Today Sector News – 25.09.2018
* AUTOMOBILE: The manufacturing facilities of Royal Enfield, Yamaha and Myoung Shin Automotive India, a supplier of Hyundai, have been facing labour problems for the past few days.
* AVIATION: Prime Minister Narendra Modi inaugurated the Pakyong airport in Sikkim, bringing the north-eastern state on the global air-map.
* BANKING: The Reserve Bank of India has cancelled the certificates of registration of 14 non-banking finance companies.
* CORPORATE: Tata Trusts has appointed one of its trustees, Vijay Singh, as chairman of the Tata
Advanced Systems to help speed up building the group's defence business.
* FINANCE: IL&FS Financial Services has defaulted on commercial paper repayments, due Monday. The Small Industries Development Bank of India may file a case in the National Company Law Tribunal against debt-laden Infrastructure Leasing & Financial Services for not repaying its term deposits.
- National Highways Authority of India owes only 4.25 bln rupees to Infrastructure Leasing &
Financial Services and the Mumbai-based infrastructure lender and developer has raised claims for 40 bln rupees, which are under arbitration.
- Finance Minister Arun Jaitley to hold the annual review meeting with chief executives and the top
management of public sector banks. Infrastructure Leasing and Financial Services is planning to sell a majority stake in its financial services unit, as well as assets totalling 45 bln rupees, to trim debt after defaulting on several payments in the past two months.
* INFRASTRUCTURE: The Centre will spend 1.5 trln rupees on improving national highways in
northeastern states, Road Minister Nitin Gadkari said. RBI has taken steps to resolve the crisis at
Infrastructure Leasing and Financial Services by calling two large shareholders, Life Insurance Corp and STATE BANK OF INDIA, for a meeting on Friday.
* RETAIL: The Indian unit of Walmart said it could leverage Flipkart to cross-sell each other's private brands, use the expertise of the e-commerce firm in technology and analytics, and in turn, help them with grocery retailing.
* TAXATION: The GST Council will review collections so far in the current financial year started April at its meet on Friday.
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* AVIATION: Prime Minister Narendra Modi inaugurated the Pakyong airport in Sikkim, bringing the north-eastern state on the global air-map.
* BANKING: The Reserve Bank of India has cancelled the certificates of registration of 14 non-banking finance companies.
* CORPORATE: Tata Trusts has appointed one of its trustees, Vijay Singh, as chairman of the Tata
Advanced Systems to help speed up building the group's defence business.
* FINANCE: IL&FS Financial Services has defaulted on commercial paper repayments, due Monday. The Small Industries Development Bank of India may file a case in the National Company Law Tribunal against debt-laden Infrastructure Leasing & Financial Services for not repaying its term deposits.
- National Highways Authority of India owes only 4.25 bln rupees to Infrastructure Leasing &
Financial Services and the Mumbai-based infrastructure lender and developer has raised claims for 40 bln rupees, which are under arbitration.
- Finance Minister Arun Jaitley to hold the annual review meeting with chief executives and the top
management of public sector banks. Infrastructure Leasing and Financial Services is planning to sell a majority stake in its financial services unit, as well as assets totalling 45 bln rupees, to trim debt after defaulting on several payments in the past two months.
* INFRASTRUCTURE: The Centre will spend 1.5 trln rupees on improving national highways in
northeastern states, Road Minister Nitin Gadkari said. RBI has taken steps to resolve the crisis at
Infrastructure Leasing and Financial Services by calling two large shareholders, Life Insurance Corp and STATE BANK OF INDIA, for a meeting on Friday.
* RETAIL: The Indian unit of Walmart said it could leverage Flipkart to cross-sell each other's private brands, use the expertise of the e-commerce firm in technology and analytics, and in turn, help them with grocery retailing.
* TAXATION: The GST Council will review collections so far in the current financial year started April at its meet on Friday.
