DAILY SECTORS ALERT: 23.08.2012

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SECTORS ALERT (23.08.2012)

* COAL MINISTER: The ministry is working on a policy to deal with surplus coal allocation.

* CORPORATE DEBT: The government has said that home loan companies can raise loans overseas for funding low-cost housing projects. The government has eased norms for external commercial borrowings and raised the cap on overseas loans by infrastructure and manufacturing companies to repay rupee loans.

* FOREIGN DIRECT INVESTMENT: Finance Minister P. Chidambaram has cleared a proposal to raise FDI limit in insurance and pension sectors to 49%. The finance ministry will move a detailed proposal for the consideration of the Cabinet.

* INFORMATION TECHNOLOGY: The government sees exports of information technology and IT-enabled services sector growing at an compounded annual rate of 13.8% to $130 bln by March 2017.

* INVESTMENT: Sistema Joint Stock Financial Corp, Vodafone International Holdings, and Children's Investment Fund Management (UK) have served notices to the government under Bilateral Investment Promotion and Protection Agreements.

* MONSOON: India Meteorological Department said the country received rainfall of 13.8 mm on Aug 22, which is 67% above normal.

* PARLIAMENT: Opposition parties stalled Parliament proceedings for the second day Wednesday demanding the resignation of Prime Minister Manmohan Singh over the Comptroller and Auditor General's report on coal block allocations.

* PERSONNEL: Anup Wadhawan, currently joint secretary in commerce and industry ministry, is likely to be appointed joint secretary in capital market division of the finance ministry.

* PHARMACEUTICALS: The Supreme Court will start hearing from Sep 11 the final arguments in Swiss drugmaker Novartis's petition for patent for its cancer drug Glivec.

* POLICY: The government has decided to bring back mergers within the purview of the Competition Commission of India. It has decided to drop a proposal in the Banking Laws (Amendment) Bill that would have taken bank mergers out of the ambit of the competition panel.

* REGULATORY:  The Securities and Exchange Board of India has decided to expand the list of 'insiders', or people privy to sensitive information in a company.

* RETAIL: The Delhi High Court has issued a notice to Bharti Walmart on a petition seeking investigation into alleged violation of foreign direct investment norms by the company.

* SHIPPING: British aerospace and power systems manufacturer, Rolls Royce has signed an 8-mln pound sterling contract with India to design a specialised buoy tender vessel.

* TELECOM: The government has approved modifications to the tripartite agreement in the existing Unified Access Service licences, and to allow financial institutions to auction spectrum in case of default of loan by telecom companies.

By RUPEE DESK

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