Today Sector News – 15.06.2018

Today Sector News – 15.06.2018


* AVIATION: Tata Trusts will continue to support its nominee on the board of AirAsia India R. Venkataramanan in the ongoing investigation related to alleged violation of norms by the airline for securing a licence to fly on international routes from India.
 - The government will continue to help Air India with liquidity infusion even as it continues to look for alternative mechanisms for the airline's planned disinvestment, Minister of State for Civil Aviation Jayant Sinha said. The West Bengal government, which owns a substantial minority stake in a private airport, is preparing a policy to generate traffic at smaller airports such as Andal, Malda and Coochbehar.

* AUTOMOBILE The Petroleum and Natural Gas Regulatory Board has stated that it is preparing safety regulations for liquefied natural gas-fuelled commercial transport vehicles.

* BANKING: A diversified or state-ownership is not a surety of good governance in banks,
according to Kotak Mahindra Bank Managing Director and Chief Executive Officer Uday Kotak. The Reserve Bank of India has allowed interest rate swaptions in rupees that will offer better timing flexibility for market participants seeking to hedge their interest rate risk.

* CEMENT: Road Minister Nitin Gadkari had accused cement companies of indulging in cartelisation and warned them of converting upcoming concrete roads into bitumen ones if the companies continue "blackmailing".

* COMMODITY: In a bid to protect domestic prices, the government increased the customs duty on crude soft edible oils--soyoil, sunflower oil and canola oil--to 35% and refined soft edible oils to 45%.

* CORPORATE: Private equity investors TPG, True North and Carlyle are in the final race to acquire Tata Capital's stake in Sai Life Sciences for about $130 mln, or 9 bln rupees.

* ENERGY: Essel Infraprojects has bagged three waste-to-energy projects in the cities of Kadapa, Anantapur and Tadepalli Gudem in Andhra Pradesh.

* FAST-MOVING CONSUMER GOODS: The Centre has decided to give 15 days more time to Patanjali Ayurved for meeting conditions such as acquisition of land, required for the final nod to set up the proposed 60-bln-rupee mega food park in Uttar Pradesh.

* INFRASTRUCTURE: JSW Infrastructure, the port operating arm of the JSW Group, aims to spend 51 bln rupees for capacity expansion till 2020, by which time it also aims for its maiden public issue of shares.

* INSURANCE: Bajaj Allianz Life Insurance is looking to diversify its product basket by launching a morbidity (health insurance) and pension plan this year.

* OIL AND GAS: Petroleum Minister Dharmendra Pradhan met ambassadors of the members of the Organization of the Petroleum Exporting Countries, or OPEC, and expressed concern over the rise in prices of crude oil and its impact on India and other countries that depend heavily on imported oil.

* TECHNOLOGY: Cisco Systems Inc plans to spend at least 13.52 bln rupees on start-up investments this year.