Daily Sector News Today – 27.07.2017
* AVIATION: An evaluation committee is working on the bidding document for divestment of
government's 51% stake in state-run Pawan Hans and is likely to submit it within next 15-20 days, a
senior government official said. The Comptroller and Auditor General has sought details of the aviation ministry's plan to create a trust to fund the government's regional connectivity scheme.
* COMMODITIES: The government may consider more duty-free sugar imports and bringing back stock limits on sugar mills this season if prices continue to rise in the run-up to Diwali, a senior government official said.
* CORPORATE: Essel Group looks to raise up to $1 bln by issuing dollar-denominated bonds to
refinance debt of the group's Mauritius holding company, which has investments across multiple
businesses. Tata Industries has raised 2.5 bln rupees by selling corporate bonds to Birla Sunlife Mutual Fund, Aditya Birla Finance and Kotak Mutual Fund. The Supreme Court of India has used special powers to allow a company to withdraw from insolvency proceedings after the borrower and the creditor arrived at mutual settlement on the loan.
* DEFENCE: A decision is expected to be taken related to $8-bln Futuristic Infantry Combat Vehicle
project when the defence acquisition council meets by the end of July.
* ECONOMY: The Employees' Provident Fund Organisation may invest around 225 bln rupees in
exchange traded funds in the financial year started April, Labour Minister Bandaru Dattatreya said in a written reply to a question in the Rajya Sabha. The Union Cabinet has approved hiking the limit for
maximum investment in Sovereign Gold Bonds Scheme to 4 kg per fiscal year for individuals, and
created a separate limit of 20 kg for trusts.
* METALS: Vedanta Resources plans to raise up to $1 bln in dollar bonds in the second such issue in six months.
* OIL AND GAS: INDIAN OIL CORP hiked the price of petrol in Delhi by 2 paise per ltr for today, and cut the price of diesel by 1 paisa per ltr, information on the company's website showed.
* TELECOMMUNICATIONS: The Department of Telecommunications is mulling new norms to allow telecom companies that still have older licences to raise funds using spectrum as collateral. In an attempt to hold on to prepaid customers, Vodafone India will soon launch a data plan for select customers in Delhi and Mumbai, wherein it will offer 70 GB data for 244 rupees. Vodafone has again dragged the Telecommunication Regulatory Authority of India to Delhi High Court, calling for greater transparency in its consultation process on the contentious interconnection usage charge.
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government's 51% stake in state-run Pawan Hans and is likely to submit it within next 15-20 days, a
senior government official said. The Comptroller and Auditor General has sought details of the aviation ministry's plan to create a trust to fund the government's regional connectivity scheme.
* COMMODITIES: The government may consider more duty-free sugar imports and bringing back stock limits on sugar mills this season if prices continue to rise in the run-up to Diwali, a senior government official said.
* CORPORATE: Essel Group looks to raise up to $1 bln by issuing dollar-denominated bonds to
refinance debt of the group's Mauritius holding company, which has investments across multiple
businesses. Tata Industries has raised 2.5 bln rupees by selling corporate bonds to Birla Sunlife Mutual Fund, Aditya Birla Finance and Kotak Mutual Fund. The Supreme Court of India has used special powers to allow a company to withdraw from insolvency proceedings after the borrower and the creditor arrived at mutual settlement on the loan.
* DEFENCE: A decision is expected to be taken related to $8-bln Futuristic Infantry Combat Vehicle
project when the defence acquisition council meets by the end of July.
* ECONOMY: The Employees' Provident Fund Organisation may invest around 225 bln rupees in
exchange traded funds in the financial year started April, Labour Minister Bandaru Dattatreya said in a written reply to a question in the Rajya Sabha. The Union Cabinet has approved hiking the limit for
maximum investment in Sovereign Gold Bonds Scheme to 4 kg per fiscal year for individuals, and
created a separate limit of 20 kg for trusts.
* METALS: Vedanta Resources plans to raise up to $1 bln in dollar bonds in the second such issue in six months.
* OIL AND GAS: INDIAN OIL CORP hiked the price of petrol in Delhi by 2 paise per ltr for today, and cut the price of diesel by 1 paisa per ltr, information on the company's website showed.
* TELECOMMUNICATIONS: The Department of Telecommunications is mulling new norms to allow telecom companies that still have older licences to raise funds using spectrum as collateral. In an attempt to hold on to prepaid customers, Vodafone India will soon launch a data plan for select customers in Delhi and Mumbai, wherein it will offer 70 GB data for 244 rupees. Vodafone has again dragged the Telecommunication Regulatory Authority of India to Delhi High Court, calling for greater transparency in its consultation process on the contentious interconnection usage charge.
