Today Sector News – 04.10.2018
* AGRICULTURE: The Cabinet Committee on Economic Affairs approved increasing the minimum support price of rabi crops produced in 2018-19 (Jul-Jun) by 2-21% to ensure better returns to farmers.
* AUTOMOBILES: Suzuki Motorcycle India has launched its four-stroke, fuel injection and double overhead cam engine motocross RM-Z450 and RM-Z250 motorcycles at 831,000 rupees and 710,000 rupees, respectively, ex-showroom Delhi. The Mahindra Group has premiered high-performance bikes under the Peugeot Motorcycles badge at the Paris Motor Show.
* ECOMMERCE: The South Delhi Municipal Corp has sealed a building at Vasant Kunj that housed a large Amazon delivery centre citing illegal constructions.
* ECONOMY: Commerce and Industry Minister Suresh Prabhu is likely to chair a meeting on Thursday with other ministries to deliberate on issues such as containing imports with a view to support the rupee. The Cabinet's appointments committee has approved a six-month extension to Subir Gokarn's tenure as executive director on the board of the International Monetary Fund. His term was scheduled to end on Oct 31.
* FINANCE: The Serious Fraud Investigation Office will probe whether any of the loans granted to
Infrastructure Leasing & Financial Services were diverted for other purposes and if lenders had evaluated its borrowing requirements appropriately.
- The new board of directors at IL&FS may pursue a direction and solution not much different than
what the ousted board had planned--asset sale, fund raising through equity and debt. The newly-appointed board of Infrastructure Leasing and Financial Services will submit a resolution plan for the debt-laden company within a fortnight of its first meeting today.
* INFRASTRUCTURE: The consortium of TRIL Urban Transport, a Tata group company, and Siemens Project Ventures GmbH, a subsidiary of Siemens Financial Services, has received contract from Pune Metropolitan Region Development Authority to develop the metro corridor from Hinjewadi to Shivajinagar.
- The Union Cabinet approved metro rail projects for Bhopal and Indore, in poll-bound Madhya
Pradesh where Assembly elections are likely to take place in Nov-Dec. The government might go for one-time fund infusion into the languishing national highway projects of IL&FS.
* PHARMACEUTICALS: The commissioner of the US Food and Drug Administration has announced his intention to dilute a key legal provision that has often been used by US pharma giants to delay the launch of generic drugs in the country.
* RAILWAYS: The Union Cabinet has approved changes to the railway station redevelopment programme, including allowing land lease tenure of up to 99 years and multiple sub leasing.
* REAL ESTATE: VBHC Value Homes has deferred its plan to go public and will instead raise 3 bln rupees as the Jerry Rao-backed developer shifts from low-cost homes to mid-income housing projects.
* RETAIL: Walmart has submitted to income tax authorities its rationale for deducting tax on payments made to some Flipkart shareholders and not to others.
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* AUTOMOBILES: Suzuki Motorcycle India has launched its four-stroke, fuel injection and double overhead cam engine motocross RM-Z450 and RM-Z250 motorcycles at 831,000 rupees and 710,000 rupees, respectively, ex-showroom Delhi. The Mahindra Group has premiered high-performance bikes under the Peugeot Motorcycles badge at the Paris Motor Show.
* ECOMMERCE: The South Delhi Municipal Corp has sealed a building at Vasant Kunj that housed a large Amazon delivery centre citing illegal constructions.
* ECONOMY: Commerce and Industry Minister Suresh Prabhu is likely to chair a meeting on Thursday with other ministries to deliberate on issues such as containing imports with a view to support the rupee. The Cabinet's appointments committee has approved a six-month extension to Subir Gokarn's tenure as executive director on the board of the International Monetary Fund. His term was scheduled to end on Oct 31.
* FINANCE: The Serious Fraud Investigation Office will probe whether any of the loans granted to
Infrastructure Leasing & Financial Services were diverted for other purposes and if lenders had evaluated its borrowing requirements appropriately.
- The new board of directors at IL&FS may pursue a direction and solution not much different than
what the ousted board had planned--asset sale, fund raising through equity and debt. The newly-appointed board of Infrastructure Leasing and Financial Services will submit a resolution plan for the debt-laden company within a fortnight of its first meeting today.
* INFRASTRUCTURE: The consortium of TRIL Urban Transport, a Tata group company, and Siemens Project Ventures GmbH, a subsidiary of Siemens Financial Services, has received contract from Pune Metropolitan Region Development Authority to develop the metro corridor from Hinjewadi to Shivajinagar.
- The Union Cabinet approved metro rail projects for Bhopal and Indore, in poll-bound Madhya
Pradesh where Assembly elections are likely to take place in Nov-Dec. The government might go for one-time fund infusion into the languishing national highway projects of IL&FS.
* PHARMACEUTICALS: The commissioner of the US Food and Drug Administration has announced his intention to dilute a key legal provision that has often been used by US pharma giants to delay the launch of generic drugs in the country.
* RAILWAYS: The Union Cabinet has approved changes to the railway station redevelopment programme, including allowing land lease tenure of up to 99 years and multiple sub leasing.
* REAL ESTATE: VBHC Value Homes has deferred its plan to go public and will instead raise 3 bln rupees as the Jerry Rao-backed developer shifts from low-cost homes to mid-income housing projects.
* RETAIL: Walmart has submitted to income tax authorities its rationale for deducting tax on payments made to some Flipkart shareholders and not to others.
