Daily Sector News Today – 03.10.2017
* AVIATION: Adani Group is set to enter the airport business with an international airport at Mundra, Gujarat.
* ECONOMY: India's external debt rose by $13.96 bln in Apr-Jun to $485.8 bln, data released by the
Reserve Bank of India showed. India's net international investment position deteriorated by $11.9 bln
in Apr-Jun to (-)$406.4 bln on Jun 30, data from the RBI showed. The government has allowed the use of stickers to display post-goods and services tax prices of products on packages until December, Food Minister Ram Vilas Paswan said. The government has left interest rates on all small savings schemes unchanged for Oct-Dec. The government can think of reducing the number of slabs under the goods and services tax once the revenue collections under the new indirect tax regime improves, Finance Minister Arun Jaitley said. The government is pushing for strategic stake sales in at least five companies this financial year and has fast-tracked the process of valuation and final approvals.
* OIL AND GAS: The Centre has raised the price of domestically produced natural gas to $2.89 per mBtu for Oct-Mar, from $2.48 per mBtu in Apr-Sep on gross calorific value basis.
The government has announced the ceiling price for gas to be produced from discoveries in deep-water, ultra deep-water, and high pressure-high temperature blocks. For Oct-Mar, the ceiling has been set at $6.30 per mBtu, up from $5.56 per mBtu for Apr-Sep.
* REGULATORY: The Securities and Exchange Board of India has deferred the implementation of a
move that required listed companies to disclose loan defaults within a day to the stock exchanges.
* TAXATION: The government's direct tax collections for Apr 1-Sep 18 rose 15.7% on year to 3.7 trln rupees.
* TELECOMMUNICATION: The Telecom Commission approved increasing the time period for paying for the spectrum bought in auctions by telecommunication operators to 16 years from the current 10 years. The Bombay High Court refused to grant interim relief to IDEA CELLULAR and BHARTI AIRTEL who sought a stay on the implementation of reduction in interconnect usage fee. The government is considering steps to allow a smoother exit for weaker telecom companies at a broader policy level as part of revised mergers and acquisition rules. Reliance Jio's VoLTE-enabled feature phone may face some competition, with rivals scrambling to hit the market with their versions of ultra-cheap handsets with attractive features.
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* ECONOMY: India's external debt rose by $13.96 bln in Apr-Jun to $485.8 bln, data released by the
Reserve Bank of India showed. India's net international investment position deteriorated by $11.9 bln
in Apr-Jun to (-)$406.4 bln on Jun 30, data from the RBI showed. The government has allowed the use of stickers to display post-goods and services tax prices of products on packages until December, Food Minister Ram Vilas Paswan said. The government has left interest rates on all small savings schemes unchanged for Oct-Dec. The government can think of reducing the number of slabs under the goods and services tax once the revenue collections under the new indirect tax regime improves, Finance Minister Arun Jaitley said. The government is pushing for strategic stake sales in at least five companies this financial year and has fast-tracked the process of valuation and final approvals.
* OIL AND GAS: The Centre has raised the price of domestically produced natural gas to $2.89 per mBtu for Oct-Mar, from $2.48 per mBtu in Apr-Sep on gross calorific value basis.
The government has announced the ceiling price for gas to be produced from discoveries in deep-water, ultra deep-water, and high pressure-high temperature blocks. For Oct-Mar, the ceiling has been set at $6.30 per mBtu, up from $5.56 per mBtu for Apr-Sep.
* REGULATORY: The Securities and Exchange Board of India has deferred the implementation of a
move that required listed companies to disclose loan defaults within a day to the stock exchanges.
* TAXATION: The government's direct tax collections for Apr 1-Sep 18 rose 15.7% on year to 3.7 trln rupees.
* TELECOMMUNICATION: The Telecom Commission approved increasing the time period for paying for the spectrum bought in auctions by telecommunication operators to 16 years from the current 10 years. The Bombay High Court refused to grant interim relief to IDEA CELLULAR and BHARTI AIRTEL who sought a stay on the implementation of reduction in interconnect usage fee. The government is considering steps to allow a smoother exit for weaker telecom companies at a broader policy level as part of revised mergers and acquisition rules. Reliance Jio's VoLTE-enabled feature phone may face some competition, with rivals scrambling to hit the market with their versions of ultra-cheap handsets with attractive features.
