Today Sector News – 21.09.2018
* AUTOMOBILE: Nissan Motor India has opened two showrooms and a workshop with dealer partner Landmark Group in Pune as part of its strategy to double sales and dealerships in India. The National Company Law Appellate Tribunal has set aside the Competition Commission of India's 870-mln-rupee fine on Hyundai Motor India and asked the anti-trust body to refund the penalty amount, if any has been deposited, to the carmaker.
* AVIATION: The finance ministry has rejected a proposal to waive Air India's working capital debt of 300 bln rupees in one go, although it is still discussing a request for a bailout for the national carrier. Oil marketing companies have threatened to stop selling jet fuel to Air India unless it clears its fuel bill on a daily basis even as the carrier's dues to oil companies have crossed 50 bln rupees.
* BANKING: The government has increased interest rates on most small savings schemes by 30-40 basis points for Oct-Dec. Punitive vigilance is difficult in public sector institutions, Reserve Bank of India Governor Urjit Patel said, arguing that preventing lapses was a more effective tool of governance.
* COMMODITY: The BSE and National Stock Exchange have got approval from SEBI to launch trading in commodity derivatives segment from Oct 1.
* CORPORATE: Delhi-based Choudhary Aviation Facilities has bought two helicopters of fugitive
business tycoon Vijay Mallya in an e-auction conducted by the Debt Recovery Tribunal.
* FINANCE: Infrastructure Leasing and Financial Services is planning to sell a majority stake in its
financial services unit and additional assets worth 45 bln rupees to pay down debts. The board of directors of IL&FS will seek the reappointment of Arun Saha, joint MD and CEO of the group, for five more years, till March 26, 2023.
* FUNDS: Kotak Pvt Equity Fund, which invested in Indus Biotech, is planning to sell its stake at the
company's upcoming initial public offering.
* INSURANCE: Hero Insurance Broking India has received a three-year licence from the Insurance
Regulatory and Development Authority of India to run general insurance business, including health and life insurance.
* MANUFACTURING: The Reserve Bank of India has allowed borrowers in the manufacturing sector to raise up to $50 mln through external commercial borrowings or its equivalent with minimum average maturity of one year.
* POWER: With long-term power purchase agreements drying up, the new power exchange being set up by BSE, PTC INDIA and ICICI BANK is looking to disrupt the power-buying landscape. Macquarie Group is among investors who have evinced interest in buying a significant stake from Goldman Sachs Group Inc in ReNew Power Ventures.
* REGULATORY: SEBI has said independent members must make for at least one-third of the panel that will look into the request of review of assigned ratings to instruments by issuers.
* RETAIL: Samara Capital and Amazon have signed a deal to acquire Aditya Birla Group's food and
grocery retail chain More for an enterprise value of 42 bln rupees.
* STEEL: The Competition Commission of India has cleared the proposed purchase of Essar Steel by
ArcelorMittal and Nippon Steel & Sumitomo Metal, saying there would not be any "appreciable adverse effect on competition" if the acquisition went through.
- Russia's VTB Bank-promoted NuMetal has alleged in the Supreme Court that National Company
Law Appellate Tribunal "wrongly" applied legal provisions to enable its rival bidder Arcelor Mittal to pay the dues of two debt-ridden firms even after it had bid for Essar Steel. Steel ministry has proposed increasing the effective import duty on some steel products to 15% from current rates ranging from 5% to 12.5%.
* TELECOMMUNICATION: The Supreme Court has granted government investigative agencies three more months to complete the probe into 2G scam and related cases.
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* AVIATION: The finance ministry has rejected a proposal to waive Air India's working capital debt of 300 bln rupees in one go, although it is still discussing a request for a bailout for the national carrier. Oil marketing companies have threatened to stop selling jet fuel to Air India unless it clears its fuel bill on a daily basis even as the carrier's dues to oil companies have crossed 50 bln rupees.
* BANKING: The government has increased interest rates on most small savings schemes by 30-40 basis points for Oct-Dec. Punitive vigilance is difficult in public sector institutions, Reserve Bank of India Governor Urjit Patel said, arguing that preventing lapses was a more effective tool of governance.
* COMMODITY: The BSE and National Stock Exchange have got approval from SEBI to launch trading in commodity derivatives segment from Oct 1.
* CORPORATE: Delhi-based Choudhary Aviation Facilities has bought two helicopters of fugitive
business tycoon Vijay Mallya in an e-auction conducted by the Debt Recovery Tribunal.
* FINANCE: Infrastructure Leasing and Financial Services is planning to sell a majority stake in its
financial services unit and additional assets worth 45 bln rupees to pay down debts. The board of directors of IL&FS will seek the reappointment of Arun Saha, joint MD and CEO of the group, for five more years, till March 26, 2023.
* FUNDS: Kotak Pvt Equity Fund, which invested in Indus Biotech, is planning to sell its stake at the
company's upcoming initial public offering.
* INSURANCE: Hero Insurance Broking India has received a three-year licence from the Insurance
Regulatory and Development Authority of India to run general insurance business, including health and life insurance.
* MANUFACTURING: The Reserve Bank of India has allowed borrowers in the manufacturing sector to raise up to $50 mln through external commercial borrowings or its equivalent with minimum average maturity of one year.
* POWER: With long-term power purchase agreements drying up, the new power exchange being set up by BSE, PTC INDIA and ICICI BANK is looking to disrupt the power-buying landscape. Macquarie Group is among investors who have evinced interest in buying a significant stake from Goldman Sachs Group Inc in ReNew Power Ventures.
* REGULATORY: SEBI has said independent members must make for at least one-third of the panel that will look into the request of review of assigned ratings to instruments by issuers.
* RETAIL: Samara Capital and Amazon have signed a deal to acquire Aditya Birla Group's food and
grocery retail chain More for an enterprise value of 42 bln rupees.
* STEEL: The Competition Commission of India has cleared the proposed purchase of Essar Steel by
ArcelorMittal and Nippon Steel & Sumitomo Metal, saying there would not be any "appreciable adverse effect on competition" if the acquisition went through.
- Russia's VTB Bank-promoted NuMetal has alleged in the Supreme Court that National Company
Law Appellate Tribunal "wrongly" applied legal provisions to enable its rival bidder Arcelor Mittal to pay the dues of two debt-ridden firms even after it had bid for Essar Steel. Steel ministry has proposed increasing the effective import duty on some steel products to 15% from current rates ranging from 5% to 12.5%.
* TELECOMMUNICATION: The Supreme Court has granted government investigative agencies three more months to complete the probe into 2G scam and related cases.
