Daily Sector News Today – 24.07.2017
* AGRICULTURE: The Centre is not considering waiving off farm loans, Minister of State for
Agriculture Parshottam Rupala said in a written reply to a question in Rajya Sabha.
* AUTOMOBILE: Korean carmaker Hyundai will rework its growth strategy to expand volumes in the Indian market. The opposition from the industry is growing against the announcement of 2% hike in road taxes by Maharashtra government.
* AVIATION: A group of ministers headed by Finance Minister Arun Jaitley on Friday held its first
meeting to discuss the modalities of privatising Air India.
- The Federation of Indian Airlines has opposed a plan by the civil aviation ministry to allow Dubaibased carriers to launch 21 flights a week from three airports in Kerala for a month beginning Aug 10 to clear the festive-season rush.
- Private equity funds KKR and Co and Warbug Pincus have shown interest to acquire Air India's
businesses.
* BANKING: Fincare Small Finance Bank has commenced operations as a small finance bank with effect from Friday.
- Reserve Bank of India Deputy Governor Viral Acharya has said the recent bond sales under open
market operations are to manage the large fund inflows into the country.
- Reserve Bank of India will hire 12 currency verification systems for six months to help it segregate
fake ones from scrapped notes of 500 rupees and 1,000 rupees denomination.
* CORPORATE: Tata Sons may start investing in broader mutual funds universe soon in hunt for better returns.
- Tata Sons' Chairman Natarajan Chandrasekaran said there will "definitely" be pruning of Tata
portfolio, but group will exit a business only when it's not getting returns.
* ECONOMY: Finance Minister Arun Jaitley on Friday formally launched the Pradhan Mantri Vaya
Vandana Yojana, a new pension scheme for senior citizens.
- Finance Minister Arun Jaitley said recent steps such as bringing in the goods and services tax and last year's demonetisation would lead to more tax compliance.
* EXCHANGE: The National Stock Exchange will launch single derivative contracts in 15 global stocks, including giants like Apple Inc, Facebook and Alibaba.
* FMCG: The Delhi government told Philip Morris International Inc and other tobacco companies on
Saturday to remove all advertisements from tobacco shops in the city.
- Nirma has emerged as a key contender to buy Tronox Alkali in Green River, Wyoming, for $1.5 bln- $2 bln.
* INFRASTRUCTURE: The Delhi Development Authority will invite bids for building integrated cities with smart features at Dwarka, Narela, and Rohini in the second week of August.
* OIL: Essar Group expects to conclude the $12.9-bln deal with Rosneft-led consortium by Jul 31.
* PHARMACEUTICAL: The Central Drugs Standard Control Organisation has declared that 66
pharmaceutical firms have failed "not of standard quality drugs" test. Major companies, including, DR REDDY'S LABORATORIES, CIPLA, ALEMBIC and PFIZER, are part of the list released by the government on Friday.
* RETAIL: Multi-brand retail food chains have potential to attract a foreign direct investment of $10 bln over the next two to three years if they are allowed to retail personal health care products along with food items, Harsimrat Kaur Badal said.
* TELECOMMUNICATION: The Department of Telecommunications has kickstarted the consultation process for the new telecom policy and will form working groups within 10 days to work on identified themes, Telecom Secretary Aruna Sundararajan said.
- Underreporting of adjusted gross revenue by six private telecom companies, including top players
BHARTI AIRTEL, IDEA CELLULAR and Vodafone India, cost the exchequer over 120 bln rupees from 2010-11 (Apr-Mar) to 2014-15, the Comptroller and Auditor General of India said.
- The Cellular Operators Association of India said in a letter to the Telecom Regulatory Authority of
India that facts were being distorted while demanding the removal of the interconnect usage charge.
* AGRICULTURE: The Centre is not considering waiving off farm loans, Minister of State for
Agriculture Parshottam Rupala said in a written reply to a question in Rajya Sabha.
* AUTOMOBILE: Korean carmaker Hyundai will rework its growth strategy to expand volumes in the Indian market. The opposition from the industry is growing against the announcement of 2% hike in road taxes by Maharashtra government.
* AVIATION: A group of ministers headed by Finance Minister Arun Jaitley on Friday held its first
meeting to discuss the modalities of privatising Air India.
- The Federation of Indian Airlines has opposed a plan by the civil aviation ministry to allow Dubaibased carriers to launch 21 flights a week from three airports in Kerala for a month beginning Aug 10 to clear the festive-season rush.
- Private equity funds KKR and Co and Warbug Pincus have shown interest to acquire Air India's
businesses.
* BANKING: Fincare Small Finance Bank has commenced operations as a small finance bank with effect from Friday.
- Reserve Bank of India Deputy Governor Viral Acharya has said the recent bond sales under open
market operations are to manage the large fund inflows into the country.
- Reserve Bank of India will hire 12 currency verification systems for six months to help it segregate
fake ones from scrapped notes of 500 rupees and 1,000 rupees denomination.
* CORPORATE: Tata Sons may start investing in broader mutual funds universe soon in hunt for better returns.
- Tata Sons' Chairman Natarajan Chandrasekaran said there will "definitely" be pruning of Tata
portfolio, but group will exit a business only when it's not getting returns.
* ECONOMY: Finance Minister Arun Jaitley on Friday formally launched the Pradhan Mantri Vaya
Vandana Yojana, a new pension scheme for senior citizens.
- Finance Minister Arun Jaitley said recent steps such as bringing in the goods and services tax and last year's demonetisation would lead to more tax compliance.
* EXCHANGE: The National Stock Exchange will launch single derivative contracts in 15 global stocks, including giants like Apple Inc, Facebook and Alibaba.
* FMCG: The Delhi government told Philip Morris International Inc and other tobacco companies on
Saturday to remove all advertisements from tobacco shops in the city.
- Nirma has emerged as a key contender to buy Tronox Alkali in Green River, Wyoming, for $1.5 bln- $2 bln.
* INFRASTRUCTURE: The Delhi Development Authority will invite bids for building integrated cities with smart features at Dwarka, Narela, and Rohini in the second week of August.
* OIL: Essar Group expects to conclude the $12.9-bln deal with Rosneft-led consortium by Jul 31.
* PHARMACEUTICAL: The Central Drugs Standard Control Organisation has declared that 66
pharmaceutical firms have failed "not of standard quality drugs" test. Major companies, including, DR REDDY'S LABORATORIES, CIPLA, ALEMBIC and PFIZER, are part of the list released by the government on Friday.
* RETAIL: Multi-brand retail food chains have potential to attract a foreign direct investment of $10 bln over the next two to three years if they are allowed to retail personal health care products along with food items, Harsimrat Kaur Badal said.
* TELECOMMUNICATION: The Department of Telecommunications has kickstarted the consultation process for the new telecom policy and will form working groups within 10 days to work on identified themes, Telecom Secretary Aruna Sundararajan said.
- Underreporting of adjusted gross revenue by six private telecom companies, including top players
BHARTI AIRTEL, IDEA CELLULAR and Vodafone India, cost the exchequer over 120 bln rupees from 2010-11 (Apr-Mar) to 2014-15, the Comptroller and Auditor General of India said.
- The Cellular Operators Association of India said in a letter to the Telecom Regulatory Authority of
India that facts were being distorted while demanding the removal of the interconnect usage charge.
