Today Sector News – 03.04.2018
* AUTOMOBILES: Honda Cars India has sold 170,026 units in 2017-18 (Apr-Mar), up 8% on year.
* BANKING: The Central Bureau of Investigation has filed 12 separate cases of fraud after several public sector banks filed complaints with the agency last week that they had been defrauded out of nearly 9 bln rupees in total. The Reserve Bank of India has allowed banks the option to spread provisioning for marked-tomarket losses suffered on government bond portfolios in Oct-Dec and Jan-Mar over a period of up to four
quarters.
* ECONOMY: China has imposed tariffs on 128 US products including pork and certain fruits, as a
countermeasure in response to US' move to slap import duties on steel and aluminium.
* ENERGY: Japan's SoftBank Group and Chinese firm GCL Group have inked a pact to set up a joint venture in India with an investment of $930 mln to produce and sell solar energy equipment.
* INFRASTRUCTURE: CRISIL expects award and execution of road projects to gain pace in 2018-19 (AprMar) and 2019-20, if the National Highways Authority of India manages to source funds over and above the budgetary allocation.
* MARKETS: BSE will auction investment limits for foreign investors to purchase government bonds worth over 110 bln rupees today.
* POWER: The Central Electricity Authority has set the electricity generation target from conventional sources, which include coal, gas, nuclear and hydro power plants, at 126,000 mln units for 2018-19 (AprMar).
* OIL AND GAS: The government is keeping a close watch on international prices of crude oil given the recent spike in prices of petrol and diesel, but there will not be any rethink on free market pricing for the two automobile fuels, petroleum minister Dharmendra Pradhan said.
* REGULATORY: The Securities and Exchange Board of India has barred First Financial Services and 28 others from the markets for three years for orchestrating a fraudulent scheme involving preferential allotment route. SEBI has allowed Ahmedabad Stock Exchange to exit the bourse business following a request from the exchange.
* TAXATION: A total of 259,000 e-way bills were issued on the first day of the nationwide rollout of the mechanism for electronically recording inter-state movement of goods under the goods and services tax system, the government said in a release. The government's direct tax collections for 2017-18 (Apr-Mar) were at 9.95 trln rupees, as per provisional numbers, Central Board of Direct Taxes Chairman Sushil Chandra said at a briefing.
* TELECOMMUNICATION: The Telecom Regulatory Authority of India's regulation that telecomm
companies can no longer make an offer to select clients but have to extend them to all subscribers could potentially cost the industry 100-120 bln rupees in a year.
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* BANKING: The Central Bureau of Investigation has filed 12 separate cases of fraud after several public sector banks filed complaints with the agency last week that they had been defrauded out of nearly 9 bln rupees in total. The Reserve Bank of India has allowed banks the option to spread provisioning for marked-tomarket losses suffered on government bond portfolios in Oct-Dec and Jan-Mar over a period of up to four
quarters.
* ECONOMY: China has imposed tariffs on 128 US products including pork and certain fruits, as a
countermeasure in response to US' move to slap import duties on steel and aluminium.
* ENERGY: Japan's SoftBank Group and Chinese firm GCL Group have inked a pact to set up a joint venture in India with an investment of $930 mln to produce and sell solar energy equipment.
* INFRASTRUCTURE: CRISIL expects award and execution of road projects to gain pace in 2018-19 (AprMar) and 2019-20, if the National Highways Authority of India manages to source funds over and above the budgetary allocation.
* MARKETS: BSE will auction investment limits for foreign investors to purchase government bonds worth over 110 bln rupees today.
* POWER: The Central Electricity Authority has set the electricity generation target from conventional sources, which include coal, gas, nuclear and hydro power plants, at 126,000 mln units for 2018-19 (AprMar).
* OIL AND GAS: The government is keeping a close watch on international prices of crude oil given the recent spike in prices of petrol and diesel, but there will not be any rethink on free market pricing for the two automobile fuels, petroleum minister Dharmendra Pradhan said.
* REGULATORY: The Securities and Exchange Board of India has barred First Financial Services and 28 others from the markets for three years for orchestrating a fraudulent scheme involving preferential allotment route. SEBI has allowed Ahmedabad Stock Exchange to exit the bourse business following a request from the exchange.
* TAXATION: A total of 259,000 e-way bills were issued on the first day of the nationwide rollout of the mechanism for electronically recording inter-state movement of goods under the goods and services tax system, the government said in a release. The government's direct tax collections for 2017-18 (Apr-Mar) were at 9.95 trln rupees, as per provisional numbers, Central Board of Direct Taxes Chairman Sushil Chandra said at a briefing.
* TELECOMMUNICATION: The Telecom Regulatory Authority of India's regulation that telecomm
companies can no longer make an offer to select clients but have to extend them to all subscribers could potentially cost the industry 100-120 bln rupees in a year.
