Today's Sector News – 07.03.2019

Today's Sector News – 07.03.2019 


* AUTOMOBILES: The government has placed stiff localisation riders for the automotive industry to avail incentives upfront under the Faster Adoption and Manufacturing of (Hybrid) and Electric Vehicles II Initiative to promote local manufacturing of electric vehicles.

* AVIATION: Saudi Arabia is set to become the biggest and the only beneficiary of India's tightly managed foreign flying rights regime with the Centre giving the oil-rich nation a 40% hike in quota from Apr 1.

* FINANCE: Srei Group is in initial talks with a clutch of bulge-bracket private equity funds including the Blackstone Group and KKR to raise as much as 10 bln rupees in its equipment finance company ahead of its planned public offer.

* INFORMATION TECHNOLOGY: Cognizant is being sued by a US employee, who has alleged
discrimination in the way assignments are handed out in the company and says that his US origin was the reason he was denied promotions despite helping the company win large deals with clients such as Pepsi and Discover Financial.

* POWER: Gujarat's solar auction of 1,000 MW got no bids because developers felt the ceiling tariff it had set was too low.

* STEEL: A forum of operational creditors with over 10 mln rupees in admitted dues from Essar Steel has appealed to ArcelorMittal, which is in the process of acquiring the debt-ridden company, to pay their dues as well.

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