Daily Sector News Today – 09.10.2017
* AUTOMOBILE: The maker of Maruti Suzuki hopes to replicate its four-wheeler runway success story in India in the two-wheeler segment by focusing on premium bikes and scooters.
* AVIATION: Air India chief Rajiv Bansal said he has set a target of improving on-time performance of the airline to 90% from 76.1% now and is working on a plan to have zero aircraft on the ground by Dec 31.
* BANKING: The government may consider issuing recapitalisation bonds as an option to infuse funds in public-sector banks, Sanjeev Sanyal, principal economic advisor, Ministry of Finance said. Small Industries Development Bank of India has begun work on creating Udyamimitra 2.0, a co-lending marketplace that will connect small borrowers under various SIDBI and Micro Units Development & Refinance Agency with lenders.
* COMMODOTIES: Jewellers heaved a sigh of relief as the government has revoked the notification on know-your-customer norms under the Prevention of Money Laundering Act. The government said that applications for the third tranche of the Sovereign Gold Bond Scheme will be accepted from Monday to Dec 27.
* CORPORATE: The government has received data of about 5,800 companies of the 209,032 shell
companies which were struck off by the Registrar of Companies in September. Tata group plans to
simplify overlapping business operations, prune its expansive portfolio by consolidating companies,
create new business clusters such as defence, infrastructure and consumer and retail among others.
* ECONOMY: Commerce and Industry Minister Suresh Prabhu said his ministry will soon engage with the finance ministry to take up "finance-related" issues faced by exporters. The GST Council has
reduced the goods and services tax on 27 items, including man-made staple fibre yarn from 18% to
12%. President of the European Commission Jean-Claude Juncker has said the time is right for a freetrade agreement between India and European Union, and the two sides will discuss the issue in the "next coming days". Reserve Bank of India Governor Urjit Patel said there are visible signs of upturn and economic growth is likely to exceed 7% in the last two quarters of the year as projected in last week's monetary policy report.
* ENERGY: The ministry of new and renewable energy has written to the Tamil Nadu government,
urging it to prevent arbitrary curtailment, or backdowns, of solar power in the state.
* FINANCE: The panel led by Finance Minister Arun Jaitley has approved the terms and conditions for divestment of stake in companies including Pawan Hans, Bridge & Roof Company (India), Bharat Pumps and Compressors, Bharat Earth Movers, and Hindustan Prefab, the official said.
* FMCG: Players such as Parle Agro, DABUR, ITC, MANPASAND BEVERAGES, Hector Beverages and Patanjali are all ramping up presence in the good-for-you beverage space. DABUR is set to launch a second brand under its juices portfolio, currently comprising the Real brand.
* INFORMATION TECHNOLOGY: The information technology ministry has expressed displeasure at the ambivalent replies given by smartphone companies on security features they use in their mobile
phones, and has sought more explanation from them, a senior ministry official said.
* INFRASTRUCTURE: Prime Minister Narendra Modi laid the foundation stone for 58.3-bln-rupee
infrastructure projects in Gujarat.
* RAILWAYS: The railway ministry plans to give winners of station redevelopment contracts a 99-year lease and also allow them to sub-let the associated land. Suresh Prabhu's 1-trln-rupee station
redevelopment plan, which he drew up as railways minister, is set to go for an overhaul under Piyush
Goyal, who has replaced him, sources said.
* REGULATORY: Mutual fund houses must place their open-ended schemes under six categories and 38 sub-categories, Securities and Exchange Board of India said in a circular. The corporate affairs ministry has opposed half of the latest proposals by the Securities and Exchange board of India's corporate governance panel and an independent survey has found that implementing them will require many companies to overhaul their boards.
* RETAIL: Indian Premier League team Royal Challengers Bangalore has decided to explore retail
merchandise of licensed products globally, as a potential revenue stream.
* STEEL: The insolvency resolution professional for debt-hit Essar Steel has sought bids for the
company's resolution plan from prospective lenders and investors.
* TELECOMMUNICATION: Tata Group informed the government on Friday that it plans to shut its
wireless business, bringing an end to its 21-year-old phone services venture. Tata Teleservices is
preparing an exit plan for most of its 5,000-odd employees.
* TRANSPORTATION: The Centre has said that the proposed hike in Delhi Metro fares cannot be put on hold, but setting up a new committee to fix fares can be considered if the Delhi government agrees to give over 30 bln rupees in grants every year to Delhi Metro Rail Corp.
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* AVIATION: Air India chief Rajiv Bansal said he has set a target of improving on-time performance of the airline to 90% from 76.1% now and is working on a plan to have zero aircraft on the ground by Dec 31.
* BANKING: The government may consider issuing recapitalisation bonds as an option to infuse funds in public-sector banks, Sanjeev Sanyal, principal economic advisor, Ministry of Finance said. Small Industries Development Bank of India has begun work on creating Udyamimitra 2.0, a co-lending marketplace that will connect small borrowers under various SIDBI and Micro Units Development & Refinance Agency with lenders.
* COMMODOTIES: Jewellers heaved a sigh of relief as the government has revoked the notification on know-your-customer norms under the Prevention of Money Laundering Act. The government said that applications for the third tranche of the Sovereign Gold Bond Scheme will be accepted from Monday to Dec 27.
* CORPORATE: The government has received data of about 5,800 companies of the 209,032 shell
companies which were struck off by the Registrar of Companies in September. Tata group plans to
simplify overlapping business operations, prune its expansive portfolio by consolidating companies,
create new business clusters such as defence, infrastructure and consumer and retail among others.
* ECONOMY: Commerce and Industry Minister Suresh Prabhu said his ministry will soon engage with the finance ministry to take up "finance-related" issues faced by exporters. The GST Council has
reduced the goods and services tax on 27 items, including man-made staple fibre yarn from 18% to
12%. President of the European Commission Jean-Claude Juncker has said the time is right for a freetrade agreement between India and European Union, and the two sides will discuss the issue in the "next coming days". Reserve Bank of India Governor Urjit Patel said there are visible signs of upturn and economic growth is likely to exceed 7% in the last two quarters of the year as projected in last week's monetary policy report.
* ENERGY: The ministry of new and renewable energy has written to the Tamil Nadu government,
urging it to prevent arbitrary curtailment, or backdowns, of solar power in the state.
* FINANCE: The panel led by Finance Minister Arun Jaitley has approved the terms and conditions for divestment of stake in companies including Pawan Hans, Bridge & Roof Company (India), Bharat Pumps and Compressors, Bharat Earth Movers, and Hindustan Prefab, the official said.
* FMCG: Players such as Parle Agro, DABUR, ITC, MANPASAND BEVERAGES, Hector Beverages and Patanjali are all ramping up presence in the good-for-you beverage space. DABUR is set to launch a second brand under its juices portfolio, currently comprising the Real brand.
* INFORMATION TECHNOLOGY: The information technology ministry has expressed displeasure at the ambivalent replies given by smartphone companies on security features they use in their mobile
phones, and has sought more explanation from them, a senior ministry official said.
* INFRASTRUCTURE: Prime Minister Narendra Modi laid the foundation stone for 58.3-bln-rupee
infrastructure projects in Gujarat.
* RAILWAYS: The railway ministry plans to give winners of station redevelopment contracts a 99-year lease and also allow them to sub-let the associated land. Suresh Prabhu's 1-trln-rupee station
redevelopment plan, which he drew up as railways minister, is set to go for an overhaul under Piyush
Goyal, who has replaced him, sources said.
* REGULATORY: Mutual fund houses must place their open-ended schemes under six categories and 38 sub-categories, Securities and Exchange Board of India said in a circular. The corporate affairs ministry has opposed half of the latest proposals by the Securities and Exchange board of India's corporate governance panel and an independent survey has found that implementing them will require many companies to overhaul their boards.
* RETAIL: Indian Premier League team Royal Challengers Bangalore has decided to explore retail
merchandise of licensed products globally, as a potential revenue stream.
* STEEL: The insolvency resolution professional for debt-hit Essar Steel has sought bids for the
company's resolution plan from prospective lenders and investors.
* TELECOMMUNICATION: Tata Group informed the government on Friday that it plans to shut its
wireless business, bringing an end to its 21-year-old phone services venture. Tata Teleservices is
preparing an exit plan for most of its 5,000-odd employees.
* TRANSPORTATION: The Centre has said that the proposed hike in Delhi Metro fares cannot be put on hold, but setting up a new committee to fix fares can be considered if the Delhi government agrees to give over 30 bln rupees in grants every year to Delhi Metro Rail Corp.
