Today Sector News – 02.07.2018

Today Sector News – 02.07.2018


* AVIATION: The Central Bureau of Investigation has summoned R. Venkataramanan, Tata Group's
nominee on the board of AirAsia India, for questioning on Tuesday, over allegations that the airline used illegal tactics to lobby for a change in government policies.
 -The government's decision to scrap the 5/20 rule, which made it easier for domestic airlines to fly abroad, is under the Central Bureau of Investigation scanner.
 -Air India is in talks with the Ministry of Culture to hand over its priceless art collections for display at the National Gallery of Modern Art in various metros.

* BANKING: The average Base Rate for non-banking finance companies' microfinance institutions will be 8.92% for Jul-Sep, slightly lower than 8.99% for Apr-Jun. The Reserve Bank of India has put in place a framework to take action against statutory auditors for lapses in audit of banks.

* COMMODITY: Mills across the country are likely to export around 500,000 tn sugar in 2017-18 (Oct-Sep), which is only a fourth of the quantity allocated by the government for the ongoing season, trade and industry.

* CORPORATE: Ahead of the National Company Law Tribunal verdict on his petitions against the Tata Group later this week and the AGMs, ousted chairman Cyrus Mistry has fired a fresh salvo at the management.

* ECONOMY: India's gross advance corporate tax collection grew 17% on year in Apr-Jun, Union Minister Arun Jaitley said. India's external debt rose by $58.4 bln in 2017-18 (Apr-Mar) to $529.7 bln, data released by RBI showed.
 -India's net international investment position improved by $1.8 bln in Jan-Mar to (-)$420.3 bln as on  Mar 31, data released by RBI showed.

* EXCHANGES: The National Stock Exchange of India released stock-specific details of exposure margins that brokers need to collect upfront when a client takes a position in the derivatives market.

* PHARMACEUTICALS: The government is ready to roll out an interest subvention scheme for small drug makers, who wish to up grade their infrastructure and technology.

* RETAIL: Nearly 1 mln traders are set to protest at about 1,000 places across the country against US retail giant Walmart's proposed acquisition of 77% stake in home-grown retailer Flipkart in a $16-bln deal.

* TAXATION: The indirect tax department has issued notices to about 200 companies after data mining revealed that they may be guilty of evading the goods and services tax.
 -Listing its priorities for next six months, the Goods and Services Tax Network said it will focus on
development of new return filing system, improving the user interface and business intelligence and analytics.
 -The total goods and services tax collected rose 1.7% to 956 bln rupees in June from 940 bln rupees in May, Finance Secretary Hasmukh Adhia said.
 -Prime Minister Narendra Modi on Sunday ruled out a single slab for the goods and services tax, stating that milk and the Mercedes could not have the same rate.

* TELECOMMUNICATION: Telecom Regulatory Authority of India has imposed penalties on leading operators, including Reliance Jio Infocomm, BHARTI AIRTEL, Vodafone and IDEA CELLULAR, for failing to meet various quality of service benchmarks in the December quarter.