FREE DAILY SECTORS ALERT: 16.08.2012

[rupeedesk]

FREE DAILY SECTORS ALERT: 16.08.2012

* BANKING: The Reserve Bank of India has asked banks to come up with a board- approved policy for pricing of deposits. The RBI has proposed limits for intra-group transactions and exposures for banks in a set of draft guidelines on which it has sought feedback by Sep 14. STANDARD CHARTERED BANK has agreed to pay $340 mln to the New York Department of Financial Services to settle claims against it.  STANDARD CHARTERED BANK may face more probes from US agencies, as regulators including the US Treasury, Federal Reserve, justice department, have declined attempts to arrive at global settlement.

* CORPORATE: The RBI and the finance ministry are in discussions to allow companies to invest in Pakistan.

* ENERGY: The oil ministry has asked the external affairs ministry to take up with the US government the issue of relaxing norms for liquefied natural gas and liquid shale gas exports to India.

* FAST-MOVING CONSUMER GOODS: Cadbury India is being probed by the excise department for alleged bribing government officials in matters related to its Himachal Pradesh unit.

* INFRASTRUCTURE: The government is set to float a multi-billion-dollar, 30-year sovereign bond for funding infrastructure projects.

* LIQUOR: Diageo seeks to build a portfolio of luxury brands in India.

* MINING: The Karnataka government has initiated a process to recommend new iron ore mining leases. The move could speed up steel projects of ArcelorMittal and TATA METALIKS in the state.

* PHARMACEUTICALS: An inter-ministerial group has recommended using per-capita income-linked reference pricing mechanism for patented drugs. The proposal, if implicated, will bring down prices of patented drugs by up to one-third.

* PUBLIC SECTOR: The ministry of heavy industries seeks to set up a public sector land development authority to identify excess land banks with sick public sector units that can be sold for commercial use.

* REALTY: The RBI is set to soon implement the proposal of allowing external commercial borrowings for low-cost housing projects.

* REGULATORY: An RBI panel has said that India should gradually increase the investment limit for foreign institutional investors in government bonds.

* SHIPPING: Goa-based Dempo group has acquired controlling stake in Gujarat's shipyard company Modest Infrastructure for over 7 bln rupees.

* TELECOM: Uninor has moved the Delhi High Court challenging the Company Law Board order restraining the company from selling its businesses and assets. The government plans to make it mandatory for companies to procure minimum 30% of their equipment from local manufacturers.

By RUPEE DESK

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