SECTORS ALERT (02.08.2012)
rupeedesk
SECTORS ALERT (02.08.2012)
* BANKING: The government has asked public-sector banks to gear up their branches to support farmers in rain-deficient areas. Investments by banks with a redominant foreign shareholding in stressed companies will not be counted as overseas investment.
* CORPORATE: Fitch Ratings has revised its outlook on Vedanta Resources' rating to 'positive' from 'stable'. The Finance Ministry has said promoters of a company have to bring in equity upfront and provide personal guarantees before any loan of the company is restructured by banks. Government may allow asset reconstruction firms such as Arcil, Pegasus, and Reliance ARC to convert the bad loans they acquire from banks into equity in the debtor company.
* FMCG: Competition Commission of India has approved the merger of Saurashtra Chemicals with Nirma.
* GENERAL: One person was injured in a series of five low-intensity blasts in a crowded area of Pune late evening on Wednesday.
* GOVERNMENT: Has lifted the ban on foreign direct investment from Pakistan . India may get a sovereign wealth fund, funded by the government, with an initial corpus of 10 bln rupees to buy natural resource assets abroad.
* HEALTHCARE: The government may relinquish its responsibilities to provide primary healthcare and instead allow private firms and medical practitioners to provide the services.
* INFRASTRUCTURE: Growth in India 's eight key infrastructure industries slowed down to 3.6% in June from 4.0% a month ago. The Cabinet is likely to take up the land acquisition bill next week.
* MEDIA: The government plans to probe the alleged fudging of television viewership data by TAM Media Research.
* MUTUAL FUNDS: The Securities and Exchange Board of India has proposed a long-term policy, which includes tax breaks for investors, to revive mutual funds. It has also proposed to lower taxes and stamp duties.
* OIL: Oil Minister Jaipal Reddy has said the ministry was closely watching demand for diesel and price situation but maintained that any hike in diesel price was a political decision.
* POWER: The power ministry has called a meeting on Aug 6 of chief ministers of some states affected by the recent grid failure to discuss the grid collapse. The policy on usage of surplus coal produced in mines allocated to companies for captive use will be finalised by November. The wind power sector is likely to get back 'generation-based' incentives from the government. Gujarat has offered to sell 2,000 MW power to the Centre.
* PRIVATE EQUITY: Star Health and Allied Insurance, backed by Sequoia Capital and ICICI Venture, is in talks with private equity players to raise 1.0-1.5 bln rupees. PE firms Partners Group of Switzerland and India Value Fund are in talks for a 2-bln-rupee equity stake in Global Hospitals, which is backed by Everstone Capital.
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