Today Sector News – 12.09.2018
* AGRICULTURE: The Maharashtra government is coming out with a scheme that would allow housing societies to allot space for farmers to sell their produce, a move that will cut middlemen's profits and ensure that farmers get better prices for their efforts.
* AVIATION: Air India is under utilising its flagship Boeing Dreamliner fleet due to flight crew shortage as well as technical issues with only 21 of 27 planes being deployed for operations every day.
* BANKING: M.S. Sahoo, chairperson of the Insolvency and Bankruptcy Board of India, said that haircuts taken by banks in resolving the cases must also be seen in comparison to the liquidation value of that company. In a major relief for power, shipping and sugar companies, the Supreme Court stayed the Reserve Bank of India's Feb 12 circular on stressed assets that had asked banks to prepare a resolution plan within 180 days for accounts with aggregate exposure of at least 20 bln rupees on or after Mar 1.
* CORPORATE: The Securities and Exchange Board of India said there is a need for the financial sector to follow one system of valuation for corporate bonds to enhance participation and liquidity in the market.
* FUNDS: The Pension Fund Regulatory and Development Authority is aiming at 40% growth in assets under the National Pension System in 2018-19 (Apr-Mar), higher than the 30% growth seen in 2017-18, Chairman Hemant Contractor said.
* INFORMATION TECHNOLOGY: NITI Aayog Chief Executive Officer Amitabh Kant today called for lending of higher amount online using one-time password for electronic know-your customer verification.
* INFRASTRUCTURE: The Maharashtra government has approved implementation of two metro rail projects, the state government has said.
* INSURANCE: As of Monday, life insurance companies had settled 21 claims, worth a combined 21.4 mln rupees, from people affected by floods in Kerala, Nilesh Sathe, member of the Insurance Regulatory and Development Authority of India, said. The insurance regulator has asked insurers to sell their holdings in Tata Sons promptly.
* OIL AND GAS: The West Bengal government has decided to cut value added tax on petrol and diesel that would lead to a reduction of 1 rupee per ltr in the retail price of the two automobile fuels in the state. Invenire Energy will likely acquire Tata Petrodyne, oil and gas business of Tata Group.
* RETAIL: Top retailers, marketers and ecommerce marketplaces expect upcoming festive season sales to be stronger than last year despite high fuel prices pinching pockets and depreciating rupee creating pricing pressure for electronic goods makers.
* STEEL: Lakshmi Mittal-led ArcelorMittal S.A. moved the Supreme Court against an order by the
National Company Law Appellate Tribunal that the company clear dues of related companies to bid for Essar Steel.
* TAXATION: India's anti-profiteering officials will look into complaints alleging that many consumer goods companies have not fully passed on a recent reduction in the goods and services tax on their products to consumers.
* TELECOMMUNICATION: The Department of Telecommunications has approved the proposal of Bharat Sanchar Nigam seeking airwaves in the 2,100 MHz band to launch fourth generation services through a revenue-sharing model.
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* AVIATION: Air India is under utilising its flagship Boeing Dreamliner fleet due to flight crew shortage as well as technical issues with only 21 of 27 planes being deployed for operations every day.
* BANKING: M.S. Sahoo, chairperson of the Insolvency and Bankruptcy Board of India, said that haircuts taken by banks in resolving the cases must also be seen in comparison to the liquidation value of that company. In a major relief for power, shipping and sugar companies, the Supreme Court stayed the Reserve Bank of India's Feb 12 circular on stressed assets that had asked banks to prepare a resolution plan within 180 days for accounts with aggregate exposure of at least 20 bln rupees on or after Mar 1.
* CORPORATE: The Securities and Exchange Board of India said there is a need for the financial sector to follow one system of valuation for corporate bonds to enhance participation and liquidity in the market.
* FUNDS: The Pension Fund Regulatory and Development Authority is aiming at 40% growth in assets under the National Pension System in 2018-19 (Apr-Mar), higher than the 30% growth seen in 2017-18, Chairman Hemant Contractor said.
* INFORMATION TECHNOLOGY: NITI Aayog Chief Executive Officer Amitabh Kant today called for lending of higher amount online using one-time password for electronic know-your customer verification.
* INFRASTRUCTURE: The Maharashtra government has approved implementation of two metro rail projects, the state government has said.
* INSURANCE: As of Monday, life insurance companies had settled 21 claims, worth a combined 21.4 mln rupees, from people affected by floods in Kerala, Nilesh Sathe, member of the Insurance Regulatory and Development Authority of India, said. The insurance regulator has asked insurers to sell their holdings in Tata Sons promptly.
* OIL AND GAS: The West Bengal government has decided to cut value added tax on petrol and diesel that would lead to a reduction of 1 rupee per ltr in the retail price of the two automobile fuels in the state. Invenire Energy will likely acquire Tata Petrodyne, oil and gas business of Tata Group.
* RETAIL: Top retailers, marketers and ecommerce marketplaces expect upcoming festive season sales to be stronger than last year despite high fuel prices pinching pockets and depreciating rupee creating pricing pressure for electronic goods makers.
* STEEL: Lakshmi Mittal-led ArcelorMittal S.A. moved the Supreme Court against an order by the
National Company Law Appellate Tribunal that the company clear dues of related companies to bid for Essar Steel.
* TAXATION: India's anti-profiteering officials will look into complaints alleging that many consumer goods companies have not fully passed on a recent reduction in the goods and services tax on their products to consumers.
* TELECOMMUNICATION: The Department of Telecommunications has approved the proposal of Bharat Sanchar Nigam seeking airwaves in the 2,100 MHz band to launch fourth generation services through a revenue-sharing model.
