Economy News  July 2: Kotak Sec

Economy News
 The Union finance ministry is pushing for an overhaul in government policy
on foreign direct investment (FDI) in single-brand retail, to accommodate
the demands of companies such as Scandinavian furniture giant IKEA,
which has applied for clearance to set up stores in the country. (BS)
 The Central Electricity Regulatory Commission (CERC) will soon come out
with detailed guidelines to develop an ancillary market for power trading.
(BS)
 The Union Cabinet is likely to take up this week a proposal to raise the
limit of housing loans eligible for interest subvention of one per cent to Rs
15 lakh from the current Rs 10 lakh. The move aims to spur activities in
the real estate sector, considered vital for the overall economic growth.
(BS)
 With the monsoon playing truant, the ministries of agriculture, food and
rural development have all started putting in place contingency measures.
(BS)
 The government is readying to bring in a new overarching law that will
help ease investment flows into India's ailing civil aviation sector, while
protecting interests of passengers and ensuring safety.(ET)
 The government plans to introduce statutory norms for vehicle recalls in
the belief that a voluntary code the auto industry has agreed to adopt
may fall short of addressing consumer grievances over defective
automobiles. (Mint)
Corporate News
 Reliance Industries (RIL) has decided to reopen over 50 fuel pumps in
Gujarat from tomorrow. (BS)
 GVK Power & Infrastructure Limited, a part of Hyderabad-based GVK
Group, said that the financial closure for its $10-billion Alpha coal and rail
project in Queensland, Australia, was expected sometime during March
2013 as opposed to the original deadline of December 2012. (BS)
 Maruti is working overtime on developing a small two-cylinder 800cc
diesel engine along with its parent Suzuki Motor Corp in Japan. The allnew
diesel engine is likely to punch 40 horsepower and may deliver fuel
efficiency of 25-30 kilometres to a litre. (ET)
 Hindalco Industries is on an aggressive drive to raise funds for its
biggest Greenfield project in Odisha. The country's largest non-ferrous
metals producer plans to tap about Rs 90 bn for the project. (ET)
 A section of pilots of the near- bankrupt Kingfisher Airlines went on
strike to protest against non-payment of salaries for the past five months,
forcing the airline to cancel its ATR-operated flights. (ET)
 Bharti Airtel, Idea Cellular and others are looking to shift a part of
their data services to Wi-Fi hotspots, freeing up scarce 2G and 3G
airwaves for mobile telephony.(ET)
 State Bank of India is eyeing 20 per cent loan growth in the midcorporate
segment this fiscal. (BL)

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