SECTORS ALERT (09.10.2012)
rupeedesk
* AVIATION: The government plans to develop 10-15 greenfield airports, Civil Aviation Minister Ajit Singh has said.
* BANKING: Fitch Ratings expects Indian banks to face sustained asset quality weakness over the next few quarters but believes that most banks have a reasonable buffer to withstand the growing stress. The proposed bank re-capitalisation plan of public sector banks will be linked to performance and will be completed in a single tranche soon.
* CORPORATE: The Central Board of Direct Taxes may issue a circular waiving interest and penalty on taxes companies may have to pay as a result of the retrospective amendment seeking to tax indirect transfer of assets, the finance minister said.
* ECONOMY: Finance Minister P. Chidambaram sees India 's GDP growth in the last three quarters of 2012-13 (Apr-Mar) better than the 5.5% posted in Apr-Jun. The finance minister has warned that India risks a sharp growth slowdown without further reforms. The International Monetary Fund has slashed its forecast for India 's growth in 2012 to 4.9% from 6.2% and attributed it to domestic structural sluggishness amid a worsening global economy.
* INFRASTRUCTURE: Highways ministry plans to award about 4,000 km of road project on engineering, procurement, construction basis in 2012-13.
* OIL AND GAS: The number of people availing subsidy on liquefied petroleum gas may fall, and the mode of the subsidy may shift to a direct subsidy mechanism.
* PHARMACEUTICALS: The Supreme Court has given the Centre and state governments eight weeks to submit reports on the use of human beings for clinical trials by drug manufacturers.
* RAILWAY: The government is looking at setting up a tariff authority to determine the need and size of rail tariff revisions on a regular basis soon.
* RETAIL: Swedish furniture retailer IKEA said it will fully comply with India 's single-brand retail regulations, and that it has filed for the final document seeking permission to open its store in the country.
* TELECOM: The Department of Telecommunications may refund licence fee of those companies whose licences were squashed by the Supreme Court, if they fail to get spectrum in auction. The government plans to complete laying a pan-India optic fibre network by the end of December 2013. Telecom operators may have to pay a minimum of 270 bln rupees to the government if the Cabinet accepts a ministerial panel's recommendation to charge a fee for their existing second-generation spectrum that will match the upcoming auction-determined price.
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