Today's Sector News - 16.03.2020: 09.00 Am
* AVIATION: The Airports Authority of India plans to raise $300 mln through external commercial
borrowing in 2020-21 (Apr-Mar) to fund its capital expenditure, Chairman Arvind Singh said.
-The central government is not considering any special bailout package for the aviation industry for
now, but would try to help the sector in "other ways", Civil Aviation Minister Hardeep Singh Puri said.
* COMMODITIES: The Union Cabinet has increased the minimum support price of milling quality copra by 439 rupees to 9,960 rupees per 100 kg and for the ball category by 380 rupees to 10,300 rupees per 100 kg.
* ENERGY: To improve the business environment for clean-energy projects and attract investments, the government has decided to treat letters of comfort issued by state-run shadow banking firms POWER FINANCE CORP, REC and Indian Renewable Energy Development Agency on a par with bank guarantees.
* FERTILISERS: The Cabinet has approved the Department of Fertilizers' proposal to provide additional fixed cost of 350 rupees per tn to 30 urea manufacturing units in the country.
* FOOD AND BEVERAGES: Burger King India plans to open 700 stores in India by 2025, and will look to have a total of 325 stores in the country by December, said Rajeev Varman, the chief executive officer.
* INFRASTRUCTURE: The Cabinet Committee on Economic Affairs has approved a proposal for the construction of 780 km of green highways at a cost of 76.62 bln rupees.
* REAL ESTATE: The COVID-19 pandemic and concerns over the global economy are likely to curtail a number of residential project launches during the upcoming season of Gudi Padwa, Ugadi and Akshaya Tritiya which usually sees several new projects.
* REGULATORY: The Securities and Exchange Board of India has come up with a framework for listed real estate investment trusts and infrastructure investment trusts under the fast-track rights issue mode, according to a circular.
-The Securities and Exchange Board of India is working on a plan to arrest the deep market sell-off
and reduce volatility, which has spiked to record levels owing to the damage caused by the coronavirus pandemic.
* TAXATION: The government increased excise duty on petrol and diesel by 3 rupees a ltr each, according to an official notification. While special additional excise duty on petrol and diesel was increased by 2 rupees per ltr each, road and infrastructure cess was hiked by 1 rupee per ltr each.
-The Goods and Services Tax Council on Saturday decided to increase the tax rate on mobile phones
and specified parts from 12% to 18% to correct the inverted duty structure.
* TELECOMMUNICATION: The Telecom Regulatory Authority of India has expanded the scope of
registration of infrastructure providers to include systems required to establish wireline access networks, radio access networks and transmission links to promote infrastructure sharing.
-The government is considering setting up an empowered group of ministers to oversee steps to tide
over the adjusted gross revenue crisis in the telecom sector.
* TRADE: The Union Cabinet has approved the introduction of a new export scheme--Remission of Duties and Taxes on Exported Products--under which a mechanism would be created for reimbursement of certain taxes, duties, and levies incurred in the process of manufacture and distribution of exported products.
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