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Thursday, February 22, 2018

Niti making new list of sick PSUs for divestment: Kant
Government think-tank NITI Aayog is preparing another list of sick PSUs that can be privatised,  its CEO Amitabh Kant said yesterday. The Prime Minister's Office (PMO) had asked the think- tank to look into the viability of sick state-run companies. The Aayog has already recommended strategic divestment of 40 sick public sector units. "NITI Aayog has already recommended 40 sick PSUs for strategic disinvestment. Department of Investment and Public Asset Management (DIPAM) is working on it and the process is on advanced stage. "...We have already sent four lists (of sick PSUs). We are working on the fifth list.We will also prepare sixth and seventh list (of sick PSUs)," Kant said.

Govt reboots eNAM to draw more farmers
In a bid to engage more farmers on the electronic National Agriculture Market (eNAM) platform, the government yesterday unveiled mobile payment facility BHIM, and other features in regional languages as well. The eNAM website is now available in Gujarati, Marathi, Tamil, Telugu, Bengali and Odia besides Hindi and English, while the eNAM trading facility is available in six languages. The eNAM has been strengthened with features like MIS dashboard for better analysis, BHIM and other mobile payment facilities, enhanced features on mobile app such as gate entry and payment via mobiles, integration of farmer's database and e-learning module.

FDI rises only 0.27% during Apr-Dec FY18
Foreign direct investment (FDI) in the country grew by a meagre 0.27% to USD 35.94 billion during the first 9 months of the current fiscal, according to the DIPP data. The FDI inflows were USD 35.84 billion during the April-December period of last fiscal, 2016-17. In rupee terms, however, the FDI recorded a negative growth -- inflows dipped by 4% to Rs 231,457 crore, as per the data the Department of Industrial Policy and Promotion. The major sectors which attracted overseas inflows during the period include services (USD 4.62 billion), telecommunications (USD 6.13 billion), computer software and hardware (USD 5.15 billion) and construction activities (USD 2.5 billion).

Lords Hotels & Resorts Sign-ups A New Property in Jamnagar
Lords Hotels & Resorts is now also the biggest chain of hotels in the mid-market segment in the State of Gujarat, after it added a new property in Jamnagar making it its 15th hotel property in the State and overall, its 28th. To be launched under the ‘Eco Inn’ branding, the property is expected to commence operations in the fourth quarter of this year. “We are pleased to officially announce the sign-up of Lords Eco Inn – Jamnagar and congratulate our partners for their new venture with us. From our first hotel Lords Plaza in Surat back in the year 2007 to the latest, Lords Hotels & Resorts has created a niche for itself in the region and is Gujarat’s ‘numero uno’ hospitality brand yesterday,” said P R Bansal, Chairman and MD, Lords Hotels & Resorts.

Taxmann decodes new capital gains tax on equity shares
Taxmann, the leading publisher of tax and corporate laws, yesterday launched two special edition of books on new tax treatment of gains arising from transfer of listed equity shares. These books are authored by India’s renowned tax experts V.K. Singhania, CA Pradeep Shah and CA Rajesh Kadakia. The authors have written more than 100 books on the subject of direct taxes. These books analyse the new provision introduced in the current Finance Bill, 2018 which proposes the capital gains tax on listed equity shares. One of these books also provides the listed price of equity shares and NAV of mutual funds as on January 31, 2018, which is an essential element to calculate the capital gains from listed shares sold on or after 01/04/2018.

'CPSE Debt ETF to offer interest rate higher than G-Secs'
The CPSE Debt ETF announced in the Budget this month is likely to give higher interest rate to investors than offered by Government Securities (G-Secs), a senior finance ministry official said. Once the debt ETF is set up, the government-owned companies would be able to borrow funds from the market at a slightly lower rate than what they pay currently, the official told PTI. As per official data, 15 central public sector enterprises (CPSEs) have together raised about Rs 3 lakh crore through bond in the last three years. Of these, 12 companies are 'AAA' rated, which is the top investment grade.

Essar Oilfields wins Rs 28 cr contract from GAIL
Essar Oilfields Services India Ltd (EOSIL) yesterday said it has been awarded Rs 28 crore contract by GAIL to drill at least three wells on state-owned firm's exploration acreage in Gujarat's Cambay basin. The contract is for drilling three firm and two optional wells, commencing April/May, the company said in a statement. This is the fourth contract that Essar Oilfields, which provides contract drilling services to oil and gas companies across the globe, has won this financial year. "With projects in the pipeline, the company is expecting to grow its revenue to Rs 400 crore in 2018-19, which is 35% more than the current fiscal," the statement said.

Rotomac loan turned NPA in FY16; made full provision: Bank of India
State-owned Bank of India yesterday said it had sanctioned some loan to Rotomac group companies as a consortium lender and that had turned into a non-performing asset (NPA) or bad loan in the 2015-16 fiscal for which it has already made 100% provisioning. The bank did not disclose the amount of its exposure to the Rotomac group, in response to a clarification sought by exchanges on news article 'Rotomac owner flees country after taking Rs 800 crore loan'. "In this regard we clarify as under that the bank has sanctioned certain credit facilities to the Rotomac group companies in the past as per laid down norms, under consortium arrangements," it said in a regulatory filing.

Kakodkar moots solar-like subsidy for nuclear power
Anil Kakodkar, a former chairman of the Atomic Energy Commission, yesterday pitched for subsidising nuclear energy so that it competes with low-cost solar power. "Nuclear is also carbon-free, it is sustainable. I think nuclear should also be eligible for that kind of subsidy (enjoyed by solar and wind) as it is also clean," he told PTI on the sidelines of an event. Kakodkar was replying to a specific question on whether the subsidies given to solar power result in a competitive disadvantage for nuclear power.

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