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Today Sector News – 04.06.2018

Today Sector News – 04.06.2018


* AGRICULTURE: The 10-day nationwide strike called by farmers, which started, may reduce supply of vegetables and milk, and lead to a substantial rise in the prices of these commodities in the coming days.

* AVIATION: The Central Bureau of Investigation today questioned 'lobbyist' Rajender Dubey in connection with alleged malpractices by AirAsia India.
 -Internal communications among top executives of AirAsia and AirAsia India stakeholder Tata Sons are key to the ongoing probe by the Central Bureau of Investigation.
 -The CBI questioned 'lobbyist' Rajender Dubey in connection with alleged malpractices by AirAsia India Ltd and its promoters while trying to get international flying licences by manipulating policies, officials said.
 -Air India has asked the government to "restore" equity infusion in the carrier, after it failed to find any takers for its disinvestment.
 -Civil Aviation Minister Suresh Prabhu has asked aircraft manufacturer Airbus to build planes in India under the 'Make in India' initiative.

* BANKING: The government is pushing loss-making state-run banks to sell their riskier assets to larger peers, such as STATE BANK OF INDIA, to reduce the capital requirement of public sector lenders, that have been hit  hard by the RBI's latest norms on provisioning for bad debt.
 -Top officials of both public and private banks will brief a parliamentary panel on the issue of mounting nonperforming assets and banking frauds.
 -The Banks Board Bureau to undertake its first major assignment of shortlisting candidates for about 30 toplevel vacancies in the public sector banks beginning Jun 13.

* ECONOMY: The government has introduced a new scheme, Benami Transactions Informants Reward Scheme 2018, to encourage people to help unearth black money and reduce tax evasion, the government said.
 -The Reserve Bank of India's Monetary Policy Committee is likely to vote to leave the repo rate unchanged at 6.00% on Wednesday, according to a Cogencis poll of 35 economists, treasurers, and mutual fund houses.
 -RBI is expected to signal a shift from the current "neutral" stance to "withdrawal of accommodation" at the Jun 6 monetary policy committee followed by rate hikes in the forth coming meetings in August and October.

* OIL & GAS: As global oil prices continue to surge, the governments key policy advisor is of the view that states have to take the lead in cutting duties while the Centre needs to first find the fiscal space before it can slash taxes on fuels. India will import its first ever cargo of liquefied natural gas from Russia under a long-term deal.

* POWER: The Allahabad High Court has stayed the application of the Reserve Bank of India's latest
regulations for resolution of stressed loans on power sector companies.

* REGULATORY: The Securities and Exchange Board of India has asked custodians of foreign portfolio investors to identify offshore funds that are 'controlled' by non-resident Indians.

* TAXATION: Free services, such as ATM withdrawals, provided by banks to customers will not attract goods and services tax, but late payment charges on outstanding credit card bills and purchase of insurance policies by non-resident Indians will attract levy.
SECTORS ALERT 04.06.2018

* TELECOM: The government has sought applications for the post of chairperson of the country's telecom regulator by July 2, setting the ball rolling for a change of guard at the authority. Vodafone India lost 664,816 mobile users in April vs 5.6 mln added in March.
 Loss-making, state-owned firm Bharat Sanchar Nigam has requested the department of telecommunications for allocation of an additional carrier--5 MHz--spectrum in the 2100 MHz band across 19 circles so that it can provide 4G services to shore up its revenues