DAILY SECTORS ALERT: 15.06.2012

[rupeedesk]

DAILY SECTORS ALERT: 15.06.2012

* FERTILIZERS: Manufacturers have raised prices of other nutrient products for the current kharif season, even as the government has deferred raising urea prices.

* HOSPITALITY: South African company, Mantis Collection has entered into a joint venture with ICS Group to develop and operate boutique luxury hotels in the Indian sub-continent and in South East Asia .

* INFORMATION TECHNOLOGY: Government has said it will do away with complex multi-level system of tax deduction at source for the information technology sector from Jul 1.

* INSURANCE: A source said Life Insurance Corp of India paid 6.38 bln rupees as advance tax in Apr-Jun against 5.85 bln rupees paid in the same quarter a year ago.

* LOGISTICS: Indian Railways has rolled back a rise in haulage charges for pig and sponge iron movers.

* MEDIA: Sony Pictures Television, a wholly owned arm of Sony Pictures Entertainment, is in a pact to buy 32% stake of Grandway Global Holdings and Atlas Equifin in Multi-Screen Media for 15 bln rupees.

* OIL: India is looking to raise crude oil purchases from other countries to diversify sources of oil imports to strengthen energy security.

* PHARMACEUTICALS: Tata group owned drug discovery and services firm, Advinus Therapeutics is in talks with a few foreign companies to either sell out completely or to sell its new molecule research business. Privately-held German pharmaceutical company, Boehringer Ingelheim and US-based Eli Lilly have received approval to market oral diabetes drug Tradgenta, used to treat type-2 diabetes.

* POWER: Power distribution companies in Delhi are looking for another hike of 20% in power rates in less than a year. There was a 21% rise in power rates in Delhi in September.

* REGULATORY: Reserve of India Deputy Governor K.C. Chakrabarty said India has a contingency plan to deal with any crisis emerging from Europe .

* TELECOM: Department of Telecommunications has offered to reduce the reserve price for spectrum in the upcoming 2G mobile telephony spectrum auction, if telecom companies agree to match the auction-determined price for their frequencies over the remaining life of their licenses.  Srei group promoted Quippo has made a 30 bln-rupee bid for the tower business of Bangladesh 's second largest telecom operator, Banglalink.

By RUPEE DESK
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