Today Sector News – 26.07.2018

Today Sector News – 26.07.2018


* CEMENT: The National Company Law Appellate Tribunal has dismissed cement companies' appeal against a 2016 order of the Competition Commission of India, in which the anti-trust body had fined 10 firms nearly 63 bln rupees for cartelisation.

* ECONOMY: India's merchandise exports are expected to touch $350 bln in the current financial year ending March, up 15.5% on year, Commerce and Industry Minister Suresh Prabhu said. Parliament has passed the Fugitive Economic Offenders Bill, 2018, to replace an ordinance that empowered the government to confiscate properties of economic offenders who have fled India.

* EXCHANGES: The Securities and Exchange Board of India and the Monetary Authority of Singapore has discussed various issues on cooperation between the two, including a resolution to the dispute between the National Stock Exchange and the Singapore Exchange.

* FINANCE: The Reserve Bank of India has cancelled certificates of registration of 25 non-banking finance companies.

* OIL AND GAS: The government was not considering a review of its decision to allow daily revision in prices of petrol and diesel, Oil Minister Dharmendra Pradhan said.

* PHARMACEUTICALS: The Central Drugs Standard Control Organisation has recommended constituting a working group to implement track-and-trace method for authenticating quality of medicines in India. (Cogencis)
 -The Centre is one step closer to banning 343 "irrational fixed-dose combination drugs that were potentially harmful to consumers.

* REGULATORY: The Securities and Exchange Board of India Chairman Ajay Tyagi and Whole-Time Member Madhabi Puri Buch met over 80 independent trustees of mutual funds to discuss good governance systems.
 -SEBI has proposed to reduce the timeline for companies to list after an initial public offering to three days from the current six.
 -The National Stock Exchange and the Singapore Exchange are in talks for a possible collaboration in Gujarat International Finance Tec-City's International Financial Services Centre.

* RETAIL: Walmart has come out in support of India on a trade measure against the country by the Trump administration.

* SUGAR: The government has carried out inspection at 18 sugar mills across Uttar Pradesh, Maharashtra and Punjab to check for compliance with Centre's orders on quota on domestic sale, floor price of the sweetener, and creation of a buffer.

* TELECOMMUNICATION: Vodafone India's revenue for the June quarter declined 31.1% to 959 mln euros (around 77.23 bln rupees) due to the ongoing tariff war and cuts in interconnect usage charges for both domestic and international calls.