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News update for the day 14th MAY 2018
1. Vascon Engineers forays into affordable housing
Vascon Engineers have announced their attack on the affordable housing segment with the launch of Rs 110-crore residential project in Pune.
The project is spread across 10 acres which will offer one-room-kitchen and one and two-BHK homes ranging from 227 sq ft to 462 sq ft, and priced between Rs 13.62 lakh and Rs 27.74 lakh, the company said. The project, which will be developed in two phases, will comprise nine buildings with around 1,140 units.
2. DCPR brings cheer with its host of measures to revive Mumbai’s real estate sector
The new Development Control and Promotional Regulations (DCPR) 2034 have recorded few measures to revive the real estate sector.
These measures include bringing down the assent of tenants for the redevelopment of cessed structures to 51% from70%, extending the cluster revamp plan to suburb and connecting floor space index (FSI) to the width of the street. These measures are expected to support redevelopment and new construction.
OIL & GAS
1. It is too early to predict sanction’s impact on Iran imports: Dharmesh Pradhan
Oil minister expressed his concern about the rising in oil prices but said that it is too early to predict the impact of US sanction on Iran imports. Crude prices are just below multiyear high at $77.12 a barrel.
1. NDMC announces E-auction of 3 premium hotel in Lutyen’s Delhi
The New Delhi municipal council announced E-auction of 3 premium hotels in Delhi. TajMansingh was given on lease for 33 years to TATA group of Indian hotel ltd, which ended in 2011. The company was given 9 temporary extensions. The other two premium hotels are the Connaught and hotel Asian international.
1. Pharma sector has been a laggard in the mutual funds' investment over the year wherein the highest return gained on Pharma sector was 9% by Reliance Pharma and leaving all the rest of the mutual fund houses in losses.
2. The Health and Human secretary of US, Alex Azar said that document for making changes in US pharma by President Donald Trump includes more than 50 measures that his agency has planned, some might require new legislation since in order for the consumers pay less out of pocket instead of using insurance.
3. India’s technical educator has shown that almost 75 percent of the 522 new private pharmacy institutions have got permission to open in academic year 2018-19 whereas the engineering and management colleges saw a decline in number which is due to the new syllabus introduced in the pharma sector.
1. Realty cost turn to NBFCs
Housing finance companies (HFCs) and non-bank finance companies (NBFCs) are becoming the major funding sources to real estate. The overall real estate loan book expanded at a CAGR of about 15 per cent between FY14 and December FY18, India Ratings and Research (Ind-Ra) said the NBFC real estate book expanded at a CAGR of 60.9 percent on a smaller base. NBFC’s market share in the real estate funding is expected to reach 17.8% by FY20 from13.7%.
1. IT sector is a good bet for mutual fund investment in the sector currently, wherein Tata Digital India fund has gained the highest of 49% over the past year 2016-2017, thus the overall tech funds have gained 39% return in the same period.
2. Mr Ravi Shankar Prasad, Law and IT minister on Friday said that the IT industry in India is likely to grow at 8% for the FY 2018-19 that is around $167 billion which in turn will lead to more of about 1,00,000 jobs in the sector.
1. The bank loans to gems and jewellery sector saw a rise of 5.7% in mid-January and March since the jewellers availed their existing credit limits after the massive PNB Scam.
2. The finance ministry is examining a proposal to find innovative ways for dealing with NPA provisions by issuing provision shore-up certificates to banks.
3. The Reserve Bank of India has declined to share inspection reports of PNB Scam.
4. RBI has kept Dena Bank under prompt corrective actions due to high non-performing assets and thus restricting the bank from giving fresh credit and new hiring.
5. The government will hold a review meeting on 17 May 2018 of state-run banks that are under RBI’s prompt corrective action framework.
1. Parle Agro plans to enter new categories to increase the sales and distribution network for its existing products Appy Fizz to target it to Rs 10000 crore by 2022.
1. Rolls Royce debuts its First SUV. BMW AG brand debuted the $325,000 Cullinan.
2. Harley-Davidson opens Chennai outlet. This outlet would offer sale sand and services. It was the company's 27t outlet in the country and they planned to take the total number to 30 by this year end.
1. Top Indian telecompanies to bring blockchain technology-based platforms this year as they look to create new revenue streams by offering new services and bring down operational costs amid falling revenues due to intense competition in 2018 to lift revenue.
2. Telecom companies ask TRAI not to penalise them over minor service issues. Telecos requested that these nominal or marginal deviations from the prescribed benchmarks should be waived off and no financial disincentives should be imposed on the operators,
3. Reliance Jio complains to dept of telecommunication against Airtel due violating licence conditions by using a network of nodes based abroad to offer its services on the latest Apple watch.