SECTORS ALERT (12.07.2012)
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SECTORS ALERT (12.07.2012)
*AVIATION: Director of civil aviation ministry, Syed Naser Ali has been appointed Air-India's joint managing director.
* CONGLOMERATE: Aditya Birla Group has restructured the management of its pulp and fibre business.
* ELECTRONICS: The Union Cabinet may consider a national policy on electronics and Modified Special Incentive Package Scheme for electronic goods today.
* ENERGY: Oil ministry has forwarded the issue of coal gas pricing to an empowered panel of secretaries after raising objections and holding back approvals for nine months. Prime Minister Manmohan Singh has told the Congress party that there is no option but to raise diesel prices by at least 5 rupees per litre after the
presidential elections. The West Bengal government has said it isn't willing to sell stake in Haldia Petrochemicals Ltd.
- Reliance Gas Transportation Infrastructure has expressed interest to Petroleum and Natural Gas Regulatory Board to build a 300-km pipeline for supplying coal methane gas from Madhya Pradesh to Uttar Pradesh. A consortium of Gujarat State Petroleum Corp, OIL AND NATURAL GAS CORP, BHARAT PETROLEUM CO and OIL INDIA may revise bid for British Gas' 65.12% stake in the Gujarat Gas Co.
* FOREX: RBI has allowed Indian citizens to roll over their hedge transactions from one authorised dealer bank to another.
* INFORMATION TECHNOLOGY: General Motors is planning to slash outsourcing its IT requirement to 10% in the next three years from 90% now.
* INFRASTRUCTURE: Amid slowdown, developers have delayed adding 44% of shopping mall space they were to in the first half of this year.
* METALS: Essar Group arm may be asked to bring a local partner in Zimbabwe to revive steel mill and develop iron ore mine the company had acquired last
year. Essar Steel has started surveying areas through which it would reroute the Kirandul-Vizag pipeline.
* MUTUAL FUNDS: Top representatives of the mutual fund industry are likely to meet finance ministry officials today to discuss measures to revive the sector.
* PHARMACEUTICAL: South Africa 's Adcock Ingram has acquired Cosme Farma for 4.80 bln rupees, a premium of 13-times Cosme's revenues. A special group reporting to the finance ministry has suggested it could consider permitting up to 49% FDI via the automatic route for brownfield investments in case the company's control remains in Indian hands.
* POWER: The ministry has decided to allow power project developers to pass on the entire fuel cost to consumers. The Andhra Pradesh Power Transmission Corp has announced imposition of power cuts for three days in a week for large industries.
* RETAIL: British Luxury brand Alfred Dunhill is winding up its India operations due to unfavourable economic conditions and challenges in the retail sector.
* TAXES: State governments have threatened to hike taxes or levy fresh ones if the Centre fails to compensate them for the reduction in central sales tax.
* TELECOM: The Department of Telecom has revised timeline for upcoming spectrum auctions and information memorandum having details of the sale will
be released on Aug 22. The Department of Telecommunications may de-link the fee to be paid to the auctioneer of 2G spectrum from the final bid prices.
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