Today Sector News – 16.04.2018

Today Sector News – 16.04.2018

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* AVIATION: The Delhi High Court has asked the Directorate General of Civil Aviation to file a report by Wednesday, detailing all the exemptions from the roster sought by airlines after Sep 24, along with the reason for such variations from schedule. The government's decision to retain a 24% stake in Air India after the sale of 76% is deterring prospective buyers from bidding for the bankrupt airline.
 - Airbus will resume global deliveries of its A320neo planes to customers by the end of this month after almost three months. As the government awaits expression of interest for Air India stake sale, International Finance Corp has said it is "watching the process closely and may get involved at a later stage".
 - Tata Sons Chairman Natarajan Chandrasekaran said the conglomerate will clear its stand on buying a stake in Air India by mid-May. All 14 Pratt & Whitney engine-powered Airbus A320 Neo planes of the two budget carriers-- INTERGLOBE AVIATION-led IndiGo and GoAir--which were grounded between February and March this year due to safety concerns are now back into operation.

* BANKING: Following the Reserve Bank of India's ban on issuance of letters of undertaking, at least $5 bln of non-fund credit will need to be converted into domestic loans. As part of the drive to double income of farmers by 2022, the government has raised the authorised capital of NABARD by six times to 300 bln rupees to help it increase its lending to the rural economy.

* CEMENT: The Binani Operational Creditors Forum had sought a forensic audit of the insolvency resolution process of Binani Cement due to an alleged lack of transparency and step motherly treatment to micro, small and medium enterprise players.

* E-COMMERCE: The Centre has set up an inter-ministerial panel to look into issues related to the e-commerce sector, the first step towards creating a comprehensive policy framework for the new-age business platform, Union Commerce Secretary Rita Teaotia said.

* FINANCE: The board of HDB Financial Services will today consider raising up to 163.8 bln rupees through nonconvertible debentures on a private placement basis.

* FUND: As per latest data available, the Employees' Provident Fund Organisation has invested 420 bln rupees in exchange-traded funds, Central Provident Fund Commissioner V.P. Joy said.

* GOLD: The first tranche of sovereign gold bonds for 2018-19 (Apr-Mar) will be open for subscription during Apr 16- 20, the government said.

* INSURANCE: New India Assurance and Tata AIG, that sell liability insurance to directors on bank boards have begun to reassess the premium on risk exposure of their portfolio in the director's and officer's liability business.

* REAL ESTATE: IL&FS Group is venturing into affordable housing business with three projects in Hyderabad, Chennai and Ahmedabad.