Daily Sector News Today – 27.11.2017
* AUTOMOBILE: Skoda Auto India will hike prices of its vehicles by 2-3% across the entire range from Jan 1.
* AVIATION: GoAir launched "The 12th Fares" promotions, celebrating its 12 years of operations in India, selling tickets for just 312 rupees on 54 routes from seven cities--New Delhi, Kochi, Bengaluru, Hyderabad, Chennai, Ahmedabad and
Lucknow.
* CORPORATE: Six non-promoter shareholders and Tata Sons clashed in the Bombay High Court on Friday over maintainability of an appeal against the denial of permission to sue the $103 bln conglomerate through a representative class-action suit for over 410 bln rupees. The government may announce an amnesty or a settlement scheme to provide relief to some of the 300,000 company directors disqualified in a sudden decision in September.
* ECONOMY: S&P Global Ratings retained India's sovereign rating at BBB- with a stable outlook, a week after Moody's Investors Service upgraded India's rating. Economic Affairs Secretary Subhash Garg has dismissed the notion that the government was "disappointed" with S&P Global Ratings only affirming its rating on India, arguing that the agency was being cautious this year.
- The Directorate General of Foreign Trade enhanced the rates for incentives for export of readymade garments and made-ups to 4% of the export value till Jun 30, the government said.
* ENERGY: The ministry of new and renewable energy on Friday announced a clean energy rollout trajectory that will require awarding a mammoth 100 GW of solar and wind contracts by March 2020.
* INFORMATION TECHNOLOGY: The government will soon come up with a data protection law that will recognise privacy of individual and give importance to innovation in the sector, Information Technology Minister Ravi Shankar Prasad said.
* PHARMACEUTICALS: The Maharashtra Medical Council said registered doctors in the state are mandated to prescribe both branded and generic versions of a medicine to patients.
* POWER: The renewable energy ministry will this week bring out an expression of interest inviting the industry stakeholders for their views on a scheme for 20 GW of solar power projects which will entail compulsory equipment manufacturing clause, Power Minister R.K. Singh said.
* RAILWAY: The Indian Railways will float tenders for electrification of 7,000-km track by March under the engineering, procurement and construction mode. Finance Ministry has clarified that Life Insurance Corp of India can now go ahead with its proposed 1.5 trln rupees funding of the Indian Railways.
* TAXATION: At least 500 bln rupees worth of Goods and Services Tax refunds of exporters for four months are stuck, impacting working capital and outbound shipments.
* TELECOMMUNICATION: Telecom carrier Aircel on Friday denied media reports that it was partly shutting down its operations, saying it was making efforts to build a profitable business. The government is working on a new policy to encourage capital spending and restore the financial health of mobile-phone operators battered by a brushing tariff war, Telecom Secretary Aruna Sundararajan said.
- Cellular Operators Association of India has said Telecom Regulatory Authority of India must meet players to discuss the results of the new call drop norms, after December.
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* AVIATION: GoAir launched "The 12th Fares" promotions, celebrating its 12 years of operations in India, selling tickets for just 312 rupees on 54 routes from seven cities--New Delhi, Kochi, Bengaluru, Hyderabad, Chennai, Ahmedabad and
Lucknow.
* CORPORATE: Six non-promoter shareholders and Tata Sons clashed in the Bombay High Court on Friday over maintainability of an appeal against the denial of permission to sue the $103 bln conglomerate through a representative class-action suit for over 410 bln rupees. The government may announce an amnesty or a settlement scheme to provide relief to some of the 300,000 company directors disqualified in a sudden decision in September.
* ECONOMY: S&P Global Ratings retained India's sovereign rating at BBB- with a stable outlook, a week after Moody's Investors Service upgraded India's rating. Economic Affairs Secretary Subhash Garg has dismissed the notion that the government was "disappointed" with S&P Global Ratings only affirming its rating on India, arguing that the agency was being cautious this year.
- The Directorate General of Foreign Trade enhanced the rates for incentives for export of readymade garments and made-ups to 4% of the export value till Jun 30, the government said.
* ENERGY: The ministry of new and renewable energy on Friday announced a clean energy rollout trajectory that will require awarding a mammoth 100 GW of solar and wind contracts by March 2020.
* INFORMATION TECHNOLOGY: The government will soon come up with a data protection law that will recognise privacy of individual and give importance to innovation in the sector, Information Technology Minister Ravi Shankar Prasad said.
* PHARMACEUTICALS: The Maharashtra Medical Council said registered doctors in the state are mandated to prescribe both branded and generic versions of a medicine to patients.
* POWER: The renewable energy ministry will this week bring out an expression of interest inviting the industry stakeholders for their views on a scheme for 20 GW of solar power projects which will entail compulsory equipment manufacturing clause, Power Minister R.K. Singh said.
* RAILWAY: The Indian Railways will float tenders for electrification of 7,000-km track by March under the engineering, procurement and construction mode. Finance Ministry has clarified that Life Insurance Corp of India can now go ahead with its proposed 1.5 trln rupees funding of the Indian Railways.
* TAXATION: At least 500 bln rupees worth of Goods and Services Tax refunds of exporters for four months are stuck, impacting working capital and outbound shipments.
* TELECOMMUNICATION: Telecom carrier Aircel on Friday denied media reports that it was partly shutting down its operations, saying it was making efforts to build a profitable business. The government is working on a new policy to encourage capital spending and restore the financial health of mobile-phone operators battered by a brushing tariff war, Telecom Secretary Aruna Sundararajan said.
- Cellular Operators Association of India has said Telecom Regulatory Authority of India must meet players to discuss the results of the new call drop norms, after December.
