Page 13 - Banking Finance February 2018

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NEWS
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Arun Jaitley: Govern- FSSAI rapped by CAG
After CAG pulled up Food Safety Standards Authority of India (FSSAI) for reck-
ment will protect inter-
lessly issuing licenses to food companies with-
ests of depositors out complete documents and questioned the
Having faced with increasing pres- quality of testing, the food regulator said that
sure to withdraw it faces severe manpower constraints and "is
the controversial a new and evolving organisation".
FRDI Bill, Finance It also assures citizens that they can trust the
Minister Arun food they get. "CAG report should however be seen in the context of the huge
Jaitley asserted that and complex task at hand and the fact that FSSAI is a new and evolving
"the government is organisation and it faces severe constraints of manpower and resources. It would
committed to protecting the inter- have been useful if the report had noted a lot of very useful work done by the
ests of depositors in public sector FSSAI over years," said FSSAI in a statement defending itself.
banks". "I am making this statement
for the third time," Jaitley said in his Maruti share drives from Rs. 125 to Rs. 10,000 in 14 yrs
reply to the debate in the Lok Sabha In the year 2003, the Central government had divested
on the second batch of Supplemen- 25 per cent stake in Maruti Suzuki Limited at Rs 125 per
tary Demand for Grants. share. The stock debuted on the exchanges on July 09,
2003 and ended the first trading at Rs. 164 levels, nearly
Government may allow 32 per cent higher than the issue price.
100% FDI in telecom From its issue price, Maruti (MSIL) has zoomed 7,900%
through automatic route to cross Rs 10,000 mark in intra-day deals on the BSE. It is now the fifth most
valued stock by market capitalisation (market-cap) at around Rs 3-lakh crore -
The government is planning to allow
only below Reliance Industries (RIL), TCS, HDFC Bank and ITC. A recent Motilal
100% foreign direct
Oswal study puts Maruti among the top five wealth creators during 2012 - 17,
investment for pegging the wealth created at Rs 1.41-lakh crore in this period.
telecom services
through the auto- Rise in Solar Power tariffs
matic route which allows firms to attract After fall in prices for over 2 years, solar tariffs rose marginally at the latest auction
foreign funds without its approval, as conducted by the Solar Energy Corporation of India (SECI). The two part auction
per sources. The proposal is likely to be for 750MW at Bhadla solar park in Rajasthan held and saw the winning tariff at
considered by the telecom commission Rs 2.47 per unit in the first auction of 500 MW Bhadla solar park phase III, and
at its meeting scheduled, they said. Rs 2.48 per unit in the second auction of 250 MW Bhadla solar park phase IV.

BANKING FINANCE | FEBRUARY | 2018 | 13

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