Today Sector News – 20.06.2018

Today Sector News – 20.06.2018


* AUTOMOBILE: Mercedes-Benz plans to manufacture electric vehicles in India at its factory at Chakan in Pune.

* AVIATION: Domestic airlines carried 11.9 mln passengers in May, 16.5% higher than the year-ago period, according to data released by the Directorate General of Civil Aviation. The board of AirAsia Group has rebutted all allegations levelled against the airline's top brass. Air India has sought immediate restoration of 22-bln-rupee equity infusion from the government to meet its operational requirements as the process to sell the debt laden airline has now been put on the back burner. Pratt & Whitney is close to finalising the redesign of a faulty engine part that forced Airbus SE to halt deliveries of its A320neo narrow-body jet at the start of the year.

* BANKING: Finance Minister Piyush Goyal has said the government is open to discussions on giving more powers to the Reserve Bank of India to improve accountability of state-owned banks. Public sector banks will conduct a focused study on the credit requirement of those companies that have performed well in the past, but are struggling with their finances, interim Finance Minister Piyush Goyal said. The Reserve Bank of India has notified that the eligibility cap for housing loans under priority sector lending has been increased to 3.5 mln rupees from 2.8 mln rupees in metropolitan centres, and to 2.5 mln rupees from 2.0 mln rupees in other centres.

* ENERGY: The Ministry of New and Renewable Energy has declared medium- and long-term targets for offshore wind power capacity addition.

* FAST-MOVING CONSUMER GOODS: Global consumer giant, Kraft Heinz Co, plans to sell children's milk drink brand Complan in India. The Uttar Pradesh government has approved a proposal for the Patanjali Group of Baba Ramdev to set up a food processing park at Greater Noida.

* FUNDS: The government has received bids worth 51.63 bln rupees from anchor investors for the second tranche of Bharat 22 Exchange Traded Fund offer, subscribed 3.4 times over the initial amount allocated to this category at 15 bln

* PHARMACEUTICALS: Use of polythylene terephthalate or plastic containers for packaging drug formulations is a safe, a government study concludes, putting to rest the debate on the issue that dates back to 2013.

* POWER: The insolvency resolution professional of bankrupt Visa Power has put the company on the block after the National Company Law Tribunal admitted the firm for insolvency proceedings.

* REGULATORY: SEBI is set to revamp initial public offering norms to make them less onerous for legitimate sellers while clamping down on possible misuse.

* STEEL: GUJARAT NRE COKE plans to restart one of its units in a year's time by ramping up production at its other units.

* TELECOMMUNICATION: Aircel has made some senior-level appointments to fill up vacancies in key functions such as operations, finance and human resources.