Daily Sector News Today – 13.09.2017
* AUTOMOBILE: Hyundai Motor India has hit out at the frequent changes in tax rates on automobiles saying investment for new products and technology will be adversely impacted in the absence of consistent and long term policy.
* BANKING: Bandhan Bank has appointed five merchant bankers for its proposed initial public offering, the lender said.
- The Reserve Bank of India is in the final stage of creating a formal framework for prompt corrective action plan for non-bank finance companies in view of their growing share in the financial services space in India, a senior industry official said.
- Mergers of public-sector banks should be done only after balance sheets are cleaned up and these are nursed back to health with adequate capitalisation, former RBI governor Raghuram Rajan said.
* CORPORATE: The government has identified 106,578 directors of shell companies for disqualification under the Companies Act.
* ECONOMY: Cabinet Committee on Economic Affairs has approved a 29.33-bln-rupee project for
collecting 48,243 line-km of two-dimensional seismic data for the appraisal of sedimentary basins, for which limited data is available.
- The panel has approved setting up a dairy processing and infrastructure development fund with an outlay of 108.81 bln rupees for 2017-18 (Apr-Mar) to 2028-29.
- The Union Cabinet has approved the release of 1% dearness allowance for central government employees and 1% dearness relief to pensioners, effective Jul 1.
- Finance Minister Arun Jaitley has constituted a group of ministers and a committee on exports to look into various issues related to the goods and services tax, which came into effect from Jul 1.
* EXCHANGES: The National Stock Exchange withdrew a defamation case it had filed against Moneywise Media, the publisher of Moneylife magazine, and its founders Debashis Basu and Sucheta Dalal.
* HOSPITALITY: With some hotels and restaurants still levying service charge, the consumer affairs
ministry has asked the Central Board of Direct Taxes to consider service charge as income while assessing the tax returns.
* INFRASTRUCTURE: The Cabinet has approved six-laning of the Narasannapeta-Ranastalam National Highway in Andhra Pradesh at a cost of 14.2 bln rupees. The panel has approved two projects worth 36.4 bln rupees to double railway lines.
* INSURANCE: The premium income of non-life insurance companies rose 32.4% on year in August to 119.3 bln rupees, aided by robust collection by public-sector insurers, according to data released by the Insurance Regulatory and Development Authority of India.
* OIL AND GAS: India's fuel demand in August fell 6.1%, the most in 14 years, as floods in some parts of country hit consumption of diesel and petrol.
* POWER: The government will conduct the much-awaited auction to award 1 GW of wind power contracts on Sep 19.
* SUGAR: The Maharashtra government is examining a unique model to revive defunct cooperative sugar mills in the state, possibly by acquiring them and leasing them out to those who can turn them around.
* TELECOMMUNICATION: The Cabinet has approved hiving off the mobile tower assets of Bharat Sanchar Nigam into a separate wholly-owned subsidiary to increase external tenancies and boost revenue.
- The Telecom Commission has asked the inter-ministerial panel, set up to suggest steps to ease financial stress in the sector, to explain the logic behind its recommendation to extend the period for making deferred spectrum payments to 16 years from 10 years.
- The Delhi High Court has sought TRAI's response to Vodafone India's appeal against a single-judge order dismissing its petition against the consultation process adopted for fixing interconnection usage charges.
- NTT DoCoMo has been slapped with a tax demand of up to 25 bln rupees, after it won 82.56 bln rupees as damages from Tata Sons on sale of its shares in Tata Teleservices.
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* BANKING: Bandhan Bank has appointed five merchant bankers for its proposed initial public offering, the lender said.
- The Reserve Bank of India is in the final stage of creating a formal framework for prompt corrective action plan for non-bank finance companies in view of their growing share in the financial services space in India, a senior industry official said.
- Mergers of public-sector banks should be done only after balance sheets are cleaned up and these are nursed back to health with adequate capitalisation, former RBI governor Raghuram Rajan said.
* CORPORATE: The government has identified 106,578 directors of shell companies for disqualification under the Companies Act.
* ECONOMY: Cabinet Committee on Economic Affairs has approved a 29.33-bln-rupee project for
collecting 48,243 line-km of two-dimensional seismic data for the appraisal of sedimentary basins, for which limited data is available.
- The panel has approved setting up a dairy processing and infrastructure development fund with an outlay of 108.81 bln rupees for 2017-18 (Apr-Mar) to 2028-29.
- The Union Cabinet has approved the release of 1% dearness allowance for central government employees and 1% dearness relief to pensioners, effective Jul 1.
- Finance Minister Arun Jaitley has constituted a group of ministers and a committee on exports to look into various issues related to the goods and services tax, which came into effect from Jul 1.
* EXCHANGES: The National Stock Exchange withdrew a defamation case it had filed against Moneywise Media, the publisher of Moneylife magazine, and its founders Debashis Basu and Sucheta Dalal.
* HOSPITALITY: With some hotels and restaurants still levying service charge, the consumer affairs
ministry has asked the Central Board of Direct Taxes to consider service charge as income while assessing the tax returns.
* INFRASTRUCTURE: The Cabinet has approved six-laning of the Narasannapeta-Ranastalam National Highway in Andhra Pradesh at a cost of 14.2 bln rupees. The panel has approved two projects worth 36.4 bln rupees to double railway lines.
* INSURANCE: The premium income of non-life insurance companies rose 32.4% on year in August to 119.3 bln rupees, aided by robust collection by public-sector insurers, according to data released by the Insurance Regulatory and Development Authority of India.
* OIL AND GAS: India's fuel demand in August fell 6.1%, the most in 14 years, as floods in some parts of country hit consumption of diesel and petrol.
* POWER: The government will conduct the much-awaited auction to award 1 GW of wind power contracts on Sep 19.
* SUGAR: The Maharashtra government is examining a unique model to revive defunct cooperative sugar mills in the state, possibly by acquiring them and leasing them out to those who can turn them around.
* TELECOMMUNICATION: The Cabinet has approved hiving off the mobile tower assets of Bharat Sanchar Nigam into a separate wholly-owned subsidiary to increase external tenancies and boost revenue.
- The Telecom Commission has asked the inter-ministerial panel, set up to suggest steps to ease financial stress in the sector, to explain the logic behind its recommendation to extend the period for making deferred spectrum payments to 16 years from 10 years.
- The Delhi High Court has sought TRAI's response to Vodafone India's appeal against a single-judge order dismissing its petition against the consultation process adopted for fixing interconnection usage charges.
- NTT DoCoMo has been slapped with a tax demand of up to 25 bln rupees, after it won 82.56 bln rupees as damages from Tata Sons on sale of its shares in Tata Teleservices.
