Today Sector News – 30.07.2018
* AUTOMOBILES: Automobile companies faced an "unprecedented" crisis as a strike by transporters affected movement of vehicles and supply of components, Society of Indian Automobile Manufacturers said.
-Hyundai Motor India may introduce micro-utility vehicle to consolidate its position and increase market share, a top company official said.
* AVIATION: Air India has started defaulting on government-guaranteed loans to lenders and aircraft lessors, setting off alarm bells over the national carrier's state of finances and credit-worthiness.
* BANKING: The Reserve Bank of India issued prudential regulations for standalone primary dealers for offering foreign exchange products to foreign portfolio clients.
-The RBI is likely to raise the repo rate by 25 basis points on Wednesday, for the second time in 2018-19 (Apr-Mar), to ward off risks to its medium-term inflation target from rising prices and the continued recovery in growth.
-The Reserve Bank of India has cancelled the certificates of registration of seven non-banking finance companies.
* CORPORATE: A report by the Public Accounts Committee, just tabled in Parliament, has recommended that the charitable registration of Tata Trusts' under Section 12AA of the Income Tax Act be cancelled since they do not conform to the norms of investments or expenditure.
* DEFENCE: The government is likely to unveil a major policy next month outlining a roadmap to build a robust defence production industry and make India one of the top five manufacturers of military equipment and platforms in the next 10 years.
* ECONOMY: Prime Minister Narendra Modi launched 81 investment projects worth over 600 bln rupees for Uttar Pradesh at a mega ground-breaking event.
* FAST-MOVING CONSUMER GOODS: Patanjali Group, which has been battling to secure the necessary clearances from both the central and state governments for its 60-bln-rupee food park in Noida, has made a lastminute submission of its bank documents, which are mandatory for the project to go through.
* INFORMATION TECHNOLOGY: A government panel recommended making it mandatory for companies to secure the consent of consumers for processing their data, and also suggested setting up a regulator to ensure data protection.
* INFRASTRUCTURE: Essel Infraprojects plans to invest 17.50 bln rupees in phased manner to set up electric vehicle charging and battery swapping infrastructure.
* INSURANCE: Max Life Insurance will add 145 branches and make a capital investment of 2.5 bln rupees over the next 12 months as it looks to 'rebuild' its proprietary channels business, Max group founder Analjit Singh said.
* INVESTMENT: A record 108 Indiafocused private equity firms are in the market to raise funds up to $15.1 bln, a four-year high, showcasing the attractiveness of Asia's third-largest economy for global investors. Education technology platform Byju's is in talks with SoftBank and other investors to raise $200 mln-
$250 mln to fund its global expansion plans, said sources familiar with the matter.
* POWER: Asserting that stressed thermal power assets are a cause of concern for the country, the government has decided to set up a high-level empowered panel under the cabinet secretary to resolve the issues and revive such assets. Lenders to India's stressed coal-based power projects are chasing one-time cash settlements to recover their long-pending loans even at a substantial cut on their dues.
* REALTY: The 14-storeyed, 2.5-bln-rupee project, which is coming up in Gujarat International Finance-Tec City, will have the National Stock Exchange as its anchor tenant, Brigade group's Chairman and Managing Director M.R. Jaishankar said.
* TELECOMMUNICATION: The face-off between Apple and the telecom regulator could end soon, with the company ready with an alternative solution.
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-Hyundai Motor India may introduce micro-utility vehicle to consolidate its position and increase market share, a top company official said.
* AVIATION: Air India has started defaulting on government-guaranteed loans to lenders and aircraft lessors, setting off alarm bells over the national carrier's state of finances and credit-worthiness.
* BANKING: The Reserve Bank of India issued prudential regulations for standalone primary dealers for offering foreign exchange products to foreign portfolio clients.
-The RBI is likely to raise the repo rate by 25 basis points on Wednesday, for the second time in 2018-19 (Apr-Mar), to ward off risks to its medium-term inflation target from rising prices and the continued recovery in growth.
-The Reserve Bank of India has cancelled the certificates of registration of seven non-banking finance companies.
* CORPORATE: A report by the Public Accounts Committee, just tabled in Parliament, has recommended that the charitable registration of Tata Trusts' under Section 12AA of the Income Tax Act be cancelled since they do not conform to the norms of investments or expenditure.
* DEFENCE: The government is likely to unveil a major policy next month outlining a roadmap to build a robust defence production industry and make India one of the top five manufacturers of military equipment and platforms in the next 10 years.
* ECONOMY: Prime Minister Narendra Modi launched 81 investment projects worth over 600 bln rupees for Uttar Pradesh at a mega ground-breaking event.
* FAST-MOVING CONSUMER GOODS: Patanjali Group, which has been battling to secure the necessary clearances from both the central and state governments for its 60-bln-rupee food park in Noida, has made a lastminute submission of its bank documents, which are mandatory for the project to go through.
* INFORMATION TECHNOLOGY: A government panel recommended making it mandatory for companies to secure the consent of consumers for processing their data, and also suggested setting up a regulator to ensure data protection.
* INFRASTRUCTURE: Essel Infraprojects plans to invest 17.50 bln rupees in phased manner to set up electric vehicle charging and battery swapping infrastructure.
* INSURANCE: Max Life Insurance will add 145 branches and make a capital investment of 2.5 bln rupees over the next 12 months as it looks to 'rebuild' its proprietary channels business, Max group founder Analjit Singh said.
* INVESTMENT: A record 108 Indiafocused private equity firms are in the market to raise funds up to $15.1 bln, a four-year high, showcasing the attractiveness of Asia's third-largest economy for global investors. Education technology platform Byju's is in talks with SoftBank and other investors to raise $200 mln-
$250 mln to fund its global expansion plans, said sources familiar with the matter.
* POWER: Asserting that stressed thermal power assets are a cause of concern for the country, the government has decided to set up a high-level empowered panel under the cabinet secretary to resolve the issues and revive such assets. Lenders to India's stressed coal-based power projects are chasing one-time cash settlements to recover their long-pending loans even at a substantial cut on their dues.
* REALTY: The 14-storeyed, 2.5-bln-rupee project, which is coming up in Gujarat International Finance-Tec City, will have the National Stock Exchange as its anchor tenant, Brigade group's Chairman and Managing Director M.R. Jaishankar said.
* TELECOMMUNICATION: The face-off between Apple and the telecom regulator could end soon, with the company ready with an alternative solution.
