Daily Sector News Today – 11.10.2017
* AVIATION: Airlines are offering a Diwali bonanza to travellers in the form of sharp cuts in flight ticket prices. GMR Hyderabad International Airport will commence road shows for its $300 mln-$350 mln bond issue beginning Wednesday in New York, London, Hong Kong and Singapore.
* CORPORATE: The Insolvency and Bankruptcy Board of India has sought comments from the public by Oct 31 on draft regulations that seek to bring personal guarantors to corporate debtors and individuals running a business under the ambit of bankruptcy code. The government invited expression of interest to sell its entire 99.98% stake in Hospital Services Consultancy Corp (India) through competitive bidding to another public sector company.
* ECONOMY: The Department of Economic Affairs has approved four foreign direct investment
proposals amounting to 854.5 mln rupees in September. Former Reserve Bank of India governor C. Rangarajan said the country's economic growth for 2017-18 (Apr-Mar) is likely to be around 6.5%, as growth is expected to pick up in the coming quarters.
* INSURANCE: The premium income of non-life insurance companies rose 13.6% on year to 175.31 bln rupees in September, aided by a robust growth in premium collection by the private sector insurers, according to data released by the Insurance Regulatory and Development Authority of India.
* OIL AND GAS: State-owned oil marketing companies have said they will not negotiate with their
dealers who have threatened to go on an indefinite strike from Oct 27. The Ministry of Petroleum and Natural Gas will soon move a note to the Union Cabinet seeking approval for a gas trading platform to determine the price of natural gas in India, Oil Minister Dharmendra Pradhan said.
* PHARMACEUTICALS: The government may regulate prices of accessories used for implanting stents to treat patients with weak or narrow arteries. The National Pharmaceutical Pricing Authority has sought explanation from 21 hospitals for not displaying prices of knee implant systems at which they are billing the patients on their website homepage.
* REGULATORY: The Securities and Exchange Board of India has asked all stock exchanges to impose a fine of 5,000 rupees a day on companies not adhering to the norm of at least 25% public shareholding.
* RETAIL: Multinational retailers such as Ikea and H&M could soon enjoy easier sourcing norms with the government planning to relax the conditions for 30% mandatory local purchase for their Indian retail operations.
* TELECOMMUNICATION: Lenders to Tata Teleservices are exploring a loan-restructuring package with some haircut in order to avoid the account being classified as a non-performing asset.
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* CORPORATE: The Insolvency and Bankruptcy Board of India has sought comments from the public by Oct 31 on draft regulations that seek to bring personal guarantors to corporate debtors and individuals running a business under the ambit of bankruptcy code. The government invited expression of interest to sell its entire 99.98% stake in Hospital Services Consultancy Corp (India) through competitive bidding to another public sector company.
* ECONOMY: The Department of Economic Affairs has approved four foreign direct investment
proposals amounting to 854.5 mln rupees in September. Former Reserve Bank of India governor C. Rangarajan said the country's economic growth for 2017-18 (Apr-Mar) is likely to be around 6.5%, as growth is expected to pick up in the coming quarters.
* INSURANCE: The premium income of non-life insurance companies rose 13.6% on year to 175.31 bln rupees in September, aided by a robust growth in premium collection by the private sector insurers, according to data released by the Insurance Regulatory and Development Authority of India.
* OIL AND GAS: State-owned oil marketing companies have said they will not negotiate with their
dealers who have threatened to go on an indefinite strike from Oct 27. The Ministry of Petroleum and Natural Gas will soon move a note to the Union Cabinet seeking approval for a gas trading platform to determine the price of natural gas in India, Oil Minister Dharmendra Pradhan said.
* PHARMACEUTICALS: The government may regulate prices of accessories used for implanting stents to treat patients with weak or narrow arteries. The National Pharmaceutical Pricing Authority has sought explanation from 21 hospitals for not displaying prices of knee implant systems at which they are billing the patients on their website homepage.
* REGULATORY: The Securities and Exchange Board of India has asked all stock exchanges to impose a fine of 5,000 rupees a day on companies not adhering to the norm of at least 25% public shareholding.
* RETAIL: Multinational retailers such as Ikea and H&M could soon enjoy easier sourcing norms with the government planning to relax the conditions for 30% mandatory local purchase for their Indian retail operations.
* TELECOMMUNICATION: Lenders to Tata Teleservices are exploring a loan-restructuring package with some haircut in order to avoid the account being classified as a non-performing asset.
