Daily Sector News Today – 04.01.2018
* AVIATION: In a move that could give a boost to air carriers under the regional connectivity scheme, state governments and corporates are coming forward to underwrite flight seats for their employees.
* BANKING: The Reserve Bank of India has ordered banks to recalibrate automated teller machines to ensure that more numbers of the 200 rupees denomination note are dispensed to the public. RBI will shortly issue new 10 rupees notes under the Mahatma Gandhi series. The finance ministry has approved the proposal for the infusion of 75.77 bln rupees in six weak public sector banks as part of the recapitalisation plan.
* INFRASTRUCTURE: The Union Cabinet has approved setting up of All India Institute of Medical Sciences in Himachal Pradesh for 13.51 bln rupees.
* RAILWAYS: Indian Railways has proposed its highest plan outlay of 1.46 trln rupees for the next fiscal, up from 1.31 trln rupees for the current financial year.
* REGULATORY: Securities and Exchange Board of India will introduce system to caution people about the risks of investing in stocks of overvalued companies, those with unsustainable business models and ones that may go bankrupt. SEBI has relaxed disclosure, promoters' share lock-in and listing-related compliance requirements for listed firms undertaking 'schemes of arrangement' such as mergers and demergers.
* RETAIL: Future Group is in the initial stages of discussions to buy Snapdeal's logistics arm--Vulcan Express--for about 500 mln rupees.
* TAXATION: The GST council may move the sales and purchase invoice matching system to the back end.
* TELECOMMUNICATION: Telecom companies will submit the first report on the quality of services as per the new regulation to the Telecom Regulatory Authority of India by Jan 21, Telecom Minister Manoj Sinha said.
* TRANSPORT: The Union Cabinet approved amendments in the model concession agreement for port projects under public-private partnership model to make the projects investor friendly.
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* BANKING: The Reserve Bank of India has ordered banks to recalibrate automated teller machines to ensure that more numbers of the 200 rupees denomination note are dispensed to the public. RBI will shortly issue new 10 rupees notes under the Mahatma Gandhi series. The finance ministry has approved the proposal for the infusion of 75.77 bln rupees in six weak public sector banks as part of the recapitalisation plan.
* INFRASTRUCTURE: The Union Cabinet has approved setting up of All India Institute of Medical Sciences in Himachal Pradesh for 13.51 bln rupees.
* RAILWAYS: Indian Railways has proposed its highest plan outlay of 1.46 trln rupees for the next fiscal, up from 1.31 trln rupees for the current financial year.
* REGULATORY: Securities and Exchange Board of India will introduce system to caution people about the risks of investing in stocks of overvalued companies, those with unsustainable business models and ones that may go bankrupt. SEBI has relaxed disclosure, promoters' share lock-in and listing-related compliance requirements for listed firms undertaking 'schemes of arrangement' such as mergers and demergers.
* RETAIL: Future Group is in the initial stages of discussions to buy Snapdeal's logistics arm--Vulcan Express--for about 500 mln rupees.
* TAXATION: The GST council may move the sales and purchase invoice matching system to the back end.
* TELECOMMUNICATION: Telecom companies will submit the first report on the quality of services as per the new regulation to the Telecom Regulatory Authority of India by Jan 21, Telecom Minister Manoj Sinha said.
* TRANSPORT: The Union Cabinet approved amendments in the model concession agreement for port projects under public-private partnership model to make the projects investor friendly.
