors in corporate bonds breaches 95%, an auction mechanism will be initiated for allocating the
remaining limits.
* INFRASTRUCTURE: The Maharashtra Housing and Area Development Authority has extended the deadline to submit bids for the redevelopment project of BDD chawls at Worli in Mumbai by 10 days to Jul 27.
- Three consortia led by multinationals Alstom, Siemens and Stadler Bussnang AG are in the race to set up an electric rail coach factory.
- The government has approved a plan to build 34 multi-modal logistics parks at an investment of 2 trln rupees.
* INSURANCE: India's Global Insurance Services has bought Aon's entire 26% stake in their joint
venture Aon Global Insurance Brokers for an undisclosed amount.
* OIL AND GAS: The price of petrol has been hiked by 3 paise per ltr for Friday to 64.28 rupees in Delhi, according to the website of INDIAN OIL CORP.
* PHARMACEUTICALS: The US Food and Drug Administration has issued a Form 483 with 14
observations relating to deviations from good manufacturing practices to Intas Pharmaceuticals' biotech facility at Moraiya in Gujarat.
* REGULATORY: The National Stock Exchange has filed an application with the Securities and
Exchange Board of India to settle charges against it on offering preferential access from its co-location facility.
- SEBI has entered into an agreement with the market regulator of the European Union to help provide recognition to Indian clearing houses in the EU.
* SUGAR: Sugar output in Maharashtra in the next season starting October is likely to jump 74% on year to 7.3 mln tn due to better monsoon rains in 2016.
* TAXATION: The Centre has created a detailed roadmap for goods and services tax audits, listing risks, target industries and potential audited.
- Only 100,000 dealers have opted for composition scheme under goods and service tax which provides flat rates and smooth compliance.
- The income-tax department has asked large corporate entities, including multinational firms, to furnish details of employees off the payroll to check whether they are filing tax returns after deduction at source.
* TELECOMMUNICATION: The Department of Telecommunications aims to complete the bidding
process for the rollout of BharatNet Phase 2 by October.
- Discussion on the review of interconnect usage charges, organised by the Telecom Regulatory
Authority of India, saw a war of words between Reliance Jio Infocomm and older operators BHARTI
AIRTEL and IDEA CELLULAR.
* AVIATION: Airbus Ventures, the venture capital arm of the European aircraft maker, said it is in the process of setting up an independent investment vehicle in India to invest in aerospace and non-aerospace startups.
* BANKING: The plan to allow foreign banks to set up wholly-owned subsidiaries in India has been
delayed due to compliance issues, home country approvals and technology changes that need to be made by applicant banks.
- Amazon India may soon enable payments through unified payments interface channel for purchases made on its website, said A.P. Hota, managing director and chief executive of Payments Corp of India. Paytm will now offer cashback in the form of gold on its platform.
* COMMODITIES: Assam's Luxmi Tea Co has concluded a deal with the government of Rwanda to
develop around 4,500 ha of tea plantation jointly with local growers.
* CORPORATE: Tata group is increasingly set to focus on growth in Indian operations. Shop Clues has hired Deepak Sharma as its chief financial officer as the company aims to go public in the next fiscal year. Unilever said softening of commodity costs and the goods and services tax regime in India will moderate the Anglo-Dutch consumer major's price growth by 30 basis points.
- KPMG India has announced the merger of BMR's transactions-merger and acquisition-and risk
consulting business with itself, which will bring in 12 partners and 100 professionals into its fold.
* ECONOMY: Finance Minister Arun Jaitley will formally launch a new pension scheme for senior
citizens today.
* FINANCE: International Finance Corp has invested 1.30 bln rupees in Aavas Financiers to help the
company extend affordable housing loans in rural and semi-urban areas.
- The Securities and Exchange Board of India said if the overall investment limit of foreign portfolio
investors in corporate bonds breaches 95%, an auction mechanism will be initiated for allocating the
remaining limits.
* INFRASTRUCTURE: The Maharashtra Housing and Area Development Authority has extended the deadline to submit bids for the redevelopment project of BDD chawls at Worli in Mumbai by 10 days to Jul 27.
- Three consortia led by multinationals Alstom, Siemens and Stadler Bussnang AG are in the race to set up an electric rail coach factory.
- The government has approved a plan to build 34 multi-modal logistics parks at an investment of 2 trln rupees.
* INSURANCE: India's Global Insurance Services has bought Aon's entire 26% stake in their joint
venture Aon Global Insurance Brokers for an undisclosed amount.
* OIL AND GAS: The price of petrol has been hiked by 3 paise per ltr for Friday to 64.28 rupees in Delhi, according to the website of INDIAN OIL CORP.
* PHARMACEUTICALS: The US Food and Drug Administration has issued a Form 483 with 14
observations relating to deviations from good manufacturing practices to Intas Pharmaceuticals' biotech facility at Moraiya in Gujarat.
* REGULATORY: The National Stock Exchange has filed an application with the Securities and
Exchange Board of India to settle charges against it on offering preferential access from its co-location facility.
- SEBI has entered into an agreement with the market regulator of the European Union to help provide recognition to Indian clearing houses in the EU.
* SUGAR: Sugar output in Maharashtra in the next season starting October is likely to jump 74% on year to 7.3 mln tn due to better monsoon rains in 2016.
* TAXATION: The Centre has created a detailed roadmap for goods and services tax audits, listing risks, target industries and potential audited.
- Only 100,000 dealers have opted for composition scheme under goods and service tax which provides flat rates and smooth compliance.
- The income-tax department has asked large corporate entities, including multinational firms, to furnish details of employees off the payroll to check whether they are filing tax returns after deduction at source.
* TELECOMMUNICATION: The Department of Telecommunications aims to complete the bidding
process for the rollout of BharatNet Phase 2 by October.
- Discussion on the review of interconnect usage charges, organised by the Telecom Regulatory
Authority of India, saw a war of words between Reliance Jio Infocomm and older operators BHARTI
AIRTEL and IDEA CELLULAR.
