Daily Sector News – 03.03.2017
* AVIATION: A consortium of lenders to Air India has shelved the airline's proposal to recast 90 bln rupees of loans by converting half the amount into equity. Air Asia India has announced nearly doubling its fleet to 14 aircraft from the current eight by October this year.
* BANKING: State-owned banks are expected to refrain from borrowing funds via the short-term debt market this month, because of a surge in deposits after the withdrawal of legal tender status of old 500- and 1,000-rupee notes from Nov 9. Members of the Public Accounts Committee expressed anguish after chief executive officers of INDIAN OVERSEAS BANK, INDIAN BANK, ALLAHABAD BANK and UCO BANK gave them detailed presentations on bad loans.
A PAC member Bhartruhari Mahtab has demanded a forensic audit on non-performing assets.
* CORPORATE: TVS Logisitics has picked up 60% stake in UK-based SPC International through its UK arm TVS Rico Supply Chain Services.
* E-COMMERCE: Alibaba will invest $177 mln to increase its holding in Paytm Mall.
* ECONOMY: The Telangana government plans to auction bonds worth 89.23 bln rupees under the Ujjwal DISCOM Assurance Yojana, and has invited bids from merchant bankers by 1200 IST on Monday. India is set to make further changes in its overseas investment regime, scrapping the need for approvals in sectors where licences are also required.
- PepsiCo Chairperson Indra Nooyi on Thursday met Prime Minister Narendra Modi and offered the company's participation in the government's efforts to deliver on national development goals, especially in supporting farmers.
* INFRASTRUCTURE: LARSON & TOUBRO, Afcons Infrastructure, IL&FS ENGINEERING AND CONSTRUCTION, Tata Projects, J KUMAR INFRA PROJECTS, NCC, Soma Enterprises, IMC Projects India and ITD CEMENTATION India have showed interest in investing in Pune metro project.
* INSURANCE: Life Insurance Corp of India had assets worth 20.6 trln rupees and net surplus of 490 bln rupees as of March 2016, a valuation report by independent actuaries appointed by the insurer showed.
* PHARMACEUTICALS: Indian pharmaceutical lobby wants the commerce ministry and India's missions in the US to proactively engage with Trump administration and lobby Capitol Hill to seek policy changes favouring Indian drug companies.
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* AVIATION: A consortium of lenders to Air India has shelved the airline's proposal to recast 90 bln rupees of loans by converting half the amount into equity. Air Asia India has announced nearly doubling its fleet to 14 aircraft from the current eight by October this year.
* BANKING: State-owned banks are expected to refrain from borrowing funds via the short-term debt market this month, because of a surge in deposits after the withdrawal of legal tender status of old 500- and 1,000-rupee notes from Nov 9. Members of the Public Accounts Committee expressed anguish after chief executive officers of INDIAN OVERSEAS BANK, INDIAN BANK, ALLAHABAD BANK and UCO BANK gave them detailed presentations on bad loans.
A PAC member Bhartruhari Mahtab has demanded a forensic audit on non-performing assets.
* CORPORATE: TVS Logisitics has picked up 60% stake in UK-based SPC International through its UK arm TVS Rico Supply Chain Services.
* E-COMMERCE: Alibaba will invest $177 mln to increase its holding in Paytm Mall.
* ECONOMY: The Telangana government plans to auction bonds worth 89.23 bln rupees under the Ujjwal DISCOM Assurance Yojana, and has invited bids from merchant bankers by 1200 IST on Monday. India is set to make further changes in its overseas investment regime, scrapping the need for approvals in sectors where licences are also required.
- PepsiCo Chairperson Indra Nooyi on Thursday met Prime Minister Narendra Modi and offered the company's participation in the government's efforts to deliver on national development goals, especially in supporting farmers.
* INFRASTRUCTURE: LARSON & TOUBRO, Afcons Infrastructure, IL&FS ENGINEERING AND CONSTRUCTION, Tata Projects, J KUMAR INFRA PROJECTS, NCC, Soma Enterprises, IMC Projects India and ITD CEMENTATION India have showed interest in investing in Pune metro project.
* INSURANCE: Life Insurance Corp of India had assets worth 20.6 trln rupees and net surplus of 490 bln rupees as of March 2016, a valuation report by independent actuaries appointed by the insurer showed.
* PHARMACEUTICALS: Indian pharmaceutical lobby wants the commerce ministry and India's missions in the US to proactively engage with Trump administration and lobby Capitol Hill to seek policy changes favouring Indian drug companies.
