DAILY SECTORS REPORT: 27.06.2012
rupeedesk
* BANKING: Some foreign banks have requested the finance ministry to get the Reserve Bank of India to speed up the decision on their applications for new branches. RBI may impose curbs on the sale of gold coin by banks.
* CEMENT: CRISIL Ratings has said the penalty imposed by the Competition Commission of India on 11 cement manufacturers is unlikely to affect the companies' credit quality.
* FAST-MOVING CONSUMER GOODS: Coca-Cola Co will pump in $5 bln into India by 2020 in bottling and infrastructure segments, and in enhancing rural penetration.
* GOVERNMENT: Senior Congress Party leader Pranab Mukherjee stepped down on Tuesday as the Union finance minister to contest the presidential polls. Prime Minister Manmohan Singh will hold the finance portfolio for now. Singh may shuffle some positions in the finance ministry, with former International Monetary Fund Economist Raghuram Rajan likely to get a key position in economic policymaking.
- Home Minister P. Chidambaram and Agriculture Minister Sharad Pawar may succeed Mukherjee as the heads of most Empowered Group of Ministers. Finance ministry is looking at a plan aimed at boosting foreign exchange inflows, stabilising the rupee, and initiating tough reform measures.
* HOSPITALITY: US ' Berggruen Hotels plans to double room inventory and invest at least 4.5 bln rupees in new projects across India .
* METAL: BHUSHAN STEEL, MONNET ISPAT & ENERGY, and two other Delhi-based steel makers plan to acquire up to 20% each in Orissa Sponge Iron, revising an earlier open offer for the company. BHUSHAN STEEL's offer is at 360 rupees a share, and MONNET ISPAT's offer is likely to be at 310 rupees a share.
* MINING: Odisha government will not grant licences to mine owners until the Supreme Court decides on a Presidential reference made to it by the Centre.
* OIL: Petroleum ministry is pushing state-run retailers to revise petrol prices every day, in line with international rates and the rupee's value against the dollar. Oil marketing companies may cut petrol prices by up to 4 rupees a ltr from Sunday.
* POWER: Delhi Electricity Regulatory Commission has approved a hike--24% for domestic consumers and 19.5% for commercial users--in power tariffs.
* RAILWAYS: The government may hike railway fares of first and air-conditioned classes by 3.6% with effect from Jul 1.
* REAL ESTATE: Runwal Group is in talks to buy 50% stake of entrepreneur C. Sivasankaran in a six-acre plot in Hindoostan Mills at Prabhadevi, Mumbai.
* REGULATORY: SEBI has relaxed 'offer for sale' norms, allowing promoters to sell shares within the cooling off period. SEBI has said a special debt auction will be held for foreign institutional investors on Jul 4.
* TELECOM: Sistema Shyam Teleservices has slashed its data tariffs by up to 60% in the Delhi-National Capital Region. Department of Telecommunications has sought the Attorney General of India's views on a plan to make operators pay the auction-determined price for 2G spectrum auction.
| By RUPEE DESK |
| rupe...@googlegroups.com |