Economy News  30 Jan: Kotak Sec

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Economy News  The government is moving to remove the last hurdle to big-ticket foreign investment in the real estate sector. The finance ministry has floated a draft cabinet note to amend the Foreign Exchange Management Act to permit overseas funds in real estate investment trusts, which have already received a policy green light. (ET)  The tax department has asked its officers not to press ahead with transfer pricing cases similar to Vodafone, a signal which is expected to bring comfort to several multinational firms grappling with such tax demands. (TOI)  Notwithstanding the decline in global foreign direct investment inflows, according to UN report India's FDI increased by 26 per cent in 2014 to an estimated $35 billion with maximum growth in the services sector. (BL) Corporate News  SKS Microfinance, plans to set up a small finance bank. Company approach the Reserve Bank of India (RBI) for a license. SKS Microfinance's directors approved the proposal at a board meeting today. The RBI has given interested parties time till February 2 to submit their proposals to set up payments and small finance banks. (FE)  Adani Enterprises would undergo a major restructuring exercise in which shareholders of Adani Enterprises shareholders will get shares in Adani Port and Adani Power. (ET)  Foreign players would not be allowed to bid for NTPC's three new solar power projects of total 750MW capacity as the PSU has restricted the bidding to domestic companies. This comes at a time when the government is making a strong pitch for "Make in India" programme among overseas investors, including the renewable energy. (BL)  SpiceJet announced that on its first day of its latest Super sale offer (its first such sale in 2015), booking volumes quadrupled, indicating continuing pent up demand in the market despite other airlines having held sales earlier this month. (BL)  Inox Wind (IWL), a subsidiary of Gujarat Fluorochemicals, said it has bagged two contracts from Tata Power. Renewable Energy (TPREL) for setting up 54 MW and 118 MW wind farms in Gujarat and Rajasthan, respectively. The Gujarat project is likely to be completed by June 2015, while the Rajasthan project will be completed in two stages, by March 2016. (BL)  After putting Fa on the backburner for almost a year, Jyothy Labs has decided to bring it back and re-enter the cluttered deo category this summer. Fa belongs to Henkel and Jyothy has been the custodian of the brand in India since the time it acquired the German multinational's business in 2011. (BL)  Bharti Airtel in partnership with Cisco has launched managed Room Telepresence service as part of its enterprise services. Enterprises in the country especially the small and mid-sized organisations will now be able to upgrade to high-definition Telepresence video exchange sessions from the existing standard definition video experience at Rs 799 per day per room. (BL)  Tata Teleservices (Maharashtra) Ltd (TTML) has said it would raise Rs 25 Bn through non-convertible debentures in one or more tranches. (BS)  Torrent Pharmaceuticals Ltd, which is planning to raise Rs 100 Bnby issuing securities, is open to acquisitions to fuel its future growth. The fund raised would be used to refinance existing borrowings, as well as organic and inorganic growth. (BS)