FREE DAILY SECTORS ALERT: 13.09.2012

[rupeedesk]

* AGRICUTURE: Government may release its first estimate of kharif crop output for the season that began Jul 1 by the end of this week or early next week. Empowered Group of Ministers on drought has approved raising the period of guaranteed work under Mahatma Gandhi National Rural Employment Guarantee Act to 150 days in drought-hit areas.

* AUTOMOBILES: Sales of utility vehicles have overtaken those of sedans in Apr-Aug.

* AVIATION: Air India has asked the government for 11 bln rupees more to implement the voluntary retirement scheme that is aimed at reducing its headcount by 5,000.

* BANKING: Reserve Bank of India has cancelled the banking licence of Latur- based Rajiv Gandhi Sahakari Bank with effect from Aug 30.

* DISINVESTMENT: The Cabinet Committee on Economic Affairs is likely to consider divestment in five public sector units including NATIONAL ALUMINIUM CO, NEYVELI LIGNITE CORP, and MMTC.

* ECONOMY: The Reserve Bank of India has said the investment outlook for 2012-13 (Apr-Mar) remains subdued, as companies may not be able to carry out any major capital expenditure given the low growth and high interest rate scenario.

* MEDIA: Cabinet may decide raising foreign direct investment limit to 74% across all platforms that carry and distribute television signals on Friday.

* MINING: Union Ministry of Environment and Forests has suspended the environment clearances of all 93 mining leases in Goa , and has asked mine owners to submit the relevant documents. The inter-ministerial panel on coal, looking into the matter of de-allocation of coal blocks where mining has not begun, will again meet on Friday, but the Sep 15 deadline for the panel to submit its final report could be missed. The finance ministry has told the inter-ministerial group on coal that it cannot decide, or even recommend, de-allocation of coal blocks, as it was not privy to all pre-allocation facts.

* POWER: The power ministry has framed new bidding guidelines to prevent private companies with cheap captive coal mines from selling power at steep rates in the open market..

* STOCK EXCHANGES: The National Stock Exchange has announced adjustment of annual subscription charges in the cash market segment, with transaction charges and carry forward of annual advance minimum transaction charges in the derivatives segment. MCX Stock Exchange has announced the launch of its 40-share index-a free-float-based index comprising large market-cap and liquid stocks, representing most important sectors.

* REAL ESTATE: The Competition Commission of India is investigating 70 real estate developers, including UNITECH, PARSVNATH DEVELOPERS, and OMAXE, for entering into one-sided agreements with buyers, and for allegedly colluding with each other to arm-twist buyers.

* TAXATION: The Income Tax Appellate Tribunal, Mumbai, has held that tax is not payable for expenditure incurred for buyback of shares at a premium.

* TELECOM: Telenor is looking to induct a non-telecom partner for its India operations, after parting ways with UNITECH.

By RUPEE DESK

rupe...@googlegroups.com