Daily Sector News Today – 18.09.2017
* AUTOMBILE: Hyundai Motor India has raised prices of its cars by up to 5% rom Sep 11, following the decision of the Goods and Services Tax Council to hike compensation cess.
* AVIATION: The government has decided to sell some of Air India's real estate directly to expedite the state-owned carrier's divestment. Air India plans to rationalise some routes operated by the airline and its subsidiaries, including in the West Asia region, as part of cost saving efforts, according to the airline's chief Rajiv Bansal.
* BANKING: Catholic Syrian Bank is looking to raise as much as 4 bln rupees by selling shares to financial institutions.
* CORPORATE: Cyrus Investments, an investment firm of the Shapoorji Pallonji family, has opposed Tata Sons proposal to become a private company. Tata Sons has sought shareholders' approval to amend its articles of association to give voting rights to holders of the company's preference shares if it didn't pay dividend for two years or more. BSE will shift stocks of 10 firms to the restricted trading category, Z Group, from Sep 25 for not complying with listing rules.
* ECONOMY: The central government is considering a proposal to introduce its cryptocurrency similar to Bitcoin. Most of the issues faced by tax payers in filing their returns under the goods and services tax will be resolved by Oct 30, said Bihar Deputy Chief Minister Sushil Kumar Modi, who is heading the group of ministers looking into the matter.
* FAST MOVING CONSUMER GOODS: Prataap Snacks will launch biscuit-sized cakes by the end of the month, marking its entry into the confectionery segment, Chief Executive Officer Amit Kumat said.
* FINANCE: The Japan International Cooperation Agency has extended a 60-bln-rupee loan to India to procure 200 new locomotives for the New Delhi-Mumbai western rail freight corridor. The Japan International Cooperation Agency has agreed to lend $76 mln to the Indian government to upgrade the Alang-Sosiya shipyard in Gujarat.
* HOSPITALITY: At least five leading restaurant and foods firms have either written to McDonald's or evinced interest in the US burger chain's north and east India business as potential franchise partners, sources said.
* OIL AND GAS: Union Minister Dharmendra Pradhan has said that petroleum products should be brought in the ambit of goods and services tax.
* PHARMACEUTICALS: Shanghai Fosun Pharmaceutical Group Co, a unit of China's Fosun Group, has agreed to acquire 74% of India's Gland Pharma for $1.1 bln.
* REGULATORY: SEBI plans to relax norms to allow Real Estate Investment Trusts and Infrastructure Investment Trusts to raise funds by issuing debt securities.
* STEEL: The government has asked steelmakers to make efforts to keep prices below 40,000 rupees per tn as it cannot permit them to "exploit the country".
* TELECOMMUNICATION: Telecom companies have asked for more time to implement stricter rules aimed at preventing call drops, the regulator said.
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* AVIATION: The government has decided to sell some of Air India's real estate directly to expedite the state-owned carrier's divestment. Air India plans to rationalise some routes operated by the airline and its subsidiaries, including in the West Asia region, as part of cost saving efforts, according to the airline's chief Rajiv Bansal.
* BANKING: Catholic Syrian Bank is looking to raise as much as 4 bln rupees by selling shares to financial institutions.
* CORPORATE: Cyrus Investments, an investment firm of the Shapoorji Pallonji family, has opposed Tata Sons proposal to become a private company. Tata Sons has sought shareholders' approval to amend its articles of association to give voting rights to holders of the company's preference shares if it didn't pay dividend for two years or more. BSE will shift stocks of 10 firms to the restricted trading category, Z Group, from Sep 25 for not complying with listing rules.
* ECONOMY: The central government is considering a proposal to introduce its cryptocurrency similar to Bitcoin. Most of the issues faced by tax payers in filing their returns under the goods and services tax will be resolved by Oct 30, said Bihar Deputy Chief Minister Sushil Kumar Modi, who is heading the group of ministers looking into the matter.
* FAST MOVING CONSUMER GOODS: Prataap Snacks will launch biscuit-sized cakes by the end of the month, marking its entry into the confectionery segment, Chief Executive Officer Amit Kumat said.
* FINANCE: The Japan International Cooperation Agency has extended a 60-bln-rupee loan to India to procure 200 new locomotives for the New Delhi-Mumbai western rail freight corridor. The Japan International Cooperation Agency has agreed to lend $76 mln to the Indian government to upgrade the Alang-Sosiya shipyard in Gujarat.
* HOSPITALITY: At least five leading restaurant and foods firms have either written to McDonald's or evinced interest in the US burger chain's north and east India business as potential franchise partners, sources said.
* OIL AND GAS: Union Minister Dharmendra Pradhan has said that petroleum products should be brought in the ambit of goods and services tax.
* PHARMACEUTICALS: Shanghai Fosun Pharmaceutical Group Co, a unit of China's Fosun Group, has agreed to acquire 74% of India's Gland Pharma for $1.1 bln.
* REGULATORY: SEBI plans to relax norms to allow Real Estate Investment Trusts and Infrastructure Investment Trusts to raise funds by issuing debt securities.
* STEEL: The government has asked steelmakers to make efforts to keep prices below 40,000 rupees per tn as it cannot permit them to "exploit the country".
* TELECOMMUNICATION: Telecom companies have asked for more time to implement stricter rules aimed at preventing call drops, the regulator said.
