Today Sector News – 18.04.2018
* AVIATION: Air India passengers will now have to shell out more for choosing middle seats in the front and the middle portions of the aircraft. Vistara is likely to place an order for wide-bodied aircraft in the next few weeks as part of its plans to expand to long-haul overseas routes.
* BANKING: The Reserve Bank of India said there was no shortage of currency in the country and there was sufficient cash in the RBI vaults and currency chests. The Confederation of ATM Industry insisted that supply of currency notes to the machines had fallen sharply. The government will seek an approval from the RBI for the backend systems of India Post Payments Bank once the testing of integrated postal network and bank branches is complete, Communications Minister Manoj Sinha said.
* COMMODITIES: Sugar mills across the country owe 180.44 bln rupees to sugarcane farmers as of
Thursday for 2017-18 (Oct-Sep), a senior government official said.
* DEFENCE: The home ministry has given speedy security clearances to 48 private investments in the defence sector. The Indian Navy will soon invite requests for proposals for a 950-bln-rupee tender to purchase 57 fighter aircrafts.
* ENERGY: US Energy Secretary Rick Perry has expressed confidence that Westinghouse Electric Co would be in a position to fully implement the agreement to set up six nuclear reactors at Kovvada in Andhra Pradesh, as the company is emerging out of bankruptcy. A batch of solar power projects with a total capacity of 7,670 MW is set to be put out to tender in the next two months where the benchmark tariff will vary according to location.
* INFRASTRUCTURE: The government aims to award 20,000 km of road projects in 2018-19 (Apr-Mar), up 17% on year, the Ministry of Road Transport and Highways said. The government plans to make an electric highway where electric vehicles can be charged even while moving, Road Transport and Highways Minister Nitin Gadkari said.
* OIL & GAS: India and the US have decided to set up a joint task force on natural gas, hitting the road with India-US Strategic Energy Partnership at a time when a new order is emerging in the global oil market.
* POWER: The Delhi government has approved a proposal making power distribution companies liable to compensate consumers for unscheduled power cuts on a per hour basis. Despite shortage of coal at power plants, Maharashtra may not face power cuts this summer as the government has made advance arrangements for supplies.
* RAILWAYS: The Indian Railways' passenger earnings in 2017-18 have been the highest ever, and clocked a 4.2% increase to 490 bln rupees from 470 bln rupees during the previous financial year.
* REAL ESTATE: It has been nearly 10 months since the goods and services tax has been rolled out but real estate developers continue to struggle due to lack of clarity over the exact implications of the new tax, a joint report by JLL India and PricewaterhouseCoopers India said.
* STEEL: The resolution process for Essar Steel could get extended beyond the 270-day deadline of Apr 29, especially due to the litigation and challenges put up by ArcelorMittal before the National Company Law Tribunal's Ahmedabad Bench.
* TAXATION: The government will roll out e-way bill system for intra-state movement of goods in six more states from Friday, Bihar Deputy Chief Minister Sushil Kumar Modi said.
* TELECOMMUNICATION: Aircel's committee of creditors is considering an option to restart the firm's mobile phone operations in a few select circles and looking for funding from investors other than promoters.
* TRADE: The government extended the anti-dumping duty on imports of soda ash originating in or exported from Russia and Turkey, for one year till Apr 16, 2019, according to a government release.
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* BANKING: The Reserve Bank of India said there was no shortage of currency in the country and there was sufficient cash in the RBI vaults and currency chests. The Confederation of ATM Industry insisted that supply of currency notes to the machines had fallen sharply. The government will seek an approval from the RBI for the backend systems of India Post Payments Bank once the testing of integrated postal network and bank branches is complete, Communications Minister Manoj Sinha said.
* COMMODITIES: Sugar mills across the country owe 180.44 bln rupees to sugarcane farmers as of
Thursday for 2017-18 (Oct-Sep), a senior government official said.
* DEFENCE: The home ministry has given speedy security clearances to 48 private investments in the defence sector. The Indian Navy will soon invite requests for proposals for a 950-bln-rupee tender to purchase 57 fighter aircrafts.
* ENERGY: US Energy Secretary Rick Perry has expressed confidence that Westinghouse Electric Co would be in a position to fully implement the agreement to set up six nuclear reactors at Kovvada in Andhra Pradesh, as the company is emerging out of bankruptcy. A batch of solar power projects with a total capacity of 7,670 MW is set to be put out to tender in the next two months where the benchmark tariff will vary according to location.
* INFRASTRUCTURE: The government aims to award 20,000 km of road projects in 2018-19 (Apr-Mar), up 17% on year, the Ministry of Road Transport and Highways said. The government plans to make an electric highway where electric vehicles can be charged even while moving, Road Transport and Highways Minister Nitin Gadkari said.
* OIL & GAS: India and the US have decided to set up a joint task force on natural gas, hitting the road with India-US Strategic Energy Partnership at a time when a new order is emerging in the global oil market.
* POWER: The Delhi government has approved a proposal making power distribution companies liable to compensate consumers for unscheduled power cuts on a per hour basis. Despite shortage of coal at power plants, Maharashtra may not face power cuts this summer as the government has made advance arrangements for supplies.
* RAILWAYS: The Indian Railways' passenger earnings in 2017-18 have been the highest ever, and clocked a 4.2% increase to 490 bln rupees from 470 bln rupees during the previous financial year.
* REAL ESTATE: It has been nearly 10 months since the goods and services tax has been rolled out but real estate developers continue to struggle due to lack of clarity over the exact implications of the new tax, a joint report by JLL India and PricewaterhouseCoopers India said.
* STEEL: The resolution process for Essar Steel could get extended beyond the 270-day deadline of Apr 29, especially due to the litigation and challenges put up by ArcelorMittal before the National Company Law Tribunal's Ahmedabad Bench.
* TAXATION: The government will roll out e-way bill system for intra-state movement of goods in six more states from Friday, Bihar Deputy Chief Minister Sushil Kumar Modi said.
* TELECOMMUNICATION: Aircel's committee of creditors is considering an option to restart the firm's mobile phone operations in a few select circles and looking for funding from investors other than promoters.
* TRADE: The government extended the anti-dumping duty on imports of soda ash originating in or exported from Russia and Turkey, for one year till Apr 16, 2019, according to a government release.
