Daily Sector News Today – 30.10.2017
* AUTOMOBILE: The government has called a snap bid for procurement of electric vehicle chargers on Monday to ensure availability of charging stations by next month.
* AVIATION: Glitches in Pratt & Whitney's engines used by the INTERGLOBE AVIATION-led IndiGo and GoAir on their new Airbus A320neo planes have led to as many as 64 of them having to be removed for repair and replacement.
- French major Dassault Aviation will invest over 100 mln euros (about 7.5 bln rupees) in a joint venture with Reliance Aerospace to manufacture aircraft components as part of the 'offset obligation' connected to the purchase of 36 Rafale fighter jets from France.
- Airlines will not be able to start additional flights from terminal 1 at the Indira Gandhi International Airport for the next three years, the Delhi airport operator said on Friday. Air India is examining the possibility of operating flights from Mumbai to Tel Aviv as the carrier weighs various options amid issues of overflying rights.
* BANKING: Without specifying any time frame, Deputy Governor B.P. Kanungo said that the Reserve Bank of India was working on finalising norms on merchant discount rates for debit cards. Banks Board Bureau chief Vinod Rai welcomed the government's 2.11-trln-rupee recapitalisation plan but noted that it would be prudent to let public sector banks stabilise before consolidation is pursued. Former Reserve Bank of India Governor Y.V. Reddy supported the government's decision to announce a 2.11-trln-rupee recapitalisation plan for state-owned banks, calling it critical to
jumpstart the economy.
- The Reserve Bank of India will sell up to 100 bln rupees worth of five government bonds through open market operations on Nov 9. Finance Minister Arun Jaitley has said the government chose to infuse substantial capital in public sector banks rather than resorting to quick fixes once the real picture on their health emerged. Life Insurance Corp of India may be roped in to participate in the 2.11-trln-rupee bank recapitalisation initiative.
* CORPORATE: Tata Sons will pump in an additional 300 bln rupees into its money-losing telecom company, Tata Teleservices, by way of quasi-equity and/or inter-corporate loan in the current financial year.
* ECONOMY: The West Bengal government has moved the Supreme Court against the Centre's move to link various schemes with the Aadhaar number. The petition will be heard on Monday, the date already fixed for the hearing of other Aadhaar-related cases. The indirect revenue collection by the government may fall short of target this fiscal due to disruption caused by GST rollout.
* FINANCE: The government's latest tranche of sovereign gold bonds has been priced at 2,945 rupees per gm for the subscription period of Oct 30 to Nov 1.
* MINING: The Supreme Court will try to decide in November first week how much annual iron ore mining should be allowed in Goa, the court has said.
* RAILWAYS: The Indian Railways is aiming to complete electrification of the country's busiest rail routes in the next 36-42 months to improve efficiency and save on cost, said Ghan Shyam Singh, Railway Board member. The Railways is working on a proposal to create a suburban railway network for Bengaluru, much like the one in Mumbai, to decongest the city and link it to the airport, Railway Minister Piyush Goyal said. The Indian Railways is projected to invest over $150 bln in the next five years, generating 1 mln jobs in the country, Railways Minister Piyush Goyal has said.
* REGULATORY: The Pension Fund Regulatory and Development Authority has increased incentives for distributors or points of presence of the National Pension System. The Securities and Exchange Board of India has asked stock exchanges to have two separate windows for block deals, effective Jan 1, 2018.
* STEEL: TATA STEEL, Essar Group and Arcelor Mittal are learnt to have submitted bids to acquire Essar Steel, which is undergoing the insolvency resolution process.
* TELECOMMUNICATION: The telecom regulator is unlikely to reduce international termination rates a charge paid by operators to networks that receive calls to the level of the local equivalent, as demanded by Reliance Jio, because the method of calculating costs varies in both cases.
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* AVIATION: Glitches in Pratt & Whitney's engines used by the INTERGLOBE AVIATION-led IndiGo and GoAir on their new Airbus A320neo planes have led to as many as 64 of them having to be removed for repair and replacement.
- French major Dassault Aviation will invest over 100 mln euros (about 7.5 bln rupees) in a joint venture with Reliance Aerospace to manufacture aircraft components as part of the 'offset obligation' connected to the purchase of 36 Rafale fighter jets from France.
- Airlines will not be able to start additional flights from terminal 1 at the Indira Gandhi International Airport for the next three years, the Delhi airport operator said on Friday. Air India is examining the possibility of operating flights from Mumbai to Tel Aviv as the carrier weighs various options amid issues of overflying rights.
* BANKING: Without specifying any time frame, Deputy Governor B.P. Kanungo said that the Reserve Bank of India was working on finalising norms on merchant discount rates for debit cards. Banks Board Bureau chief Vinod Rai welcomed the government's 2.11-trln-rupee recapitalisation plan but noted that it would be prudent to let public sector banks stabilise before consolidation is pursued. Former Reserve Bank of India Governor Y.V. Reddy supported the government's decision to announce a 2.11-trln-rupee recapitalisation plan for state-owned banks, calling it critical to
jumpstart the economy.
- The Reserve Bank of India will sell up to 100 bln rupees worth of five government bonds through open market operations on Nov 9. Finance Minister Arun Jaitley has said the government chose to infuse substantial capital in public sector banks rather than resorting to quick fixes once the real picture on their health emerged. Life Insurance Corp of India may be roped in to participate in the 2.11-trln-rupee bank recapitalisation initiative.
* CORPORATE: Tata Sons will pump in an additional 300 bln rupees into its money-losing telecom company, Tata Teleservices, by way of quasi-equity and/or inter-corporate loan in the current financial year.
* ECONOMY: The West Bengal government has moved the Supreme Court against the Centre's move to link various schemes with the Aadhaar number. The petition will be heard on Monday, the date already fixed for the hearing of other Aadhaar-related cases. The indirect revenue collection by the government may fall short of target this fiscal due to disruption caused by GST rollout.
* FINANCE: The government's latest tranche of sovereign gold bonds has been priced at 2,945 rupees per gm for the subscription period of Oct 30 to Nov 1.
* MINING: The Supreme Court will try to decide in November first week how much annual iron ore mining should be allowed in Goa, the court has said.
* RAILWAYS: The Indian Railways is aiming to complete electrification of the country's busiest rail routes in the next 36-42 months to improve efficiency and save on cost, said Ghan Shyam Singh, Railway Board member. The Railways is working on a proposal to create a suburban railway network for Bengaluru, much like the one in Mumbai, to decongest the city and link it to the airport, Railway Minister Piyush Goyal said. The Indian Railways is projected to invest over $150 bln in the next five years, generating 1 mln jobs in the country, Railways Minister Piyush Goyal has said.
* REGULATORY: The Pension Fund Regulatory and Development Authority has increased incentives for distributors or points of presence of the National Pension System. The Securities and Exchange Board of India has asked stock exchanges to have two separate windows for block deals, effective Jan 1, 2018.
* STEEL: TATA STEEL, Essar Group and Arcelor Mittal are learnt to have submitted bids to acquire Essar Steel, which is undergoing the insolvency resolution process.
* TELECOMMUNICATION: The telecom regulator is unlikely to reduce international termination rates a charge paid by operators to networks that receive calls to the level of the local equivalent, as demanded by Reliance Jio, because the method of calculating costs varies in both cases.
