Major Indices November 25, 2016 December 02, 2016 % Change. BSE Sensex 26, , (0.32) NSE Nifty 8, , (0.

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1 MARKET MOVEMENT Major Indices November 25, 2016 December 02, 2016 % Change BSE Sensex 26, , (0.32) Change NSE Nifty 8, , (0.33) INDIAN ECONOMY AT A GLANCE POLICY WATCH Government removes excise duty on PoS machine manufacturing to ease cash flow USD 420 million revenues generated from 83 coal mines Shipping ministry allocates USD 16.4 million for coastal community development Six new SEZs for IT, biotech approved Government tightens routes for trade based money laundering Government removes excise duty on PoS machine manufacturing to ease cash flow Government has announced the removal of excise duty on goods for manufacturing pointof-sale (PoS) machines. These machines are in great demand as merchants are compelled to use them in the wake of the currency crisis. PoS machines will be exempted from 12.5% excise duty and 4% SAD (special additional duty) till 31 March 2017and the cost of such devices would come down by 16.5%. USD 420 million revenues generated from 83 coal mines A revenue of approximately USD 420 million has been generated by the government from the auction and allotment of 83 coal blocks. Till now, 83 coal mines have been allocated to private and public sector under the provisions of the Coal Mines (Special Provisions) Act Revenue which would accrue to the coal bearing state government concerned from allocation of coal mines under the provisions of the said Act comprises upfront payment as prescribed in the tender/allotment document, auction/allotment proceeds and royalty on per tonne of coal production Look for Business Bulletin on our website at Page 1of 5

2 Shipping ministry allocates USD 16.4 million for coastal community development The Ministry of Shipping has allocated USD 16.4 million towards the development of fishermen community in 23 coastal districts of Gujarat, Mumbai, Karnataka, Kerala, Tamil Nadu and Goa. The amount would be utilized for modernizing fishing harbors, providing safety training of 20,000 workers engaged in ship recycling activities and supporting the development of deep sea fishing vessels and fish processing centres. The action has been taken in consonance with the Ministry s objective for sustainable development of the coastal areas as part of the Sagarmala programme. Six new SEZs for IT, biotech approved Six proposals from four developers have been approved to set up new special economic zones (SEZs) across three states in areas such as IT and biotechnology. The developers who have got approvals include Vaxenic India, EON Kharadi Infrastructure and KRC Infrastructure. Vaxenic India wants to set up biotechnology and bio pharmaceuticals SEZ in the state OF Telangana. EON Kharadi Infrastructure and KRC Infrastructure too have planned to set up separate IT/ITeS special economic zones in Pune. Government tightens routes for trade based money laundering Government has tightened an oft-used route for trade-based money laundering. Issuance of remittances or opening of letter of credit in trade will now be done electronically involving the Reserve Bank of India, banks and customs authorities. The new process will make it easier for exporters and importers to do business. As part of the plan, the RBI has decided to do away with the requirement for the banks to obtain a physical copy of the bill of entry from the importer as an evidence of import, because this data can be transferred in a secured manner from the system of the customs department. INDUSTRY WATCH Textile ministry signs MoUs with 20 e-commerce companies Infrastructure sector grows to 6-month high of 6.6% in October India Inc's foreign borrowings at USD 1.5 billion in October Credit growth hits double digit at 12% in September quarter Ministries sign MoU to boost to skill initiatives in the Hydrocarbon Sector Look for Business Bulletin on our website at Page 2of 5

3 Textile ministry signed MoUs with 20 e-commerce companies Textiles ministry has signed memorandum of understanding (MoU) with 20 e-commerce companies to engage with artisans and weavers in different handloom and handicraft clusters across India and help them market their products directly. Government is taking number of steps for skilling weavers, for giving them design inputs, quality raw material, tools and upgrading their looms to empower them so that they continue to remain engaged in this craft. Infrastructure sector grows to 6-month high of 6.6% in October Core sector growth rose to a six-month high in October on the back of impressive performance by steel and refinery products, suggesting some pickup in industrial activity. The core sector index was up 6.6% in October. The index was up 3.8% in October 2015 and 5% in September this year. Eight infrastructure sectors coal, crude oil, natural gas, refinery products, fertilisers, steel, cement and electricity have a 38% weight in the Index of Industrial Production. The core sector expanded 4.9% in the April-October period, compared with 2.8% a year earlier. India Inc's foreign borrowings at USD 1.5 billion in October India Inc's borrowings from overseas markets fell by 30.3% from a year ago to USD 1.47 billion in October They had borrowed a total of USD 2.11 billion from overseas sources in October Besides, an additional USD million was raised by three companies through newly allowed rupee denominated bonds (RDB) floated overseas, popularly known as masala bonds. Credit growth hits double digit at 12% in September quarter Deposit expansion of scheduled commercial banks (SCBs) stood at 12.9% while credit growth was at 12.1% for the quarter ended September, led by higher contribution by public sector banks. Public lenders continued to maintain their leading position, accounting for 70% of total deposits and 67% of credit in the quarter. Term deposits constituted the highest share (63.6%) in aggregate deposits followed by savings (28.1%) and current deposits (8.3%). Ministries sign MoU to boost to skill initiatives in the Hydrocarbon Sector Ministry of Petroleum & Natural Gas (MoPNG) and Ministry of Skill Development & Entrepreneurship (MSDE) have signed a Memorandum of Understanding (MoU) to scale up skill development initiatives in the Hydrocarbon and allied sectors among other areas of cooperation. The move will help to develop the ready workforce for Exploration and Production, Pipeline & Transportation, Refinery & Marketing and Service providers going forward. Look for Business Bulletin on our website at Page 3of 5

4 CORPORATE HIGHLIGHTS Essel Group forms JV with Gensource to set up potash project in Canada Cognizant acquires Amsterdam-based Mirabeau Liberty House buys Tata Steel UK's speciality steels business for USD 126 million Adani Enterprises announces plan for 1,000 MW solar projects in Australia German home appliances major BSH opens technology centre in Bengaluru Essel Group forms JV with Gensource to set up potash project in Canada Essel Group Middle East Ltd (EGME), Essel Group s overseas extension based in Dubai (UAE) has formed a Joint Venture (JV) with Gensource Potash Corporation for the development of one of Gensource s small scale potash projects in Canada. Through the JV, Gensource and Essel Group aim to create a new and independent supply of potash to the global market. The JV will be set up as a private corporation into which Gensource will sell a resource from its Vanguard area near Eyebrow and Tugaske, as well as its project execution team including technology and techniques relating to selective solution mining and specialised processing. Cognizant acquires Amsterdam-based Mirabeau Cognizant Technology Solutions (Cognizant) has entered into a definitive agreement to acquire privately-held Mirabeau BV, a digital marketing and customer experience agency specialising in industries such as travel and hospitality, financial services, retail and B2B sectors.the acquisition would expand Cognizant's digital business capabilities in the Netherlands and across Europe, the company said. With the completion of the acquisition, approximately 260 specialists from Mirabeau will become a part of Cognizant's Digital Business practice. Liberty House buys Tata Steel UK's speciality steels business for USD 126 million Tata Steel UK has signed a letter of intent (LoI) with Liberty House Group to enter into exclusive negotiations for the potential sale of its speciality steels business for an enterprise value of USD 126 million subject to due diligence and corporate approvals. The LoI covers several South Yorkshire-based assets including the Rotherham electric arc steelworks, the steel purifying facility in Stocksbridge and a mill in Brinsworth as well as service centres in Bolton and Wednesbury, UK, and in Suzhou and Xi an, China. Speciality steels business, which employs about 1,700 people, produces steels for the aerospace, automotive and the oil & gas industries. Adani Enterprises announces plan for 1,000 MW solar projects in Australia Adani Enterprises plans to develop 1,000 MW of solar power capacity in Australia over the next five years. The company will start working in 2017 on the Carmichael mine and associated projects, which include a railway line and expansion of port activities at Abbott Point. It has reached Look for Business Bulletin on our website at Page 4of 5

5 an agreement with The Whyalla City Council in South Australia to develop a USD 200 million solar generation project in the northern part of Whyalla. The project would involve a 100MW solar generation plant, with potential capacity of up to 150MW, which would make it one of the largest in Australia on one site. German home appliances major BSH opens technology centre in Bengaluru BSH Household Appliances Group, Europe s largest manufacturer of home appliances, opened its first technology centre in India at Adugodi (Bengaluru). The new 2,500-sq m centre will help BSH to further develop localised technologies for the Indian market and to become the heart of product development for the Asia Pacific region as well as emerging countries in South America and Africa. To begin with, the BSH Technology Centre Asia Pacific will focus on developing innovative technologies for the cooling and laundry categories, and gradually extend across categories. Look for Business Bulletin on our website at Page 5of 5

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