* AVIATION: The Directorate General of Civil Aviation has found deficiencies in maintenance and operational documents of various airlines during regulatory audits; the Rajya Sabha was informed on Tuesday. The civil aviation ministry has dropped its plan to privatize six Airport Authority of India airports on a long-term lease basis, and instead wants to appoint private companies to run them on a management contract on a revenue share basis.
* BANKING: The Indian banking structure could be reoriented in four tiers - international, national, regional and local - to enhance competition and finance higher growth, the RBI said in a discussion paper.
* ECONOMY: India's current account deficit in 2013-14 (Apr-Mar) is seen at $70 bln-$75 bln, or 3.8-4.0% of the gross domestic product, based on the current trade deficit rate of $15 bln per month, said STATE BANK OF INDIA in a report. In view of the significant volatility in the government securities market, the Clearing Corporation of India has increased the volatility margin to 75%. Finance Minister P. Chidambaram has said the government should pursue more reforms and revive the investment cycle to pull the Indian economy out of slow growth.
- Chidambaram has said irregularities to the tune of 2.3 bln rupees have been found in the farm loan waiver scheme and action is being taken in this regard.
- The government is considering currency-swap deals with some key trading partners to stabilise the rupee, Commerce and Industry Minister Anand Sharma said.
* ENERGY: Oil Secretary Vivek Rae has said there was no proposal to hike retail diesel prices beyond the mandated limit of up to 50 paise per ltr every month. The central government has filed an affidavit in the Supreme Court saying attempts are being made to find the missing coal block case files. Prime Minister Manmohan Singh has asked the oil ministry to devise ways to curb the growing fuel import bill to contain the widening current account deficit.
* EXCHANGES: WIPRO will replace RELIANCE INFRASTRUCTURE in the National Stock Exchange's 50-share Nifty with effect from Sep 27.
* FMCG: PepsiCo may acquire up to 25% stake in Balaji Wafers.
* INVESTMENT: The Foreign Investment Promotion Board has cleared pending foreign brownfield investment proposals in the pharmaceutical sector.
* METALS: Base metal futures on MCX were trading 4-6% higher on Tuesday as the Indian rupee slumped to a fresh record low against the US greenback.
* MINING: The government has made a concerted plea to the Supreme Court to remove the ban on mining in Goa .
* OIL AND GAS: Oil Minister Veerappa Moily said his ministry has been asked by the prime minister to save $25 bln on oil imports this financial year, to help reduce current account deficit.
* PHARMACEUTICALS: The Delhi High Court extended relief to pharma companies including SUN PHARMACEUTICALS and CIPLA on relabeling of their existing stock under the new drug pricing policy on the condition that they comply with the interim order.
* RAILWAYS: Indian Railways is likely to take a decision on a further hike in freight tariff in October, when it will review the fuel adjustment component in the wake of rising energy cost but passenger fares will not be touched.
* REAL ESTATE: Property prices in 22 major cities, including Delhi , Mumbai, Pune, Bengaluru and Chennai fell sequentially during Apr-Jun, according to a survey by the National Housing Bank.
* TELECOM: The Telecom Regulatory Authority of India has taken several broadcasters to court for not following the advertising limits notified by the regulator in May.
* BANKING: The Indian banking structure could be reoriented in four tiers - international, national, regional and local - to enhance competition and finance higher growth, the RBI said in a discussion paper.
* ECONOMY: India's current account deficit in 2013-14 (Apr-Mar) is seen at $70 bln-$75 bln, or 3.8-4.0% of the gross domestic product, based on the current trade deficit rate of $15 bln per month, said STATE BANK OF INDIA in a report. In view of the significant volatility in the government securities market, the Clearing Corporation of India has increased the volatility margin to 75%. Finance Minister P. Chidambaram has said the government should pursue more reforms and revive the investment cycle to pull the Indian economy out of slow growth.
- Chidambaram has said irregularities to the tune of 2.3 bln rupees have been found in the farm loan waiver scheme and action is being taken in this regard.
- The government is considering currency-swap deals with some key trading partners to stabilise the rupee, Commerce and Industry Minister Anand Sharma said.
* ENERGY: Oil Secretary Vivek Rae has said there was no proposal to hike retail diesel prices beyond the mandated limit of up to 50 paise per ltr every month. The central government has filed an affidavit in the Supreme Court saying attempts are being made to find the missing coal block case files. Prime Minister Manmohan Singh has asked the oil ministry to devise ways to curb the growing fuel import bill to contain the widening current account deficit.
* EXCHANGES: WIPRO will replace RELIANCE INFRASTRUCTURE in the National Stock Exchange's 50-share Nifty with effect from Sep 27.
* FMCG: PepsiCo may acquire up to 25% stake in Balaji Wafers.
* INVESTMENT: The Foreign Investment Promotion Board has cleared pending foreign brownfield investment proposals in the pharmaceutical sector.
* METALS: Base metal futures on MCX were trading 4-6% higher on Tuesday as the Indian rupee slumped to a fresh record low against the US greenback.
* MINING: The government has made a concerted plea to the Supreme Court to remove the ban on mining in Goa .
* OIL AND GAS: Oil Minister Veerappa Moily said his ministry has been asked by the prime minister to save $25 bln on oil imports this financial year, to help reduce current account deficit.
* PHARMACEUTICALS: The Delhi High Court extended relief to pharma companies including SUN PHARMACEUTICALS and CIPLA on relabeling of their existing stock under the new drug pricing policy on the condition that they comply with the interim order.
* RAILWAYS: Indian Railways is likely to take a decision on a further hike in freight tariff in October, when it will review the fuel adjustment component in the wake of rising energy cost but passenger fares will not be touched.
* REAL ESTATE: Property prices in 22 major cities, including Delhi , Mumbai, Pune, Bengaluru and Chennai fell sequentially during Apr-Jun, according to a survey by the National Housing Bank.
* TELECOM: The Telecom Regulatory Authority of India has taken several broadcasters to court for not following the advertising limits notified by the regulator in May.
