Daily Sector News Today – 15.09.2017
* AUTOMOBILE: Honda Cars India has raised the prices of its City, BR-V and CR-V models by up to 3.5% with effect from Monday following the decision of the Goods and Services Tax Council to hike compensation cess for some
vehicles.
* BANKING: Lenders may refer majority of stressed cases identified by the Reserve Bank of India in its second list for insolvency proceedings rather than resolve them outside the National Company Law Tribunal.
* CORPORATE: Tata Sons has sought approval to amend its memorandum of association and articles of association to convert itself from a public limited company to a private limited one.
* ECONOMY: National Bank for Agriculture and Rural Development plans to raise 350-360 bln rupees by issuing bonds in Oct-Mar, said Chairman Harsh Kumar Bhanwala. The Ministry of Corporate Affairs has signed a memorandum of understanding with the Central Board of Direct Taxes to exchange information to curb the use of black money in the economy, according to an official release.
* FMCG: Patanjali is all set to venture into ready-made garments and ladies hygiene product segment for all age groups. Patanjali Ayurved will launch products in the dairy business this
calendar year.
* INFRASTRUCTURE: The Bombay High Court refused to stay the tunnelling work for the proposed Metro III line along the Colaba-Bandra-Seepz route. The joint venture between LARSEN & TOUBRO and IHI Corp, as well as the Tata Projects and Daewoo Engineering and Construction JV, have emerged as the lowest bidders for two construction packages for the Mumbai Trans Harbour Link project. Union Transport Minister Nitin Gadkari said the government would soon terminate 8-10 highway contracts that had turned "chronic" over land acquisition and environment clearance delays.
* MINING: The Supreme Court-appointed centrally empowered committee told the apex court that it was now advisable to raise the cap on iron ore mining in Karnataka from current 30 mtpa after corrective steps were taken by mining companies.
* OIL AND GAS: The finance ministry has ruled out excise duty cuts in petrol and diesel, given the Centre's need for money, despite rising retail prices of fuels.
* TAXATION: The government has prodded the direct and indirect tax boards to start sharing data with each other on a regular basis from the next financial year, finance ministry officials said.
* TELECOMMUNICATION: Telecom service operators have sought more time for implementation of the Telecom Regulatory Authority of India's revised quality of service norms announced in August, TRAI Chairman R.S. Sharma said. With an aim to curb unsolicited calls and messages, the Telecom Regulatory Authority of India has issued a consultation paper to evolve a new framework for do-not-disturb services.
- IDEA CELLULAR has suggested two methods to the telecom regulator to determine the interconnect usage charge, a bone of contention between Reliance Jio and BHARTI AIRTEL. Tata Group Chairman N. Chandrasekaran is evaluating the option of winding down the mobile services business, Tata Teleservices, after attempts to sell the beleaguered unit failed.
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vehicles.
* BANKING: Lenders may refer majority of stressed cases identified by the Reserve Bank of India in its second list for insolvency proceedings rather than resolve them outside the National Company Law Tribunal.
* CORPORATE: Tata Sons has sought approval to amend its memorandum of association and articles of association to convert itself from a public limited company to a private limited one.
* ECONOMY: National Bank for Agriculture and Rural Development plans to raise 350-360 bln rupees by issuing bonds in Oct-Mar, said Chairman Harsh Kumar Bhanwala. The Ministry of Corporate Affairs has signed a memorandum of understanding with the Central Board of Direct Taxes to exchange information to curb the use of black money in the economy, according to an official release.
* FMCG: Patanjali is all set to venture into ready-made garments and ladies hygiene product segment for all age groups. Patanjali Ayurved will launch products in the dairy business this
calendar year.
* INFRASTRUCTURE: The Bombay High Court refused to stay the tunnelling work for the proposed Metro III line along the Colaba-Bandra-Seepz route. The joint venture between LARSEN & TOUBRO and IHI Corp, as well as the Tata Projects and Daewoo Engineering and Construction JV, have emerged as the lowest bidders for two construction packages for the Mumbai Trans Harbour Link project. Union Transport Minister Nitin Gadkari said the government would soon terminate 8-10 highway contracts that had turned "chronic" over land acquisition and environment clearance delays.
* MINING: The Supreme Court-appointed centrally empowered committee told the apex court that it was now advisable to raise the cap on iron ore mining in Karnataka from current 30 mtpa after corrective steps were taken by mining companies.
* OIL AND GAS: The finance ministry has ruled out excise duty cuts in petrol and diesel, given the Centre's need for money, despite rising retail prices of fuels.
* TAXATION: The government has prodded the direct and indirect tax boards to start sharing data with each other on a regular basis from the next financial year, finance ministry officials said.
* TELECOMMUNICATION: Telecom service operators have sought more time for implementation of the Telecom Regulatory Authority of India's revised quality of service norms announced in August, TRAI Chairman R.S. Sharma said. With an aim to curb unsolicited calls and messages, the Telecom Regulatory Authority of India has issued a consultation paper to evolve a new framework for do-not-disturb services.
- IDEA CELLULAR has suggested two methods to the telecom regulator to determine the interconnect usage charge, a bone of contention between Reliance Jio and BHARTI AIRTEL. Tata Group Chairman N. Chandrasekaran is evaluating the option of winding down the mobile services business, Tata Teleservices, after attempts to sell the beleaguered unit failed.
