FREE SECTORS ALERT: 04.09.2012

[rupeedesk]

* AUTO: Most domestic passenger carmakers bucked the slowdown and managed to report growth in August sales with higher dealer despatches ahead of the festive season starting September. Honda Siel Cars India will scale down its line-up of sedans and focus on compact cars.

* AVIATION: Air India Monday hiked fuel surcharge on domestic flights of up to 1,000 km by 150 rupees, and by 250 rupees on longer flights. It hiked fuel surcharge on international flights by 840 rupees for a one-way ticket and 1,680 rupees on return tickets. Other airlines say they will hike fares shortly.

* ENERGY: British Petroleum's Chief Economist Christof Ruehel said the current government-controlled gas pricing regime is a deterrent for global companies planning to invest in India in the sector.

* GOVERNMENT: Will not pass crucial legislations pertaining to banking, pension, and money laundering amid din in Parliament. Finance ministry has suggested that public sector undertakings should allocate up to 5% shares of the divestment offer size to their employees. The Kelkar panel on formulating a roadmap for fiscal consolidation has submitted its report to Finance Minister P. Chidambaram. Finance Minister has ruled out any "rash" action in the 120 bln-rupee Vodafone tax case.

* INSURANCE: Life Insurance Corp plans to sell every Indian life insurance by the year 2020.

* MEDIA: Chennai-based Sun Group, promoter of SUN TV NETWORK and SPICEJET, has entered the race to buy Hyderabad-based Deccan Chargers, the Indian Premier League cricket team owned by the Deccan Chronicle Group.

* MINING: Government will ask operators of 58 coal blocks to provide details of investments made to develop the mines this week. Faced with virtually no supply of bauxite, Vedanta Aluminium may close its alumina refinery in Lanjigarh in Odisha.

* MONSOON: India Meteorological Department sees extremely heavy rains in Konkan, Goa, Gujarat , Mumbai on Wednesday.

* OIL & GAS: Petroleum ministry plans to raise the price of diesel by 4-5 rupees per ltr after the parliament session ends on Friday. Oil marketing firms may also raise petrol prices by 5 rupees per ltr.

* POWER: Government may specify the roadmap of ultra mega power projects after the 25-year power purchase agreements signed between the developers of the projects and state governments come to an end.

* REGULATORY: RBI has said the ceiling on standalone primary dealers' credit exposure would not be applicable where the government fully guarantees principal and interest on the bonds.

* SUGAR: The expert committee on sugar sector decontrol hopes to submit its report to Prime Minister Manmohan Singh in two weeks.

* TAX: The Income Tax Department will focus on sectors that are paying less than the average effective corporate tax rate of 24% in a bid to push up government revenues.

* TELECOM: The Telecom Commission will decide on the unified licensing norms relevant to the upcoming 2G auctions in its next meet on Friday.

By RUPEE DESK

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