Today Sector News – 08.06.2018

Today Sector News – 08.06.2018


* AVIATION: The future course of action for Air India disinvestment process will be decided by the group of ministers as no initial bids were received for the proposed stake sale of the airline, Civil Aviation Minister Suresh Prabhu said. Air India which has failed to pay salaries to its over 11,000 employees on time for the third month in a row, has sought proposals for short-term loans worth 10 bln rupees to meet "urgent" working capital requirements.

* BANKING: The Reserve Bank of India's recent announcement of a discussion paper on allowing more players in digital payments business has enthused non-banking payment companies, which are planning to reach out to the RBI with their suggestions.

* DEFENCE: The Defence Acquisition Council, under the chairmanship of Defence Minister Nirmala Sitharaman, approved the acquisition of equipment worth 55 bln rupees for Indian forces.

* POWER: The Standing Committee of Parliament on Energy has invited officials from the finance and power ministries and the Reserve Bank of India on Tuesday to discuss the effect of the central bank's new stressed loan guidelines on the power sector.

* STEEL: The government has set aside 2 bln rupees for an innovation fund to increase domestic steel production.

* TAXATION: The Central Board of Direct Taxes has launched a two-week drive for disposal of pending tax disputes. The Centre has clarified that 12% goods and services tax is applicable on renewable energy certificates.

* TELECOMMUNICATION: Cellular Operators Association of India has appointed Vodafone Managing Director and Chief Executive Officer Sunil Sood as its new Chairman and BHARTI AIRTEL's Chief Operating Officer Ajai Puri as vicechairman.