DAILY SECTORS ALERT: 26.06.2012
rupeedesk
* AUTOMOBILE: Toyota Kirloskar Auto Parts is setting up a third manufacturing plant for automotive components near Bengaluru, at an investment of 7.5 bln rupees. Yamaha Motor Co plans to develop a motorcycle, which will be priced at $500 in India .
* BANKING: Standard Chartered Bank India is in the lead to buy select retail assets of Barclays worth about 25 bln rupees. Investment banks and brokerages across Asia have launched a sweeping round of job cuts as debt crisis in Europe and slowdown in China have hurt business.
* BROKERAGES: Firms such as Edelweiss Securities, ICICI Securities, Kotak Securities, and IDFC Securities plan to apply to the Monetary Authority of Singapore for a licence to trade in Nifty futures.
* CEMENT: Fitch says the Competition Commission of India's order on penalising 11 cement makers for cartelisation may consolidate the industry further.
* CONSUMER DURABLES: Panasonic India plans to invest 15 bln rupees in India over next three years to meet its turnover target of 250 bln rupees for 2015.
* CORPORATE: Future Group has put on hold talks to sell 49% stake in its sourcing and manufacturing operations to Japan 's Lawson. London-listed Essar Energy is in advanced talks with banks for a $1-bln loan to meet its sales tax liability of $1.2 bln to the Gujarat government.
* ECONOMY: Government is looking at liberalising withholding tax on foreign exchange loans. Government is also considering a proposal to finance oil imports. Final document for the 12th Five Year Plan (2012-17) is likely to have 9.0-9.5% average annual economic growth target for India . Planning Commission of India's Deputy Chairman Montek Singh Ahluwalia has said more measures, like those announced by the RBI Monday, are in the offing to revive growth and boost foreign fund inflow.
* INFORMATION TECHNOLOGY: China 's Huawei will invest $2 bln in next four years in India to market consumer devices and set up a research and development centre.
* INFRASTRUCTURE: Nine public sector financial institutions have formed a consortium to jointly finance infrastructure projects worth over 10 bln rupees. The West Bengal government is considering drafting a fresh Singur Bill to avoid going to the Supreme Court after the Calcutta High Court struck down the Singur Land Rehabilitation and Development Act 2011 last week.
* METAL: A consortium of lenders led by IL&FS will provide 9 bln rupees to an iron ore project in Odisha promoted by UK 's trading firm Stemcor.
* OIL: Oil marketing companies' 2012-13 (Apr-Mar) under recovery projection for diesel, kerosene, and liquefied petroleum gas has fallen 22% from that at the start of the year to 1.6 trln rupees.
* PHARMACEUTICAL: National Pharmaceutical Pricing Authority may soon revise the prices of about 50 drugs, including painkillers and diabetes medicines. An international group set up to frame rules on foreign direct investment for brown-field projects has decided to do away with the mandatory transfer of technology by a foreign investor to the target company.
* REGULATOR: RBI has cut the lock-in period for foreign institutional investors investing in infrastructure debt and infrastructure development funds to one year from three years earlier. RBI has allowed manufacturing and infrastructure companies having foreign exchange earnings to opt for external commercial borrowings to repay loans. The Securities and Exchange Board of India may ease norms on offer for sale and institutional placement programme to help companies meet next year's public shareholding deadline. The Competition Commission of India gets notice from Competition Appellate Tribunal on pleas of EXCEL CROP CARE and Sandhya Organics Chemical, which challenged CCI's penalty of 3.18 bln rupees on aluminum phosphide table makers.
* RETAIL: Starbucks Coffee Co and equal joint venture Indian partner Tata Group plan to open around 40 stores by December, half in hotels and half in high-street malls.
* STOCK EXCHANGE: Chennai-based Thejo Engineering may be the first to list on National Stock Exchange's platform for small and medium enterprises. The company plans to raise 200 mln rupees via an initial public offer and may launch the issue in the second week of July.
* TELECOM: Department of Telecommunications has sent a draft of the Cabinet note to decide on spectrum auction norms and reserve price to four ministries for feedback. Ministries of law, finance, planning, and corporate affairs don't support the telecom ministry's view of charging incumbent operators the price for spectrum that will be discovered in the 2G auction.
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