DAILY SECTORS ALERT: 11.10.2012

[rupeedesk]

* AVIATION: The civil aviation ministry is considering a proposal to set up a separate unit to monitor and analyze the financial position of airlines.

* AUTOMOBILES: Hyundai Motor India said it would significantly hike vehicle prices within a couple of weeks to offset the rise in input costs.

* ECONOMY: Government's net direct tax collections in Apr-Sep rose by 16.3% year-on-year to 2.27 trln rupees, as refunds remain lower than last year.

* ENERGY: The Organization of the Petroleum Exporting Countries has kept its outlook on global crude oil demand in 2013 unchanged at 89.6 mln barrels a day.

* GOVERNANCE: The labour ministry is preparing a Cabinet note for amending the Contract Labour Act to ensure parity in wages and social benefits between permanent and temporary workers.

* INFORMATION TECHNOLOGY: Gartner sees India 's information technology spend rising 7.7% on year to $71.5 bln in 2013.

* MEDIA: Delhi , Mumbai, Kolkata and Chennai combined have achieved 77% digitisation of cable television so far.

* OIL AND GAS: The government has cancelled authorisations issued to Mukesh Ambani's privately held Reliance Gas Transportation Infrastructure to lay down four gas pipelines totalling 2,175 km.

* PHARMACEUTICALS: The Department of Pharmaceuticals has circulated a draft Cabinet note for finalising the pricing policy to fix the rates of 348 essential drugs.

* POWER: The Prime Minister's Office has directed the power and coal ministries to complete the process of signing fuel supply agreements with power developers by Nov 15.

* TAXATION: Despite the recommendations of the Shome committee against restrospective taxation of overseas transfer of underlying Indian assets, the Essar Group is unlikely to be refunded the $880 mln it paid to the income tax department.

* TELECOM: Videocon Telecommunications, which lost its pan-India permit earlier this year following a Supreme Court ruling, has demanded that the government offset the 15.07-bln-rupee entry fee it had paid for its licences interest if it wins airwaves in the upcoming spectrum auctions.

By RUPEE DESK

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