Daily Sector News Today – 13.12.2017
* CORPORATE: Essar Energy has disbursed 8.91 bln rupees to erstwhile public shareholders of Essar Oil as additional payout at 76.41 rupees per share. Societe Generale bought shares of several firms, including FORTIS HEALTHCARE and INTERGLOBE AVIATION, for 6.97 bln rupees through open market transactions. BSE has filed insolvency proceedings against seven defaulting companies before the National Company Law Tribunal for their failure to pay annual listing fees.
* ECONOMY: The Employees' Provident Fund Organisation has advised subscribers not to completely withdraw funds for petty reasons, saying they will lose out on the social security benefits that come only when continuity is maintained.
* FINANCE: For Jan-Mar, the investment limit for foreign portfolio investors in government bonds will be raised by 64 bln rupees to 2.56 trln rupees. To prevent misuse of proposed electoral bonds, the government is likely to cap the validity at 15 days within which such bonds--bearer in nature--have to be redeemed by political parties.
* INFRASTRUCTURE: The government is looking at more innovative instruments like the National Investment and Infrastructure Fund to boost private sector investment in infrastructure. The Asian Infrastructure Investment Bank has approved a loan of $335 mln for the Bengaluru Metro Reach 6 project.
* OIL AND GAS: The World Bank will stop financing oil and gas exploration and extraction from 2019.
* POWER: The government has issued guidelines for bidding for wind power projects, wherein it allowed developers to terminate a purchase agreement in case of default on part of the procurer.
* RAILWAYS: The railway ministry will cancel bids called for procuring 9,500 wagons and for setting up eight Rail Neer plants as it has found a lack of transparency in the tendering process.
* REGULATORY: Securities and Exchange Board of India is planning to make the initial public offering process easier and faster by simplifying the entire procedure with a focus on reducing the listing time to four days from six now.
* TAXATION: The government has extended the deadline to revise transitional credit claimed incorrectly in the TRAN-1 form of the goods and services tax to Dec 27, the finance ministry said. The government clarified that reports of the tax department sending a huge demand for past service tax dues to information technology companies are "without basis".
* TELECOMMUNICATIONS: Telecom service provider Vodafone India has launched RED Protect, a postpaid plan with an integrated life insurance policy. Vodafone India added 879,413 subscribers to its network in October.
- Vodafone India and the government clashed in the Delhi High Court over the telecom services company's refusal to attend the Department of Telecommunications' hearing on penalty recommended over call inter-connect issue.
- The Telecom Commission will on Dec 21 take up the inter-ministerial group's report on suggestions to improve financial health of the sector, Telecom Minister Manoj Sinha said.
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* ECONOMY: The Employees' Provident Fund Organisation has advised subscribers not to completely withdraw funds for petty reasons, saying they will lose out on the social security benefits that come only when continuity is maintained.
* FINANCE: For Jan-Mar, the investment limit for foreign portfolio investors in government bonds will be raised by 64 bln rupees to 2.56 trln rupees. To prevent misuse of proposed electoral bonds, the government is likely to cap the validity at 15 days within which such bonds--bearer in nature--have to be redeemed by political parties.
* INFRASTRUCTURE: The government is looking at more innovative instruments like the National Investment and Infrastructure Fund to boost private sector investment in infrastructure. The Asian Infrastructure Investment Bank has approved a loan of $335 mln for the Bengaluru Metro Reach 6 project.
* OIL AND GAS: The World Bank will stop financing oil and gas exploration and extraction from 2019.
* POWER: The government has issued guidelines for bidding for wind power projects, wherein it allowed developers to terminate a purchase agreement in case of default on part of the procurer.
* RAILWAYS: The railway ministry will cancel bids called for procuring 9,500 wagons and for setting up eight Rail Neer plants as it has found a lack of transparency in the tendering process.
* REGULATORY: Securities and Exchange Board of India is planning to make the initial public offering process easier and faster by simplifying the entire procedure with a focus on reducing the listing time to four days from six now.
* TAXATION: The government has extended the deadline to revise transitional credit claimed incorrectly in the TRAN-1 form of the goods and services tax to Dec 27, the finance ministry said. The government clarified that reports of the tax department sending a huge demand for past service tax dues to information technology companies are "without basis".
* TELECOMMUNICATIONS: Telecom service provider Vodafone India has launched RED Protect, a postpaid plan with an integrated life insurance policy. Vodafone India added 879,413 subscribers to its network in October.
- Vodafone India and the government clashed in the Delhi High Court over the telecom services company's refusal to attend the Department of Telecommunications' hearing on penalty recommended over call inter-connect issue.
- The Telecom Commission will on Dec 21 take up the inter-ministerial group's report on suggestions to improve financial health of the sector, Telecom Minister Manoj Sinha said.
