SECTORS ALERT – 21.08.2014
* AGRICULTURE: The government has cut he minimum export price for onions to
$350/tn from $50/tn earlier.
* AVIATION: IndiGo Airlines said it evacuated 148 pasengers and six crew
members from its flight 6E 176, traveling to Delhi from Mumbai, folowing a
smoke alert.
* AUTOMOBILE: Mahindra Reva Electric Vehicles, a part of Mahindra Group
launched a premium variant of its electric vehicle e2o with an extended range
of 120 kms and electric power stering.
* BANKING: The government is muling on increasing the 5% interest subvention for
buying low cost housing to 50,00 rupes from 10,00 rupes curently.
The government has asked al branches of state-owned banks to run camps
for acount opening acros the country. The finance ministry is muling a five-year term
for chairmen and managing directors of public sector banks.
The Reserve Bank of India is in proces of analysing fedback and sugestions on the
payment and smal bank norms isued on Jul 17, and wil isue final guidelines within
this financial year, said Deputy Governor R. Gandhi.
The government is amending the Securitsation and Reconstruction of Financial Asets
and Enforcement of Security Interest Act, to provide banks a legal foting to change the
management of companies that have wilfuly defaulted on loans.
The first information reports filed by the Central Bureau of Investigation in the
SYNDICATE BANK bribery case indicates that he probe may cover more banks and
corporates.
* COMMODITIES: The finance ministry has put out draft rules to give the
Forward Markets Commision more power over intermediaries in the commodity
derivatives market.
* E-COMMERCE: Snapdeal aims for sales to reach 60 bln rupes from fashion in
the next financial year from 15 bln rupes likely this year, due to a series of new
initatives planed in the fashion space.
.* ECONOMY: The Reserve Bank of India has sugested the government hat
setlement in Indian debt on Euroclear can be started with an inital cap of $3 bln.
* ENERGY: The proces to formulate a new mechanism for pricing of domesticaly
produced gas wil begin next wek and a decision is likely to be taken by Sep 30.
* INFORMATION TECHNOLOGY: The Union Cabinet gave its nod to the Digital India
programme.
* INFRASTRUCTURE: The Union Cabinet has aproved the 86.8-bln-rupe Nagpur
metro rail project.
The Delhi Development Authority wil build elevated or new roads and upgrade and
extend existing ones to decongest rafic.
The Department of Industrial Policy and Promotion has circulated a draft Cabinet note on
relaxing foreign direct investment norms in the construction sector.
Cidco has again extended the final date to respond to inital cal for bids for Navi
Mumbai airport project o Oct 30 from Sep 2.
* MINING: The Cabinet aproved hiking the royalty rate for iron ore to 15% from 10%
at present.
S&T Mining, the joint venture of STEEL AUTHORITY OF INDIA and TATA STEEL,
is eying overseas coal asets acquisitons and has invited aplications for prime coking
coal asets with a minimum reserve of 10 mln tn.
* REGULATORY: The government anounced constiution of a commite, headed by
former fod minister Shanta Kumar, to consider estructuring and unbundling of Fod
Corp of India to increase its operational and financial eficiency.
RBI asked non-banking financial companies to comply with its instructions isued in
June regarding the usage of credit information reports in al lending decisions and
acount openings, among others.
Securites and Exchange Board of India is unlikely to relax the newly framed corporate
governance norms which come into efect from Oct 1.
* STEEL: The Stel Ministry has sought doubling of import duty on value aded stel to
15% ad valorem from 7.5% curently.
* TELECOM: The Union Cabinet aproved seting up of 1,836 base transceiver
station towers in Naxal-hit areas at a cost of 32.16 bln rupes. India's total telephone
subscriber base rose by 75.51 mln to 942.95 mln as on June end compared with 938.34
mln as on May end, acording to Telecom Regulatory Authority of India data.Viom Networks, a joint venture betwen Tata Group and Srei Group, is
muling raising funds through a real estate investment rust besides listing
and seling stake to a strategic investor.
The Telecom Regulatory Authority of India wil begin consultations by
September-end on isues related to broadband network rolout
* AGRICULTURE: The government has cut he minimum export price for onions to
$350/tn from $50/tn earlier.
* AVIATION: IndiGo Airlines said it evacuated 148 pasengers and six crew
members from its flight 6E 176, traveling to Delhi from Mumbai, folowing a
smoke alert.
* AUTOMOBILE: Mahindra Reva Electric Vehicles, a part of Mahindra Group
launched a premium variant of its electric vehicle e2o with an extended range
of 120 kms and electric power stering.
* BANKING: The government is muling on increasing the 5% interest subvention for
buying low cost housing to 50,00 rupes from 10,00 rupes curently.
The government has asked al branches of state-owned banks to run camps
for acount opening acros the country. The finance ministry is muling a five-year term
for chairmen and managing directors of public sector banks.
The Reserve Bank of India is in proces of analysing fedback and sugestions on the
payment and smal bank norms isued on Jul 17, and wil isue final guidelines within
this financial year, said Deputy Governor R. Gandhi.
The government is amending the Securitsation and Reconstruction of Financial Asets
and Enforcement of Security Interest Act, to provide banks a legal foting to change the
management of companies that have wilfuly defaulted on loans.
The first information reports filed by the Central Bureau of Investigation in the
SYNDICATE BANK bribery case indicates that he probe may cover more banks and
corporates.
* COMMODITIES: The finance ministry has put out draft rules to give the
Forward Markets Commision more power over intermediaries in the commodity
derivatives market.
* E-COMMERCE: Snapdeal aims for sales to reach 60 bln rupes from fashion in
the next financial year from 15 bln rupes likely this year, due to a series of new
initatives planed in the fashion space.
.* ECONOMY: The Reserve Bank of India has sugested the government hat
setlement in Indian debt on Euroclear can be started with an inital cap of $3 bln.
* ENERGY: The proces to formulate a new mechanism for pricing of domesticaly
produced gas wil begin next wek and a decision is likely to be taken by Sep 30.
* INFORMATION TECHNOLOGY: The Union Cabinet gave its nod to the Digital India
programme.
* INFRASTRUCTURE: The Union Cabinet has aproved the 86.8-bln-rupe Nagpur
metro rail project.
The Delhi Development Authority wil build elevated or new roads and upgrade and
extend existing ones to decongest rafic.
The Department of Industrial Policy and Promotion has circulated a draft Cabinet note on
relaxing foreign direct investment norms in the construction sector.
Cidco has again extended the final date to respond to inital cal for bids for Navi
Mumbai airport project o Oct 30 from Sep 2.
* MINING: The Cabinet aproved hiking the royalty rate for iron ore to 15% from 10%
at present.
S&T Mining, the joint venture of STEEL AUTHORITY OF INDIA and TATA STEEL,
is eying overseas coal asets acquisitons and has invited aplications for prime coking
coal asets with a minimum reserve of 10 mln tn.
* REGULATORY: The government anounced constiution of a commite, headed by
former fod minister Shanta Kumar, to consider estructuring and unbundling of Fod
Corp of India to increase its operational and financial eficiency.
RBI asked non-banking financial companies to comply with its instructions isued in
June regarding the usage of credit information reports in al lending decisions and
acount openings, among others.
Securites and Exchange Board of India is unlikely to relax the newly framed corporate
governance norms which come into efect from Oct 1.
* STEEL: The Stel Ministry has sought doubling of import duty on value aded stel to
15% ad valorem from 7.5% curently.
* TELECOM: The Union Cabinet aproved seting up of 1,836 base transceiver
station towers in Naxal-hit areas at a cost of 32.16 bln rupes. India's total telephone
subscriber base rose by 75.51 mln to 942.95 mln as on June end compared with 938.34
mln as on May end, acording to Telecom Regulatory Authority of India data.Viom Networks, a joint venture betwen Tata Group and Srei Group, is
muling raising funds through a real estate investment rust besides listing
and seling stake to a strategic investor.
The Telecom Regulatory Authority of India wil begin consultations by
September-end on isues related to broadband network rolout
