FREE DAILY SECTORS ALERT: 03.10.2012

[rupeedesk]

* AUTOMOBILE: Hyundai Motor India reported a 7.3% year-on-year decline in its total sales to 53,558 units in September.

* AVIATION: Air turbine fuel prices have been cut by 4.3% from Oct 1.

* COAL: Due to delays in securing mining leases, India Resources has abandoned its plans to take up outsourced coal mining in captive blocks.

* COMMODITY: The ministry of consumer affairs, food, and public distribution has sent a show-cause notice to the National Spot Exchange on allegations of discrepancies in contract positions on the bourse.

* DIVESTMENT: The government has started talks to sell its shares in AXIS BANK, ITC, and LARSEN & TOUBRO.

* ECONOMY: CRISIL Research sees India 's current account deficit narrowing to 3.1% of gross domestic product in 2012-13 (Apr-Mar) from a high of 4.2% the previous year because of lower imports. The financial legislative reforms panel has mooted a unified financial regulator. Officials of FICCI, ASSOCHAM, and Confederation of Indian Industry will meet Finance Minister P. Chidambaram to find ways to further improve corporate confidence and boost economic growth. His government is poised to announce a five-year fiscal consolidation plan that will lay down clear milestones for steadily narrowing the gap between spending and revenue.

* EDUCATION: State-owned banks have relaxed rules on education loans to accommodate management quota students as Finance Minister P. Chidambaram has persuaded them to do so.

* MEDIA: The Supreme Court has issued a notice to the Uttar Pradesh government on a petition filed by Tata Sky challenging levy of entertainment tax on direct-to-home services.

* METALS: The government may go for an initial public offer of BALCO shares to determine the company's current market price before it divests its 49% residual stake to Vedanta Group.

* OIL & GAS: State-owned oil marketing companies' revenue loss on sale of fuel at subsidised rates is seen down 12% at 4.37 bln rupees daily for Oct 1-15 due to lower crude oil prices and strength in the rupee against the US dollar.

* REALTY: The finance ministry is identifying partially completed projects that can resume work after getting credit from banks.

* STEEL: The merged entity of Japan 's Nippon Steel Corp and Sumitomo Metal aims to expand its operations in China , India , and other emerging countries where demand is expected to grow. Rashtriya Ispat Nigam has urged the steel ministry to tell NMDC to bring down the prices of iron ore.

* TELECOM: The Telecom Regulatory Authority of India has capped the processing fee levied on prepaid top-up vouchers to 10% of maximum retail price or 3 rupees, whichever is less. The finance ministry has recommended that mobile phone companies be charged 9.75% annual interest over a 10-year period when they pay for airwaves bought in the upcoming auctions.

- BSNL has moved the Delhi High Court challenging the government's recent order directing telecom companies to stop offering third-generation voice and data services outside their licensed zones by signing roaming pacts. The department of telecommunications may seek the approval of an empowered group of ministers on the participation of foreign entities in the upcoming 2G spectrum auction without any Indian partner.

By RUPEE DESK

rupe...@googlegroups.com