Daily Sector News Today – 10.11.2017
* AUTOMOBILE: Ford India launched a revamped version of the compact sport utility vehicle EcoSport at a starting price of 731,200 rupees.
* AVIATION: The Airports Authority of India plans to spend 205 bln rupees over the next five years in expanding existing airports, reviving non-operational airports, and other infrastructure, Chairman Guruprasad Mohapatra said.
- Greater clarity on whether a second greenfield airport in Chennai should be built on the public-private partnership mode or by the Airports Authority of India should become clearer by December or January.
* BANKING: The Reserve Bank of India has tightened the norms for outsourcing financial services by nonbank finance companies to help non-bank lenders grow sustainably as they gain market share in financial services, and grow at a fast clip.
* CORPORATE: The Securities Appellate Tribunal has set aside the Securities and Exchange Board of India's order penalising 22 entities, including Gujarat Chief Minister Vijay Rupani's Hindu Undivided Family for alleged manipulative trades in Sarang Chemicals.
* ECONOMY: The finance ministry will submit a clarification on the impact of demonetisation to the
Standing Committee of Parliament on Finance in 15 days.
- Retirement fund manager Employees' Provident Fund Organisation is likely to decide on the rate of
interest on provident fund deposits for this fiscal at its trustee meeting on Nov 23.
* ENERGY: Energy Efficiency Services and UK-based EnergyPro has partnered with Leclanche, a leading battery storage solution provider and will invest 780 mln rupees in a battery storage project in Ontario, Canada, a joint press statement said.
* FINANCE: International Finance Corp, the private sector investment arm of World Bank, plans to issue Masala bonds worth $200.2 mln, with a maturity period of five years.
* INFRASTRUCTURE: The National Highways Authority of India will review each of the companies it has barred from bidding for its projects and hold back any further action till the process is complete. In a major step in the development of the 22 km and 178.43 bln rupees worth Mumbai Trans Harbour Link, the MMRDA has appointed three contractors for undertaking the project in three packages. The road transport and highways ministry has offered right of way to the railways to build part of MumbaiAhmedabad bullet train project alongside the upcoming 380-km Vadodara-Mumbai expressway.
* POWER: India plans to invite bids for setting up 20 GW of solar power capacity -- the world's largest solar tender -- at one go, in an attempt to spur domestic manufacturing of solar power equipment.
* REAL ESTATE: Based on the recommendations of 7th Pay Commission, the government scaled up the borrowing limit for its employees under house building allowance to 34 months of basic pay, subject to a maximum of 2.5 mln rupees from 750,000 rupees earlier.
* REGULATORY: Citing the increasing trend of institutional investors in listed companies, Securities and Exchange Board of India Chairman Ajay Tyagi said such investors should play a vital role in ensuring effective corporate governance.
* TAX: The government is looking to announce a procedure wherein the GST Council can address issues related to the indirect tax regime either suo motu or after being approached by companies or industry bodies, two people with the knowledge of the matter said.
* TELECOMMUNICATIONS: BHARTI AIRTEL and IDEA CELLULAR have argued against holding consultations for future spectrum auctions before Sep-Dec next year, and auctions at end of 2018-19, owing to high stress and falling revenue due to competition.
- The telecom industry has urged the government to consider creation of a financial vehicle that will handle raising of funds at competitive rates as well as subsuming the goods and services tax under the licence fee in the new telecom policy.
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* AVIATION: The Airports Authority of India plans to spend 205 bln rupees over the next five years in expanding existing airports, reviving non-operational airports, and other infrastructure, Chairman Guruprasad Mohapatra said.
- Greater clarity on whether a second greenfield airport in Chennai should be built on the public-private partnership mode or by the Airports Authority of India should become clearer by December or January.
* BANKING: The Reserve Bank of India has tightened the norms for outsourcing financial services by nonbank finance companies to help non-bank lenders grow sustainably as they gain market share in financial services, and grow at a fast clip.
* CORPORATE: The Securities Appellate Tribunal has set aside the Securities and Exchange Board of India's order penalising 22 entities, including Gujarat Chief Minister Vijay Rupani's Hindu Undivided Family for alleged manipulative trades in Sarang Chemicals.
* ECONOMY: The finance ministry will submit a clarification on the impact of demonetisation to the
Standing Committee of Parliament on Finance in 15 days.
- Retirement fund manager Employees' Provident Fund Organisation is likely to decide on the rate of
interest on provident fund deposits for this fiscal at its trustee meeting on Nov 23.
* ENERGY: Energy Efficiency Services and UK-based EnergyPro has partnered with Leclanche, a leading battery storage solution provider and will invest 780 mln rupees in a battery storage project in Ontario, Canada, a joint press statement said.
* FINANCE: International Finance Corp, the private sector investment arm of World Bank, plans to issue Masala bonds worth $200.2 mln, with a maturity period of five years.
* INFRASTRUCTURE: The National Highways Authority of India will review each of the companies it has barred from bidding for its projects and hold back any further action till the process is complete. In a major step in the development of the 22 km and 178.43 bln rupees worth Mumbai Trans Harbour Link, the MMRDA has appointed three contractors for undertaking the project in three packages. The road transport and highways ministry has offered right of way to the railways to build part of MumbaiAhmedabad bullet train project alongside the upcoming 380-km Vadodara-Mumbai expressway.
* POWER: India plans to invite bids for setting up 20 GW of solar power capacity -- the world's largest solar tender -- at one go, in an attempt to spur domestic manufacturing of solar power equipment.
* REAL ESTATE: Based on the recommendations of 7th Pay Commission, the government scaled up the borrowing limit for its employees under house building allowance to 34 months of basic pay, subject to a maximum of 2.5 mln rupees from 750,000 rupees earlier.
* REGULATORY: Citing the increasing trend of institutional investors in listed companies, Securities and Exchange Board of India Chairman Ajay Tyagi said such investors should play a vital role in ensuring effective corporate governance.
* TAX: The government is looking to announce a procedure wherein the GST Council can address issues related to the indirect tax regime either suo motu or after being approached by companies or industry bodies, two people with the knowledge of the matter said.
* TELECOMMUNICATIONS: BHARTI AIRTEL and IDEA CELLULAR have argued against holding consultations for future spectrum auctions before Sep-Dec next year, and auctions at end of 2018-19, owing to high stress and falling revenue due to competition.
- The telecom industry has urged the government to consider creation of a financial vehicle that will handle raising of funds at competitive rates as well as subsuming the goods and services tax under the licence fee in the new telecom policy.
