Daily Sector News Today – 08.08.2017
* AUTOMOBILE: Having secured the GST Council's endorsement, the government wants to swiftly
amend the law in the ongoing Parliament session itself to raise cess on mid-size, large cars and sport
utility vehicles.
* AVIATION: Go Air will start flying overseas from October, Managing Director Jeh Wadia said.
* BANKING: Bank employee unions have called for a nation-wide strike on Aug 22 to protest against privatisation and merger of public sector banks.
* CEMENT: Murli Industries' cement division has received bids from AMBUJA CEMENTS, SHREE CEMENT, DALMIA BHARAT and SAGAR CEMENTS.
* COMMODITIES: The government is likely to allow import of 300,000-500,000 tn sugar at a
concessional import duty of 25% to augment supply during the upcoming festival season, a source said.
* INSURANCE: Life Insurance Corp of India has been given a deadline of December 2018 to bring its shareholding down to permissible limits, in companies where the insurer holds over 15% stake, a senior industry source said.
* REALTY: Abu Dhabi Investment Corp and Shapoorji Pallonji are vying with Blackstone Group for a potential acquisition of Adani Realty's first business park located near Bandra Kurla Complex in a deal estimated at over 16 bln rupees.
* REGULATORY: The Securities and Exchange Board of India looks to extend the trading hours for the derivates market, sources said. SEBI has shot off notices to at least half-a-dozen angel firms in the
past one-and-a-half months, asking them to give details of their fund-raising business and explain whether they abide by the securities market law.
* TAXATION: Collection of advance income tax for Apr 1-Aug 5 has been 41.79% higher than a year ago, the government said, attributing the jump to demonetisation. The international arm of the income tax department is examining the tax deduction at source certification issued by chartered accountants in case of remitting money abroad.
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amend the law in the ongoing Parliament session itself to raise cess on mid-size, large cars and sport
utility vehicles.
* AVIATION: Go Air will start flying overseas from October, Managing Director Jeh Wadia said.
* BANKING: Bank employee unions have called for a nation-wide strike on Aug 22 to protest against privatisation and merger of public sector banks.
* CEMENT: Murli Industries' cement division has received bids from AMBUJA CEMENTS, SHREE CEMENT, DALMIA BHARAT and SAGAR CEMENTS.
* COMMODITIES: The government is likely to allow import of 300,000-500,000 tn sugar at a
concessional import duty of 25% to augment supply during the upcoming festival season, a source said.
* INSURANCE: Life Insurance Corp of India has been given a deadline of December 2018 to bring its shareholding down to permissible limits, in companies where the insurer holds over 15% stake, a senior industry source said.
* REALTY: Abu Dhabi Investment Corp and Shapoorji Pallonji are vying with Blackstone Group for a potential acquisition of Adani Realty's first business park located near Bandra Kurla Complex in a deal estimated at over 16 bln rupees.
* REGULATORY: The Securities and Exchange Board of India looks to extend the trading hours for the derivates market, sources said. SEBI has shot off notices to at least half-a-dozen angel firms in the
past one-and-a-half months, asking them to give details of their fund-raising business and explain whether they abide by the securities market law.
* TAXATION: Collection of advance income tax for Apr 1-Aug 5 has been 41.79% higher than a year ago, the government said, attributing the jump to demonetisation. The international arm of the income tax department is examining the tax deduction at source certification issued by chartered accountants in case of remitting money abroad.
