Daily Sector News Today – 20.09.2017
* AGRICULTURE: Deficient rains in some parts of the country during the southwest monsoon season so far have led to drought-like conditions in 10 states.
* BANKING: While increased microfinance lending by banks is weighing on microfinance institutions' business, they must deal with this competition on their own, Reserve Bank of India Deputy Governor N.S. Vishwanathan said.
* COAL: The issue of coal supply shortage has been resolved, with coal despatches from mines rising 17% on year in August, Coal Minister Piyush Goyal said.
* CORPORATE: Minority shareholders of Schneider Electric President Systems must choose the exit option open to them till Mar 31 as the company does not intend to list the shares on any stock exchange, the management said. The ministry of corporate affairs has made public the names of directors whom it disqualified last week for associating with companies that have not filed their financial statements or annual returns for three financial years.
* ECONOMY: The Goods and Services Tax Council is mulling tax research units at the state level to help analyse issues related to rates under the new tax regime. The Central Board of Direct Taxes has told its officials that the increase in collections was primarily on account of low refunds this year. Prime Minister Narendra Modi's meeting with senior finance ministry officials to take stock of the economy has been postponed and may now take lace later this week, a source said. xporters have claimed that working capital to the tune of 650 bln rupees ould be stuck by December unless the GST Council decides to fast-track refunds under the goods and services tax.
* FINANCE: Private equity firm Madison India Capital has raised $230 mln for ts fourth fund, Madison India Opportunities IV.
* INSURANCE: Has questioned the TTK Group on its early exit from the joint enture agreement with Cigna in Cigna TTK health insurance as it plans to ell its 51% stake in the company to Manipal Group.
* PHARMACEUTICALS: The US Food and Drug Administration will hold three orkshops in October with pharmaceutical companies and public to improve ccess to complex generic drugs through greater competition and reduction of rices.
* TAXATION: The government has asked taxpayers who get their accounts udited to submit their income estimates and tax payment as well as tax iability for Sep 30 by Nov 15.
* TELECOMMUNICATION: The Telecom Regulatory Authority of India has urged the epartment of
Telecommunications to define a cap on the permissible market hare of merging entities taken together.
TRAI has announced a cut in mobile-to-mobile interconnect usage charges to paise per minute with effect from Oct 1, compared with 14 paise at present .
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* BANKING: While increased microfinance lending by banks is weighing on microfinance institutions' business, they must deal with this competition on their own, Reserve Bank of India Deputy Governor N.S. Vishwanathan said.
* COAL: The issue of coal supply shortage has been resolved, with coal despatches from mines rising 17% on year in August, Coal Minister Piyush Goyal said.
* CORPORATE: Minority shareholders of Schneider Electric President Systems must choose the exit option open to them till Mar 31 as the company does not intend to list the shares on any stock exchange, the management said. The ministry of corporate affairs has made public the names of directors whom it disqualified last week for associating with companies that have not filed their financial statements or annual returns for three financial years.
* ECONOMY: The Goods and Services Tax Council is mulling tax research units at the state level to help analyse issues related to rates under the new tax regime. The Central Board of Direct Taxes has told its officials that the increase in collections was primarily on account of low refunds this year. Prime Minister Narendra Modi's meeting with senior finance ministry officials to take stock of the economy has been postponed and may now take lace later this week, a source said. xporters have claimed that working capital to the tune of 650 bln rupees ould be stuck by December unless the GST Council decides to fast-track refunds under the goods and services tax.
* FINANCE: Private equity firm Madison India Capital has raised $230 mln for ts fourth fund, Madison India Opportunities IV.
* INSURANCE: Has questioned the TTK Group on its early exit from the joint enture agreement with Cigna in Cigna TTK health insurance as it plans to ell its 51% stake in the company to Manipal Group.
* PHARMACEUTICALS: The US Food and Drug Administration will hold three orkshops in October with pharmaceutical companies and public to improve ccess to complex generic drugs through greater competition and reduction of rices.
* TAXATION: The government has asked taxpayers who get their accounts udited to submit their income estimates and tax payment as well as tax iability for Sep 30 by Nov 15.
* TELECOMMUNICATION: The Telecom Regulatory Authority of India has urged the epartment of
Telecommunications to define a cap on the permissible market hare of merging entities taken together.
TRAI has announced a cut in mobile-to-mobile interconnect usage charges to paise per minute with effect from Oct 1, compared with 14 paise at present .
