Daily Sector News Today – 01.12.2017
* BANKING: Contraction in loans to industrial sector dragged non-food credit growth of banks down to 6.6% in October from 6.7% a year ago, data released by the Reserve Bank of India showed.
* CONSUMER DURABLES: Godrej Appliances is venturing into premium products, becoming the first Indian brand to do so in a market dominated by Korean duo, LG and Samsung, with an aim to almost double revenue and be among the top three by 2020.
* CORPORATE: The government is working on an in-house redressal mechanism for actions taken by the Centre as part of the crackdown on shell companies and black money, Minister of State for Corporate Affairs P.P. Chaudhury said. Clearing the air on bar on founders from repurchasing stressed assets, Finance Minister Arun Jaitley said promoters can bid in the auctions provided they pay the dues on their non performing asset accounts. The Directorate General of Foreign Trade has issued notices to about 100 Indian units of multinationals, demanding refund of around 50 bln rupees that it said they wrongly claimed since 2003 under an export promotion scheme for services.
- Government may consider giving different treatment to small and medium enterprises under the Insolvency and Bankruptcy Code since they usually have limited number of buyers and rely largely on promoters for a resolution. The National Company Law Tribunal, in an order uploaded on its website, ordered a status quo on converting Tata Sons from public to a private company till Jan 16.
* ECONOMY: Chief Statistician of India T.C.A. Anant said India's GDP growth for Jul-Sep, released earlier today, could be revised higher once the statistics office gets clarity on final goods and services tax collection. Finance Minister Arun Jaitley today said there was a considerable merit in the fiscal consolidation path recommended by the committee that reviewed the Fiscal Responsibility and Budget Management framework.
* INFORMATION TECHNOLOGY: US technology giant Microsoft is likely to offer the highest pay package at the Indian Institutes of Technology, where final placements starting Friday will see companies slugging it out for the cream of engineering talent from the class of 2018.
* INFRASTRUCTURE: The Supreme Court told all states and Union territories, which have not already framed a road safety policy, to do so by Jan 31 and implement it with all seriousness.
* REAL ESTATE: Tata Group's real estate firm Tata Housing plans to launch an ultra-luxury residential project, comprising 150 apartments, at Alipore in Kolkata early next year at an investment of about 3.5 bln rupees.
* TELECOMMUNICATIONS: The Telecom Regulatory Authority of India reiterated its recommendations to the Department of Telecommunications on offering 100 MB of free data every month to rural customers to encourage usage. Financial data security and pre-empting cyber threats on the digital finance ecosystem will have to be a high priority area as more citizens rely on these platforms, Telecom Minister Manoj Sinha said.
- The telecom regulator has recommended time-bound approval of M&A proposals, more options for conforming to spectrum holding limits after a merger, and streamlining of the penalty process among measures to make it easier to do business in the rapidly consolidating but financially troubled sector.
- Net neutrality is crucial for a country like India, which is trying to bring about financial inclusion, and the lack of such regulation might pave way for discriminatory practices, said R.S. Sharma, chairman of the Telecom Regulatory Authority of India.
- BHARTI AIRTEL and Vodafone India are keen to acquire some spectrum from RELIANCE COMMUNICATIONS to add to their airwave holdings in key markets.
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* CONSUMER DURABLES: Godrej Appliances is venturing into premium products, becoming the first Indian brand to do so in a market dominated by Korean duo, LG and Samsung, with an aim to almost double revenue and be among the top three by 2020.
* CORPORATE: The government is working on an in-house redressal mechanism for actions taken by the Centre as part of the crackdown on shell companies and black money, Minister of State for Corporate Affairs P.P. Chaudhury said. Clearing the air on bar on founders from repurchasing stressed assets, Finance Minister Arun Jaitley said promoters can bid in the auctions provided they pay the dues on their non performing asset accounts. The Directorate General of Foreign Trade has issued notices to about 100 Indian units of multinationals, demanding refund of around 50 bln rupees that it said they wrongly claimed since 2003 under an export promotion scheme for services.
- Government may consider giving different treatment to small and medium enterprises under the Insolvency and Bankruptcy Code since they usually have limited number of buyers and rely largely on promoters for a resolution. The National Company Law Tribunal, in an order uploaded on its website, ordered a status quo on converting Tata Sons from public to a private company till Jan 16.
* ECONOMY: Chief Statistician of India T.C.A. Anant said India's GDP growth for Jul-Sep, released earlier today, could be revised higher once the statistics office gets clarity on final goods and services tax collection. Finance Minister Arun Jaitley today said there was a considerable merit in the fiscal consolidation path recommended by the committee that reviewed the Fiscal Responsibility and Budget Management framework.
* INFORMATION TECHNOLOGY: US technology giant Microsoft is likely to offer the highest pay package at the Indian Institutes of Technology, where final placements starting Friday will see companies slugging it out for the cream of engineering talent from the class of 2018.
* INFRASTRUCTURE: The Supreme Court told all states and Union territories, which have not already framed a road safety policy, to do so by Jan 31 and implement it with all seriousness.
* REAL ESTATE: Tata Group's real estate firm Tata Housing plans to launch an ultra-luxury residential project, comprising 150 apartments, at Alipore in Kolkata early next year at an investment of about 3.5 bln rupees.
* TELECOMMUNICATIONS: The Telecom Regulatory Authority of India reiterated its recommendations to the Department of Telecommunications on offering 100 MB of free data every month to rural customers to encourage usage. Financial data security and pre-empting cyber threats on the digital finance ecosystem will have to be a high priority area as more citizens rely on these platforms, Telecom Minister Manoj Sinha said.
- The telecom regulator has recommended time-bound approval of M&A proposals, more options for conforming to spectrum holding limits after a merger, and streamlining of the penalty process among measures to make it easier to do business in the rapidly consolidating but financially troubled sector.
- Net neutrality is crucial for a country like India, which is trying to bring about financial inclusion, and the lack of such regulation might pave way for discriminatory practices, said R.S. Sharma, chairman of the Telecom Regulatory Authority of India.
- BHARTI AIRTEL and Vodafone India are keen to acquire some spectrum from RELIANCE COMMUNICATIONS to add to their airwave holdings in key markets.
