Today Sector News – 11.04.2018
* AUTOMOBILE: Suzuki Motor Corp has started exports of new Swift produced at its Gujarat plant. Ford Motor Co, struggling to revive sales in China, on Tuesday unveiled five new models for the world's biggest auto market, part of a business revitalization effort centered around a plan to launch over 50 new or redesigned vehicles by 2025.
* AVIATION: Bidders for a majority stake in Air India, which the government wants to divest, will have to eventually take over interest-bearing debt of around 165 bln rupees.
* BANKING: The Reserve Bank of India has cancelled the certificate of registration of Ashlip Securities.
* BEVERAGES: Liquor companies said consumer demand revived in the Jan-Mar quarter due to a low base in the wake of demonetisation in November 2016, the fading impact of last year's highway ban and increased stability following distribution changes in some states.
* CORPORATE: The ministry of corporate affairs has joined bankruptcy proceedings against jeweller Nirav Modi's Firestar Diamond and two of its affiliatesFantasy Inc and A Jaffe Inc.
* ECONOMY: Finance Minister Arun Jaitley has said the controversy over terms of reference of the 15th Finance Commission was "needless".
* FUNDS: The finance ministry has raised questions over the Employees' Provident Fund Organisation's recent decision to declare an interest rate of 8.55% to around 200 mln formal sector workers for 2017-18 (Apr-Mar).
* INFRASTRUCTURE: The Mumbai Metropolitan Region Development Authority has invited bids by May 18 to build the 24-km Thane-Bhiwandi-Kalyan corridor near Mumbai.
* REAL ESTATE: New residential project launches during Jan-Mar, across seven major cities of India, rose 27% on quarter as developers make up for lost ground, according to a report by ANAROCK Property Consultants.
* REGULATORY: The Securities and Exchange Board of India has issued know-your-customer norms for beneficial owners of category-II and category-III foreign portfolio investors. The Securities and Exchange Board of India has rejected a proposal by the Central Depository Services board to extend the tenure of current managing director P.S. Reddy by five years.
* TAXATION: The government is considering the option of buying back the stake held by non-government financial institutions in Goods and Services Tax Network to convert it into a state-owned company, a senior finance ministry official said.
* TELECOMMUNICATION: The Telecom Regulatory Authority of India is likely to seek more powers to regulate the flow of data from users to app makers, while defining what comprises personal information, as it finalises recommendations on data ownership, privacy and security that are likely to be released this month.
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* AVIATION: Bidders for a majority stake in Air India, which the government wants to divest, will have to eventually take over interest-bearing debt of around 165 bln rupees.
* BANKING: The Reserve Bank of India has cancelled the certificate of registration of Ashlip Securities.
* BEVERAGES: Liquor companies said consumer demand revived in the Jan-Mar quarter due to a low base in the wake of demonetisation in November 2016, the fading impact of last year's highway ban and increased stability following distribution changes in some states.
* CORPORATE: The ministry of corporate affairs has joined bankruptcy proceedings against jeweller Nirav Modi's Firestar Diamond and two of its affiliatesFantasy Inc and A Jaffe Inc.
* ECONOMY: Finance Minister Arun Jaitley has said the controversy over terms of reference of the 15th Finance Commission was "needless".
* FUNDS: The finance ministry has raised questions over the Employees' Provident Fund Organisation's recent decision to declare an interest rate of 8.55% to around 200 mln formal sector workers for 2017-18 (Apr-Mar).
* INFRASTRUCTURE: The Mumbai Metropolitan Region Development Authority has invited bids by May 18 to build the 24-km Thane-Bhiwandi-Kalyan corridor near Mumbai.
* REAL ESTATE: New residential project launches during Jan-Mar, across seven major cities of India, rose 27% on quarter as developers make up for lost ground, according to a report by ANAROCK Property Consultants.
* REGULATORY: The Securities and Exchange Board of India has issued know-your-customer norms for beneficial owners of category-II and category-III foreign portfolio investors. The Securities and Exchange Board of India has rejected a proposal by the Central Depository Services board to extend the tenure of current managing director P.S. Reddy by five years.
* TAXATION: The government is considering the option of buying back the stake held by non-government financial institutions in Goods and Services Tax Network to convert it into a state-owned company, a senior finance ministry official said.
* TELECOMMUNICATION: The Telecom Regulatory Authority of India is likely to seek more powers to regulate the flow of data from users to app makers, while defining what comprises personal information, as it finalises recommendations on data ownership, privacy and security that are likely to be released this month.
