Domestic News
- Government amends the rules governing special economic zones (SEZ) to align them with the GST.
- Government forms a Competition Law Review Committee to review the Competition Act to ensure that the legislation is in line with the changing business environment.
- Government is planning to sell its stake in SJVN Ltd and Power Finance Corp. to other government-controlled companies in deals that may fetch the federal government about Rs 20000 cr.
- Government assures that it will provide adequate liquidity to mutual funds and non-bank financial companies.
- Government is considering developing nationwide specifications for public procurement of goods by central government agencies to encourage domestic suppliers to plan their production schedule.
- Government extends by a fortnight till October 15 the deadline for filing Income Tax Return (ITR) and audit report for financial year 2017-18.
- Government prepares a five-year schedule to double India's edible oil production and reduce import dependence, through expansion in sowing area and yield.
- Government hikes interest rate on small saving schemes by 30-40 basis points.
- Government to soon bring standardization for 1,000 medical devices
- India’s core sector growth slowed to 4.2% in August compared with an upwardly revised 7.3% in July.
- India defers the imposition of retaliatory tariffs on some US imports, signaling its readiness to find a solution to avert a trade war.
- India’s Nikkei manufacturing Purchasing Managers’ Index (PMI) rose in September to 52.2 from 51.7 in August.
- Prime Minister Narendra Modi says the size of the Indian economy will double to $5 trillion by 2022 with manufacturing and agriculture contributing $1 trillion each.
- Finance Ministry notifies tax collected at source (TCS) at the rate of 0.5% of the net value of intra-state taxable supplies made through the e-commerce portals by other suppliers in the Central Tax law.
- Finance Ministry rejects an aviation ministry proposal to waive Air India’s working capital debt of Rs 30000 cr in one go.
- Finance Minister Arun Jaitley says that investment, rather than subsidies, would make the country's agricultural sector self-sufficient since a model that relies indefinitely on subsidies can't be sustainable in the long run.
- RBI to buy Rs 36000 cr worth of bonds from the secondary market in October in an attempt to stem fears of a cascading credit crunch.
- The International Monetary Fund (IMF) says the real effective depreciation of the rupee this year, compared to December 2017, was 6-7%.
- A World Bank report says India's current trade in goods with its neighboring countries in the South Asian region is a mere 30.65% of the potential trade of $62 bn, which can be boosted if certain restrictions on the current trade can be eased.
- Economic Affairs Secretary S.C.Garg announces a reduction in gross borrowing estimate for the current financial year by Rs 70000 cr – the Centre will borrow Rs 2.47 lakh cr between October and March; also maintains that fiscal deficit target will be contained at 3.3%.
- GST Council to set up a seven-member Group of Ministers to suggest on cess demand for Kerala flood rehabilitation.
- GST collections rose to Rs 94442 cr in September from Rs 93690 cr in August.
- According to SEBI data, total assets under management of portfolio managers stood at Rs 14.79 lakh cr at the end of August, compared with Rs 13.24 lakh cr in August-end last year.
- IRDAI allows distribution of all micro-insurance products through point-of-sales.
- SEBI approves a slew of proposals, including revised framework for settlement of cases and new KYC norms for foreign portfolio investors.
- SEBI puts on hold the plan to extend trading hours for equity markets.
- SEBI caps the total expense ratio (TER) for fund houses with equity assets of Rs 50000 cr to 1.05% down from as much as 1.75% charged earlier.
- SEBI to levy a nominal regulatory fee of Rs 1 lakh per exchange on turnover arising from agricultural commodity derivatives, instead of levying charges based on turnover slab rates.
- BSE and the NSE to conduct mock trading in commodity derivatives segments on September 22.
- BSE is launching trading in commodity derivatives on October 1 and has decided to waive transaction charges for the first year on commodities market operations.
- BSE waives off transaction charges for one year in its newly-launched gold and silver futures contracts.
- NSE postpones the launch of the commodity trading platform to October 12 at the request of traders.
- NSE launches two dynamic asset allocation indices - Nifty 50 & Short Duration Debt-Dynamic P/E index and Nifty 50 & Short Duration Debt-Dynamic P/B index.
- IIFL Asset Management plans to raise $500 mn for its maiden structured credit fund.
- IL&FS’ shareholders plans to raise Rs 15000 cr through a non-convertible debt issue, increase the company’s borrowing limit by 40% to Rs 35000 cr and augment its share capital to enable a rights offering.
- Lakshmi Vilas Bank plans to raise around Rs 2000 cr in fresh equity capital before the end of the current fiscal.
- The New Development Bank (NDB) of the BRICS countries approves a $525 mn loan to Madhya Pradesh for infrastructure projects.
- Punjab National Bank (PNB) clears proposal for selling 100 mn equity shares to the employees of the bank and Rs 2816 cr capital infusion by the government.
- Indian Overseas Bank (IOB) may sell its non-core assets worth Rs 700 cr this fiscal.
- Aavas Financiers plans to raise around Rs 1734 cr through an IPO.
- ITI Limited files draft papers with SEBI to float a follow-on public offer (FPO), a move that will help the telecom PSU meet the minimum 25% public shareholding norm.
- Air India seeks bids for the sale of 14 properties, through which it aims to raise Rs 250 cr.
- L&T’s heavy civil infrastructure business wins orders worth Rs 7489 cr in the domestic market; also announces that its construction arm has secured orders worth Rs 1477 cr.
- Metropolis Healthcare files draft IPO papers with SEBI.
- Narmada Bio-Chem Ltd files draft IPO papers with SEBI.
- Competition Commission of India (CCI) approves the acquisition of Essar Steel by a consortium of Arcelor Mittal and Japan's Nippon Steel & Sumitomo Metal Corporation.
- Kalpataru Power Transmission wins new orders worth Rs 1145 cr.
- Tata Power’s Mundra unit subsidiary completes the refinancing of its outstanding external commercial borrowings (ECB) loans worth $770 mn.
- Tata Steel decides to rename its recently acquired asset, Bhushan Steel as Tata Steel BSL.
- Fastfox is in advanced talks to raise $10 mn in Series B funding from new investors.
- Century Metal Recycling, Aakash Educational Services and Ami Organics get SEBI's nod to float their IPOs.
- Gati is in talks with TVS Logistics to sell a controlling stake in its joint venture subsidiary Gati-Kintetsu Express for Rs 1500-2000 cr.
Last Updated: 30th September 2018
Next Update On: 15th October 2018
Update Frequency: Once Every Fortnight
