Today Sector News – 22.02.2018

Today Sector News – 22.02.2018

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* AUTOMOBILES: Skoda Auto India has announced a price increase of 10,000-35,000 rupees, effective Mar 1, for all its products. Tata group is planning to sell its automotive parts manufacturing Company, Tata AutoComp Systems.

* AVIATION: The government has not taken a final decision yet on how much of its stake in Air India it wants to sell, Minister of Civil Aviation Ashok Gajapathi Raju said. The government is likely to call for fresh bids for the disinvestment of Pawan Hans in the next "two to three months" after an attempt to sell its entire 51% stake in the chopper company didn't find many takers.

* BANKING: The income tax department on Wednesday said it has attached four immovable assets of the Rotomac group and its promoters in connection with an alleged tax evasion probe against them.

* COAL: All big loans sanctioned under the current National Democratic Alliance government are being done after due diligence, railway and coal minister Piyush Goyal said on Wednesday. The Centre of Indian Trade Unions has opposed the government decision to open the coal sector for commercial mining by private players.

* DEFENCE: Prime Minister Narendra Modi said the government will set up a defence industrial corridor in Uttar Pradesh at an estimated investment of 200 bln rupees.

* ECONOMY: The minutes of the Monetary Policy Committee's February meeting have seemingly blown away the dovish tone of the statement, with Reserve Bank of India Deputy Governor Viral Acharya hinting he could vote to hike the repo rate in the coming months, depending on incoming data.
 -The central board of trustees of Employees' Provident Fund Organisation recommended cutting the interest rate paid to subscribers by 10 basis points to 8.55% for the current financial year ending March.
 -The NITI Aayog is working on a fresh list of state-owned firms that can be sold off, its CEO Amitabh Kant said.

* EXCHANGES: Shares of BOSCH, AMBUJA CEMENTS and AUROBINDO PHARMA will make way for those of TITAN CO, BAJAJ FINSERV and GRASIM INDUSTRIES in the Nifty 50, the National Stock Exchange's index management sub-committee said.

* INFORMATION TECHNOLOGY: The revenue growth from export of information technology services in 2018-19 (Apr-Mar) is seen lower than industry body NASSCOM's expectations, brokerage firm Kotak Institutional Equities said in a report.

* INSURANCE: Insurance companies have advised the government that they will not be able to bid for the National Health Protection Scheme within the proposed pricing pattern, which they described as "highly inadequate".

* INVESTMENT: Uttar Pradesh had signed 1,045 pacts worth 4.28 trln rupees on the first day of the UP Investor's Summit, Chief minister Yogi Adityanth said.

* PHARMACEUTICAL: National Pharmaceutical Pricing Authority has in-principle decided to not disallow any application from manufacturers or importers to withdraw coronary stents from the market.

* POWER: CLP India is interested in acquiring Essel Infraprojects's power transmission business at a
potential valuation of around $1 bln.

* REAL ESTATE: US President Donald Trump's business interest in India is expected to go beyond real estate to hospitality.

* REGULATORY: National Stock Exchange has not received any directive from the Securities and Exchange Board of India to provide details of trades in the derivatives of the shares of 13 public sector banks.

* STEEL: The committee of creditors to Essar Steel is likely to approach the National Company Law Tribunal regarding the bids received as part of the steelmaker's insolvency resolution process since both the bidders-- ArcelorMittal and Numetal--are facing eligibility issues.

* TAX: Ahead of the Goods and Services Tax Council meeting on Mar 10, a ministerial panel under Bihar Deputy Chief Minister Sushil Modi will meet on Saturday to firm up the simplified "single-stage" return filing process. A high-level panel to overhaul the income tax law will address the disruption caused by the US tax reform in order to maintain competitiveness of Indian companies.

* TELECOMMUNICATION: Older telecom companies are likely to approach the courts against Telecom Regulator Authority of India's non-predatory tariff rules as they feel that the regulations favour Reliance Jio. The telecom regulator has dismissed as "baseless" allegations by India's top three operators that its recent rulings and policies are biased against them and said the companies are free to move court if they find any anomaly in its orders.