Today Sector News – 05.02.2018
* AVIATION: The work on the new airport at Navi Mumbai would be completed by 2019-end, City and Industrial Development Corp managing director Bhushan Gagrani has said. The government plans to build 100 new airports in the next 10 years.
* CEMENT: Kumar Mangalam Birla, Puneet Dalmia, Ajay Piramal, Sajjan Jindal and investor Rakesh Jhunjhunwala will get another shot at buying bankrupt Binani Cement.
* COMMODITIES: The government is likely to limit the monthly sale of sugar by mills to check oversupply and fall in prices of the sweetener.
* ECONOMY: The government has rejected the suggestion made by the N.K. Singh-led Fiscal Responsibility and Budget Management Committee to set up an independent fiscal council to advise the government on fiscal policy. Reserve Bank of India Governor Urjit Patel met Finance Minister Arun Jaitley ahead of the bi-monthly monetary policy review scheduled for Feb 5-6.
- The re-introduction of the long term capital gains tax in the Budget for 2018-19 starting April was not the sole reason for the sharp fall witnessed by domestic equity markets on Friday as weakness in the global markets was also responsible for the crash, Finance Minister Arun Jaitley said.
* ENERGY: Greenko Group and Hero Future Energies are separately looking to acquire Subhash Chandra's Essel Infraprojects' solar business.
* FUNDS: The average daily net purchase of shares by mutual funds fell to a 10-month low of 3.5 bln rupees in January, according to data on secondary market trade released by the Securities and Exchange Board of India. Through two circulars, the Securities and Exchange Board of India has rationalised total expense ratio charges of mutual fund schemes.
* HEALTH: The Central and state governments may together need to spend 100-120 bln rupees annually to implement the National Health Protection Scheme, which was announced in the Budget for 2018-19 (Apr-Mar) on Thursday, NITI Aayog Member Vinod K. Paul said.
* INFRASTRUCTURE: The Adani Group is believed to be evaluating road projects of at least half a dozen road developers to enter the infrastructure segment. ICICI BANK and HDFC BANK have approved JFC Finance (India)'s bid to acquire Palogix Infrastructure.
* INSURANCE: A day after Finance Minister Arun Jaitley announced the world's largest health insurance scheme covering 500 mln people in the country, the NITI Aayog and the Union health ministry indicated that the government's new flagship scheme was likely to cost the exchequer anywhere between 100 bln rupees and 120 bln rupees.
* POWER: The government is working on a scheme for farmers which will entail distributing 1.75 mln solar water pumps and connecting them to grid for evacuation of surplus energy, Power Minister R. K. Singh said. Sterlite Power looks to invest about $10 bln over the next three to four years to expand business in both domestic and overseas markets.
* REAL ESTATE: A special review, directed by Tata Sons, is underway at Tata Housing and Chief Executive Officer Brotin Banerjee, is expected to quit by March-end.
* REGULATORY: SEBI's board is likely to discuss on Feb 10 various budget proposals related to the securities market and Uday Kotak panel recommendations on corporate governance, among other issues. The government is eyeing 30- 40 bln-rupee surplus funds lying from SEBI as part of an exercise to mop up non-tax revenue to bridge the fiscal deficit gap.
* STEEL: Lenders to Essar Steel, led by the STATE BANK OF INDIA, have decided to invoke personal guarantees furnished by the Ruias, the promoters, even as the company undergoes bankruptcy proceedings.
* TELECOMMUNICATION: The New Telecom Policy 2018 should focus on rationalising taxes, levies and other related compliances for communication sector, Telecom Regulatory Authority of India has suggested. Bharat Sanchar Nigam has sought 66.52 bln rupees as equity infusion from the government to fund its spectrum purchase worth about 138.85 bln rupees, Telecom Minister Manoj Sinha informed Parliament. Telecom Regulatory Authority of India is likely to unveil guidelines on transparent pricing this week.
* TRADE: India has dropped its probe against dumping of coated paper from Indonesia, as it found the imports did not affect the Indian industry, Oke Nurwan, director general for foreign trade, Indonesia, said.
* TRANSPORT: The Indian government and World Bank signed a loan agreement worth $375 mln to part fund a 1,360- km inland water transport channel on River Ganga between Varanasi in Uttar Pradesh and Haldia in West Bengal.
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* CEMENT: Kumar Mangalam Birla, Puneet Dalmia, Ajay Piramal, Sajjan Jindal and investor Rakesh Jhunjhunwala will get another shot at buying bankrupt Binani Cement.
* COMMODITIES: The government is likely to limit the monthly sale of sugar by mills to check oversupply and fall in prices of the sweetener.
* ECONOMY: The government has rejected the suggestion made by the N.K. Singh-led Fiscal Responsibility and Budget Management Committee to set up an independent fiscal council to advise the government on fiscal policy. Reserve Bank of India Governor Urjit Patel met Finance Minister Arun Jaitley ahead of the bi-monthly monetary policy review scheduled for Feb 5-6.
- The re-introduction of the long term capital gains tax in the Budget for 2018-19 starting April was not the sole reason for the sharp fall witnessed by domestic equity markets on Friday as weakness in the global markets was also responsible for the crash, Finance Minister Arun Jaitley said.
* ENERGY: Greenko Group and Hero Future Energies are separately looking to acquire Subhash Chandra's Essel Infraprojects' solar business.
* FUNDS: The average daily net purchase of shares by mutual funds fell to a 10-month low of 3.5 bln rupees in January, according to data on secondary market trade released by the Securities and Exchange Board of India. Through two circulars, the Securities and Exchange Board of India has rationalised total expense ratio charges of mutual fund schemes.
* HEALTH: The Central and state governments may together need to spend 100-120 bln rupees annually to implement the National Health Protection Scheme, which was announced in the Budget for 2018-19 (Apr-Mar) on Thursday, NITI Aayog Member Vinod K. Paul said.
* INFRASTRUCTURE: The Adani Group is believed to be evaluating road projects of at least half a dozen road developers to enter the infrastructure segment. ICICI BANK and HDFC BANK have approved JFC Finance (India)'s bid to acquire Palogix Infrastructure.
* INSURANCE: A day after Finance Minister Arun Jaitley announced the world's largest health insurance scheme covering 500 mln people in the country, the NITI Aayog and the Union health ministry indicated that the government's new flagship scheme was likely to cost the exchequer anywhere between 100 bln rupees and 120 bln rupees.
* POWER: The government is working on a scheme for farmers which will entail distributing 1.75 mln solar water pumps and connecting them to grid for evacuation of surplus energy, Power Minister R. K. Singh said. Sterlite Power looks to invest about $10 bln over the next three to four years to expand business in both domestic and overseas markets.
* REAL ESTATE: A special review, directed by Tata Sons, is underway at Tata Housing and Chief Executive Officer Brotin Banerjee, is expected to quit by March-end.
* REGULATORY: SEBI's board is likely to discuss on Feb 10 various budget proposals related to the securities market and Uday Kotak panel recommendations on corporate governance, among other issues. The government is eyeing 30- 40 bln-rupee surplus funds lying from SEBI as part of an exercise to mop up non-tax revenue to bridge the fiscal deficit gap.
* STEEL: Lenders to Essar Steel, led by the STATE BANK OF INDIA, have decided to invoke personal guarantees furnished by the Ruias, the promoters, even as the company undergoes bankruptcy proceedings.
* TELECOMMUNICATION: The New Telecom Policy 2018 should focus on rationalising taxes, levies and other related compliances for communication sector, Telecom Regulatory Authority of India has suggested. Bharat Sanchar Nigam has sought 66.52 bln rupees as equity infusion from the government to fund its spectrum purchase worth about 138.85 bln rupees, Telecom Minister Manoj Sinha informed Parliament. Telecom Regulatory Authority of India is likely to unveil guidelines on transparent pricing this week.
* TRADE: India has dropped its probe against dumping of coated paper from Indonesia, as it found the imports did not affect the Indian industry, Oke Nurwan, director general for foreign trade, Indonesia, said.
* TRANSPORT: The Indian government and World Bank signed a loan agreement worth $375 mln to part fund a 1,360- km inland water transport channel on River Ganga between Varanasi in Uttar Pradesh and Haldia in West Bengal.
