SECTORS ALERT (09.08.2012)
rupeedesk
SECTORS ALERT (09.08.2012)
* AVIATION: Air India is eligible for an additional compensation of at least $80,000 per aircraft per annum if the 27 Dreamliners it plans to buy do not match up to the high performance standards claimed by Boeing. Of the 300 routes Air India flies, only three are profitable, Civil Aviation Minister Ajit Singh has said. Air India has not been able to join the 27-member Star Alliance --the world's largest airline alliance.
* BANKING: Demand for loan restructuring at banks was highest in a quarter ended June, raising fears that banks may be short of 65 bln rupees of capital. The norms for selecting public sector banks' chiefs are likely to be tweaked.
* CEMENT: Brickwork Ratings has said that demand growth, high pricing, and reduction in excise duty may aid earnings of Indian cement makers in 2012-13(Apr-Mar).
* CONGLOMERATE: Essar Group plans to dilute stake in its business process outsourcing arm Aegis, followed by an initial public offering of its shares.
* CORPORATE: Indian companies raised $1.99 bln through external commercial borrowings and foreign currency convertible bonds in June, down 40.9% from the previous month.
* ECONOMY: Citi India has cut its forecast on India 's gross domestic product growth in the current financial year ending March to 5.4% from 6.4%.
* FAST-MOVING CONSUMER GOODS: Market research firm Nielsen and India 's consumer goods makers are in sharp disagreement over growth rates in the sector.
* GOVERNMENT: Has eased some stringent conditions in the proposed legislation for land acquisition.
* INFRASTRUCTURE: Over 30 highway development projects worth over 88 bln rupees are stuck for want of land.
* PHARMACEUTICALS: Drugs Controller General of India has released draft norms for fixing compensation in cases of injury or death during a clinical trial.
* REGULATORY: The Securities and Exchange Board of India, at its board meeting on Aug 16, will mull reintroducing 2% entry load for mutual funds sold in cities other than the top 15.
* RETAIL: Bharti Walmart has scrapped plans to start e-commerce operations in India after more than a year of preparations. In two months, only one state and three union territories have expressed support for foreign direct investment in multi-brand retail.
* TEXTILES: The finance ministry has asked banks to create a special window for debt-restructuring for the sector on a case-by-case basis.
* TELECOM: The Company Law Board has reserved its order on Uninor assets auction case between joint venture partners Telenor Group and UNITECH. The Central Bureau of Investigation probing the 2G spectrum scam has told the Joint Parliamentary Committee that it did not find adequate evidence against Anil Ambani and his wife Tina Ambani, to pursue a case.
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