FREE DAILY SECTORS ALERT: 28.09.2012

[rupeedesk]

* AVIATION: Domestic carrier IndiGo is not planning a share sale.

* BANKING: Savings deposits might fetch lower returns as banks are considering reducing rates.

* COAL: The Central Bureau of Investigation has started its probe against 24 companies and public officials in connection with the alleged coal block allocation scam. The government is likely to use its discretion and allot at least 16 coalfields to state-owned companies.

* ECONOMY: The government's borrowing programme for Oct-Mar assumes the country's fiscal deficit in 2012-13 (Apr-Mar) will remain within 5.3% of gross domestic product. Reserve Bank of India Governor D. Subbarao has said economic growth has no meaning if poor are left behind.

* EXPORTS: The RBI has said that the interest rate ceiling on lines of credit of exporters with overseas banks would continue to be six month-LIBOR plus 250 basis points.

* FERTILISER: The Cabinet will consider a proposal to hike urea price by 10% next month.

* INFORMATION TECHONOLOGY: NASSCOM sees the Indian offshore engineering research and development market at $37 bln-$45 bln by 2020, and creating over 1 mln jobs.

* PHARMACEUTICAL: A group of ministers formed to decide on the National Pharmaceutical Pricing Policy has proposed weighted average price formula for essential drugs.

* RAILWAYS: The finance ministry has decided to levy service tax on air-conditioned rail passenger fares as well as freight charges from Oct 1.

* REALTY: Mumbai office realty market witnessed the highest absorption across cities in India in Jul-Sep, recording over 50% jump over the previous quarter. The Bombay High Court has lifted the stay on a probe into the alleged 300-bln-rupee Powai land scam, paving the way for Anti-Corruption Bureau to restart investigating Hiranandani Developers.

* RESOURCES: The Supreme Court has said auction cannot be held as the only valid procedure to allot natural resources as pursuit of "common good" may call for "different treatment for different resources".

* TAXATION: The Central Board of Direct Taxes is likely to moot a proposal to exempt companies caught in the controversial retrospective tax net from paying interest and penalties.

By RUPEE DESK

rupe...@googlegroups.com