Today Sector News – 05.04.2018
* AGRICULTURE: The Centre is looking at spending a minimum of 200-250 bln rupees initially along with the states in ensuring that farmers get the benefit of minimum support price.
* AVIATION: Air India Chairman and Managing Director Pradeep Singh Kharola on Monday held a meeting with representatives of four employees' unions to discuss about the proposed strategic disinvestment and their concerns.
-Vistara has received its 20th aircraft, an Airbus A320neo, thus fulfilling a key criteria to fly international routes.
-The Centre may completely exit Air India by selling its residual stake to Life Insurance Corp of India and other financial institutions.
* BANKING: The Reserve Bank of India has temporarily relaxed provisioning norms for lenders to defaulters undergoing bankruptcy resolution.
* ENERGY: The Delhi High Court issued a notice to the Central Bureau of Investigation to file a status report in the investigation of over-invoicing by power companies while importing equipment and subsequently charging higher tariff.
* FUNDS: The government's National Investment and Infrastructure Fund is in talks with private equity firm Everstone Group for a tie-up to manage its Green Growth Equity Fund.
* INFORMATION TECHNOLOGY: Cognizant has said it will deposit $75 mln, representing 15% of the disputed tax demand from the income tax department, to be kept in a suspense account.
* INFRASTRUCTURE: The National Highways Authority of India is working on a policy to compensate brownfield projects that have either reached traffic maturity or are likely to be impacted by the over 5-trlnrupee roads project.
* OIL & GAS: Petroleum and Natural Gas Regulatory Board has radically changed the bidding parameters for obtaining a licence to retail compressed natural gas and piped cooking gas in cities.
* PHARMACEUTICAL: The government is planning to overhaul the existing system of fixing drug prices in the country.
* REGULATORY: The government has finalised a new set of rules for printing of warning messages on packets of tobacco and tobacco products, which will come into effect from Sep 1. The Union Cabinet today approved "rightsizing" the Competition Commission of India by halving the number of its members to three.
* STEEL: India has surpassed Japan to become the world's second largest producer of crude steel, with the country's output growing 4.4% on year to 93.11 mln tn during Apr-Feb, Steel Users Federation Of India said in a release. The battle for asset under the Insolvency and Bankruptcy Code intensified with Numetal Mauritius and ArcelorMittal, two of the bidders for Essar Steel, seeking disqualification of each other before the Ahmedabad bench of National Company Law Tribunal.
* TAXATION: The indirect tax department has said it would allow those who couldn't file the TRAN-1 form on the goods and services tax network portal for claiming transitional credit due to income tax glitches to complete the process by the end of the month.
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* AVIATION: Air India Chairman and Managing Director Pradeep Singh Kharola on Monday held a meeting with representatives of four employees' unions to discuss about the proposed strategic disinvestment and their concerns.
-Vistara has received its 20th aircraft, an Airbus A320neo, thus fulfilling a key criteria to fly international routes.
-The Centre may completely exit Air India by selling its residual stake to Life Insurance Corp of India and other financial institutions.
* BANKING: The Reserve Bank of India has temporarily relaxed provisioning norms for lenders to defaulters undergoing bankruptcy resolution.
* ENERGY: The Delhi High Court issued a notice to the Central Bureau of Investigation to file a status report in the investigation of over-invoicing by power companies while importing equipment and subsequently charging higher tariff.
* FUNDS: The government's National Investment and Infrastructure Fund is in talks with private equity firm Everstone Group for a tie-up to manage its Green Growth Equity Fund.
* INFORMATION TECHNOLOGY: Cognizant has said it will deposit $75 mln, representing 15% of the disputed tax demand from the income tax department, to be kept in a suspense account.
* INFRASTRUCTURE: The National Highways Authority of India is working on a policy to compensate brownfield projects that have either reached traffic maturity or are likely to be impacted by the over 5-trlnrupee roads project.
* OIL & GAS: Petroleum and Natural Gas Regulatory Board has radically changed the bidding parameters for obtaining a licence to retail compressed natural gas and piped cooking gas in cities.
* PHARMACEUTICAL: The government is planning to overhaul the existing system of fixing drug prices in the country.
* REGULATORY: The government has finalised a new set of rules for printing of warning messages on packets of tobacco and tobacco products, which will come into effect from Sep 1. The Union Cabinet today approved "rightsizing" the Competition Commission of India by halving the number of its members to three.
* STEEL: India has surpassed Japan to become the world's second largest producer of crude steel, with the country's output growing 4.4% on year to 93.11 mln tn during Apr-Feb, Steel Users Federation Of India said in a release. The battle for asset under the Insolvency and Bankruptcy Code intensified with Numetal Mauritius and ArcelorMittal, two of the bidders for Essar Steel, seeking disqualification of each other before the Ahmedabad bench of National Company Law Tribunal.
* TAXATION: The indirect tax department has said it would allow those who couldn't file the TRAN-1 form on the goods and services tax network portal for claiming transitional credit due to income tax glitches to complete the process by the end of the month.
