Today Sector News – 19.01.2018
* AVIATION: The Delhi high court gave one last opportunity to INTERGLOBE AVIATION-led IndiGo, GoAir, SPICEJET, Delhi International Airport and the Directorate General of Civil Aviation to resolve amicably a dispute over the shifting of airline operations from terminal-1 of Indira Gandhi International Airport to terminal-2 from Feb 15.
* BANKING: The loan book and revenue of small finance banks are likely to grow at twice the industry average over the next four to five years, UBS Securities said in a report. Strength of the distribution networks of small finance banks in under-penetrated credit segments and among customers engaged in the informal economy are seen driving the growth.
* COMMODITIES: NITI Aayog has recommended that the Centre bear 40% of losses incurred by states on procurement of farm goods at the minimum support price, according to a release by the Maharashtra state government.
* ECONOMY: The government has set a 90-day deadline for hotels and restaurants to resolve complaints from the day the issues are raised, the tourism ministry said. The Chhattisgarh government requested Finance Minister Arun Jaitley for relaxation in the deficit target under the Fiscal Responsibility and Budget Management in view of funds required for the implementation of the Pradhan Mantri Awaas Yojana.
* EXCHANGES: India's National Stock Exchange has asked Singapore Exchange to delay the planned introduction of single-stock futures that would track some of the subcontinent's largest companies.
* METALS: The government may consider setting up two major metal recycling plants once rules on vehicle scrapping are in place, Minister of Steel Chaudhary Birender Singh said.
* OIL AND GAS: The government launched the auction of 55 oil and gas exploration blocks in the first round under the Open Acreage Licensing Programme.
* POWER: The government will set up a $350-mln fund to finance solar power projects, Power Minister R.K. Singh said at the International Solar Alliance Forum.
* STEEL: Independent experts Duff & Phelps and PricewaterhouseCoopers have revised the liquidation value of Bhushan Power & Steel upwards to 200 bln rupees, almost double their initial estimates, barely two weeks ahead of a deadline for submission of final bids for the bankrupt company.
* SUGAR: The Indian Sugar Mills Association raised the country's sugar output estimate for 2017-18 (Oct-Sep) to 26.1 mln tn from 25.1 mln tn on the back better yield and higher sugar recovery from cane.
* TAXATION: The GST Council at its 25th meeting today discussed moving towards a single form to file returns under the goods and services tax to improve compliance under the new indirect tax regime.
* TELECOMMUNICATIONS: Telecom companies and various other stakeholders has urged the Telecom Regulatory Authority of India to consider the distressed financial situation of the industry while deciding the timing of the next round of spectrum auction. The department of telecommunications will consider reducing licence fees, spectrum user charges and other levies in the new telecom policy to drive investments in the sector. The government has opposed Vodafone Group's proposal to merge its two arbitration cases against India, and sought an injunction from Delhi High Court to stop the telecom companies from proceeding with the second arbitration filed in the UK, saying it was an "abusive action".
- Telecom Regulatory Authority of India chairman R.S. Sharma said the task of identifying reserve price for spectrum is an "onerous responsibility" and that there is no "definite formula" to determine it. The Department of Telecommunications plans to introduce a ranking system for telecom operators to tackle the problem of dropped calls.
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* BANKING: The loan book and revenue of small finance banks are likely to grow at twice the industry average over the next four to five years, UBS Securities said in a report. Strength of the distribution networks of small finance banks in under-penetrated credit segments and among customers engaged in the informal economy are seen driving the growth.
* COMMODITIES: NITI Aayog has recommended that the Centre bear 40% of losses incurred by states on procurement of farm goods at the minimum support price, according to a release by the Maharashtra state government.
* ECONOMY: The government has set a 90-day deadline for hotels and restaurants to resolve complaints from the day the issues are raised, the tourism ministry said. The Chhattisgarh government requested Finance Minister Arun Jaitley for relaxation in the deficit target under the Fiscal Responsibility and Budget Management in view of funds required for the implementation of the Pradhan Mantri Awaas Yojana.
* EXCHANGES: India's National Stock Exchange has asked Singapore Exchange to delay the planned introduction of single-stock futures that would track some of the subcontinent's largest companies.
* METALS: The government may consider setting up two major metal recycling plants once rules on vehicle scrapping are in place, Minister of Steel Chaudhary Birender Singh said.
* OIL AND GAS: The government launched the auction of 55 oil and gas exploration blocks in the first round under the Open Acreage Licensing Programme.
* POWER: The government will set up a $350-mln fund to finance solar power projects, Power Minister R.K. Singh said at the International Solar Alliance Forum.
* STEEL: Independent experts Duff & Phelps and PricewaterhouseCoopers have revised the liquidation value of Bhushan Power & Steel upwards to 200 bln rupees, almost double their initial estimates, barely two weeks ahead of a deadline for submission of final bids for the bankrupt company.
* SUGAR: The Indian Sugar Mills Association raised the country's sugar output estimate for 2017-18 (Oct-Sep) to 26.1 mln tn from 25.1 mln tn on the back better yield and higher sugar recovery from cane.
* TAXATION: The GST Council at its 25th meeting today discussed moving towards a single form to file returns under the goods and services tax to improve compliance under the new indirect tax regime.
* TELECOMMUNICATIONS: Telecom companies and various other stakeholders has urged the Telecom Regulatory Authority of India to consider the distressed financial situation of the industry while deciding the timing of the next round of spectrum auction. The department of telecommunications will consider reducing licence fees, spectrum user charges and other levies in the new telecom policy to drive investments in the sector. The government has opposed Vodafone Group's proposal to merge its two arbitration cases against India, and sought an injunction from Delhi High Court to stop the telecom companies from proceeding with the second arbitration filed in the UK, saying it was an "abusive action".
- Telecom Regulatory Authority of India chairman R.S. Sharma said the task of identifying reserve price for spectrum is an "onerous responsibility" and that there is no "definite formula" to determine it. The Department of Telecommunications plans to introduce a ranking system for telecom operators to tackle the problem of dropped calls.
