SECTORS ALERT (29.08.2012)

[rupeedesk]

* AVIATION: Air India has not yet decided on importing aviation turbine fuel directly, Civil Aviation minister Ajit Singh informed the Rajya Sabha Tuesday.

* BANKING: Finance Minister Chidambaram will review the draft guidelines for new banking licences. This is being seen as a clear signal the government is keen to get new banks going. 

* E-COMMERCE: Fashion and You has acquired online fashion and beauty products retailer Urban Touch for $30 mln in a cash and stock deal.

* ECONOMY: Reserve Bank of India Executive Director D.K. Mohanty has said the country's import cover reserves may fall further in 2012-13 (Apr-Mar) due to lack of capital flows.

* EXCHANGE: BSE is confident of listing of at least 15 companies on its small and medium enterprise platform by March.

* FINANCIAL INSTITUTIONS: After being forced out of its deposit-taking business, the Peerless Group is planning to start lending operations.

* GOVERNANCE: The Union Cabinet has referred the Land Acquisition Rehabilitation and Resettlement Bill, 2011 to a group of ministers following lack of consensus between ministries. A subordinate legislation committee of the Lok Sabha has pulled up the Department of Atomic Energy for "diluting" the Civil Liability for Nuclear Damage Act.

* MEDIA: Japan 's Dentsu has acquired 51% stake in Indian advertising firm Taproot for an undisclosed amount.

* MONSOON: India received 9.4 mm rainfall Tuesday, 27% above the normal of 7.4 mm.

* OIL: The government has already paid the oil subsidy for 2011-12 to state-owned companies, and is likely to make the payment for Apr-Jun by October.

* REGULATORY: The Securities and Exchange Board of India and the RBI have decided to allow companies to partially redeem or convert their Indian depositary receipts into underlying equity shares as well as re-convert shares into IDRs.

* RETAIL: The government has moved a Cabinet note to dilute the local sourcing norms for foreign single-brand retailers that have discouraged foreign players even after India allowed 100% foreign direct investment in the sector. Flipkart.com is targeting annual turnover of $1 bln by March 2015.

* TAX: Finance Minister P. Chidambaram has indicated that implementation of the Direct Taxes Code could be delayed as the bill needs a "fresh look". 

* TELECOM: The Punjab and Haryana High Court has asked the Gurgaon district court to take a final decision by Sep 20 on whether Norway 's Telenor should be permitted to bid in the proposed 2G spectrum auction without UNITECH.  The Delhi High Court has deferred to Sep 17 the plea hearing of Telenor and its joint venture company UNINOR challenging a Company Law Board order.

By RUPEE DESK

rupe...@googlegroups.com