Daily Sector News Today – 08.12.2017
* AUTOMOBILES: Cars are set to get costlier in January with several manufacturers planning to raise prices across models to absorb the impact of rising input costs. In what may come as a relief to the automotive industry, the government is considering allowing registration of Bharat Stage-IV vehicles beyond Apr 1, 2020, which is the deadline to adopt the BS-VI standards on emission.
- The Automotive Research Association of India has set up a 1-bln-rupees centre of excellence in e-mobility to help the Indian automotive industry to transition from conventional vehicles to electric vehicles.
* AVIATION: Domestic private jet operators will no longer require an approval from the Directorate
General of Civil Aviation for overseas flights as the government has decided to do away with the requirement.
* BANKING: SBM India, a wholly-owned subsidiary of SBM Bank (Mauritius), has received the final bank licence from the Reserve Bank of India. 15th Finance Commission Chairman N.K. Singh met RBI governor Urjit Patel in Mumbai to discuss the kind of assistance that the central bank could provide to the commission to effectively carry out its terms of reference.
- The Reserve Bank of India has revised the portfolios of three deputy governors with effect from today. Foreign banks have been steadily reducing the number of automatic teller machines deployed by them in the country. The RBI has said it has not issued any specific instruction prescribing the amount of minimum balance to be maintained in savings bank accounts.
- The All India Reserve Bank Employees Association has requested the intervention of the Governor for revising the insured amount on bank deposits from 100,000 rupees to 1 mln rupees.
* CORPORATE: Ousted Tata Sons chairman Cyrus Mistry has said in a court affidavit that Tata Trusts considered listing Tata Sons in London to help raise funds for Trusts' charitable projects. Three months after suspending trade in 331 suspected shell companies, the Securities and Exchange Board of India has decided to take the investigation forward, but through forensic audit of only 10-12 firms.
* ECONOMY: The government plans to float tenders for balance 42 projects out of the planned 97 under the Ganga rejuvenation programme by March, Union Minister Nitin Gadkari said at an event here.
* FINANCE: The finance ministry has directed state-run lenders to coordinate the schedules of their planned public offerings to raise money so that they all don't approach the market together.
* FUNDS: The Securities and Exchange Board of India has proposed allowing mutual funds and portfolio management services firms to invest in commodity derivatives.
* INFORMATION AND TECHNOLOGY: Cisco will acquire Cmpute.io, a privately held company in Bengaluru for an undisclosed amount as it looks to enhance its cloud offerings.
* PHARMACEUTICALS: Serum Institute of India plans to launch at least four products and enter European and US markets in the next three to four years as it seeks to retain the number one position.
* POWER: Bottlenecks in coal supply remained high on the agenda of the conference of power and new and renewable energy ministers of states and Union Territories held in Delhi on Thursday.
* RAILWAYS: The Indian Railways carried 747.7 mln tn freight in Apr-Nov, up 32% on year, largely due to a rise in loading of coal. The Indian Railways met state-owned banks earlier this week and urged the lenders to introduce prepaid cards without any charge for ticket bookings.
* TELECOMMUNICATION: Vodafone India has extended unlimited international roaming plan Vodafone i-Roam FREE to Thailand and New Zealand. BHARTI AIRTEL, Vodafone, IDEA CELLULAR and BSNL are being roped in for providing connectivity as part of the government tender for five mln smart meters to be deployed across Uttar Pradesh and Haryana.
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- The Automotive Research Association of India has set up a 1-bln-rupees centre of excellence in e-mobility to help the Indian automotive industry to transition from conventional vehicles to electric vehicles.
* AVIATION: Domestic private jet operators will no longer require an approval from the Directorate
General of Civil Aviation for overseas flights as the government has decided to do away with the requirement.
* BANKING: SBM India, a wholly-owned subsidiary of SBM Bank (Mauritius), has received the final bank licence from the Reserve Bank of India. 15th Finance Commission Chairman N.K. Singh met RBI governor Urjit Patel in Mumbai to discuss the kind of assistance that the central bank could provide to the commission to effectively carry out its terms of reference.
- The Reserve Bank of India has revised the portfolios of three deputy governors with effect from today. Foreign banks have been steadily reducing the number of automatic teller machines deployed by them in the country. The RBI has said it has not issued any specific instruction prescribing the amount of minimum balance to be maintained in savings bank accounts.
- The All India Reserve Bank Employees Association has requested the intervention of the Governor for revising the insured amount on bank deposits from 100,000 rupees to 1 mln rupees.
* CORPORATE: Ousted Tata Sons chairman Cyrus Mistry has said in a court affidavit that Tata Trusts considered listing Tata Sons in London to help raise funds for Trusts' charitable projects. Three months after suspending trade in 331 suspected shell companies, the Securities and Exchange Board of India has decided to take the investigation forward, but through forensic audit of only 10-12 firms.
* ECONOMY: The government plans to float tenders for balance 42 projects out of the planned 97 under the Ganga rejuvenation programme by March, Union Minister Nitin Gadkari said at an event here.
* FINANCE: The finance ministry has directed state-run lenders to coordinate the schedules of their planned public offerings to raise money so that they all don't approach the market together.
* FUNDS: The Securities and Exchange Board of India has proposed allowing mutual funds and portfolio management services firms to invest in commodity derivatives.
* INFORMATION AND TECHNOLOGY: Cisco will acquire Cmpute.io, a privately held company in Bengaluru for an undisclosed amount as it looks to enhance its cloud offerings.
* PHARMACEUTICALS: Serum Institute of India plans to launch at least four products and enter European and US markets in the next three to four years as it seeks to retain the number one position.
* POWER: Bottlenecks in coal supply remained high on the agenda of the conference of power and new and renewable energy ministers of states and Union Territories held in Delhi on Thursday.
* RAILWAYS: The Indian Railways carried 747.7 mln tn freight in Apr-Nov, up 32% on year, largely due to a rise in loading of coal. The Indian Railways met state-owned banks earlier this week and urged the lenders to introduce prepaid cards without any charge for ticket bookings.
* TELECOMMUNICATION: Vodafone India has extended unlimited international roaming plan Vodafone i-Roam FREE to Thailand and New Zealand. BHARTI AIRTEL, Vodafone, IDEA CELLULAR and BSNL are being roped in for providing connectivity as part of the government tender for five mln smart meters to be deployed across Uttar Pradesh and Haryana.
