Daily Sector News Today – 15.12.2017

Daily Sector News Today – 15.12.2017

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* AUTOMOBILES: Sales of medium and heavy commercial vehicles are expected to get a boost in December as prebuying of trucks ahead of the Jan 1 deadline for rolling out commercial vehicles with air-conditioned cabins is expected to kick in.

* BANKING: The Reserve Bank of India has imposed a 100,000-rupee penalty on Radhakrishna Finance for violation of the process of redemption of subordinated debt.

* ECONOMY: The government will significantly exceed the disinvestment target of 725 bln rupees for the current financial year ending March, Finance Minister Arun Jaitley.

* ENERGY: India will invite bids for the first time to set up offshore wind power projects in the country with the government planning to auction 5 GW of capacity, New and Renewable Energy Minister said.

* FUNDS: One-fifth of the units allotted to subscribers of Bharat 22 Exchange Traded Fund in the new fund offer last month were redeemed within the first three days of listing on Nov 28.

* HEALTHCARE: Private hospitals cannot be unregulated and states have to bring their version of Clinical Establishments Act to regulate them, Health Minister J.P. Nadda said.

* PHARMACEUTICAL: In a potential relief to several pharmaceutical companies, the Supreme Court has asked the country's technical advisory body on drugs to decide on the fate of more than 300 combination medicines banned by the government between March 2016 and June 2017.

* REAL ESTATE: The Maharashtra Real Estate Regulatory Authority has decided to form nearly 15 conciliation teams  comprising two members each.

* REGULATORY: There is a need to revisit policy on interest rate derivatives as restrictions on some sectors are limiting liquidity in the market, Securities and Exchange Board of India Chairman Ajay Tyagi said. Cryptocurrency bitcoin is unlikely to get approval from Indian regulators any time soon, Managing Director and Chief Executive Officer of National Stock Exchange Vikram Limaye said. The Securities and Exchange Board of India and the Reserve Bank of India are in consultations to boost interest rate futures, currently struggling under low volumes, SEBI chairman Ajay Tyagi said.

* TAXATION: The Goods and Services Tax Council will consider bringing electricity, petroleum products and some other items under the ambit of GST in future, Bihar Finance Minister Sushil Modi said.

* TELECOMMUNICATION: As lenders open the bidding for assets of RELIANCE COMMUNICATIONS this week, telecom companies appear to have fared much better in cleaning up their debt books than steel companies. The total debt of the telecom companies that is facing stress is over 1 trln rupees.