DAILY SECTORS ALERT: 3.07.2012
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DAILY SECTORS ALERT: 3.07.2012
SECTORS ALERT (03.07.2012)
* AVIATION: Government to bring in new law to replace Aircraft Act of 1934, which does not cover issues such as viability and security, to pave the way for foreign direct investment in the sector. State-owned oil marketing companies cut price of aviation turbine fuel by average 1,253.74 rupees per kL in four metropolitan cities, effective Sunday.
* BANKS: State-run banks have asked the Reserve Bank of India to consider perpetual non-cumulative preference shares as part of their core Tier-I capital under Basel III norms. Banks to extend working capital loans for two years as against one year now to all companies that have got approval for corporate debt restructuring.
* EXCHANGES: The National Stock Exchange and BSE impose separate charges on use of algorithmic trading, which will help curb excessive speculation and misuse of technology, and check the pace of rise in algorithmic trading volume.
* EXPORTERS: Gujarat High Court strikes down retrospective implementation of amendment to Section 80 HHC of the Income Tax Act, aimed at withdrawing various tax incentives given from 1998-99.
* FMCG: Government has extended ban on import of milk, and milk products, including chocolates, candies, and confectionary, from China till Jun 23, 2013.
* HEALTHCARE: The health ministry has proposed a fee for inspecting manufacturing plants and increase in levy for examining drug applications.
* INFORMATION TECHNOLOGY: US Healthcare plan may land Indian IT companies deals worth $22 bln. US to debate bill aimed at curbing outsourcing this week.
* MUTUAL FUNDS: Government may allow mutual funds to pay more commission to distributors; 25-basis-point rise in expense ratio on the cards.
* POWER: The Andhra Pradesh government has decided to allow photovoltaic power plant developers to avail the facility of Renewable Energy Certification for solar power projects.
* RAILWAYS: Government has exempted rail services from service tax for three months.
* REAL ESTATE: Singapore-listed technology park developer likely to buy Shriram Properties' IT special economic zone in Chennai for around 5 bln rupees.
* STOCK MARKET: Finance ministry is likely to come out with details of the Rajiv Gandhi equity scheme by month end.
* TAX: Income tax department is planning to prosecute individuals who fail to disclose foreign assets.
DoT has proposed MAHANAGAR TELEPHONE NIGAM and Bharat Sanchar Nigam be exempted from paying a one-time spectrum fee. Government may allot 52 bln rupees to build an alternative communications network for defence forces.
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