Today Sector News – 26.09.2018
* AUTOMOBILE: Yamaha Motor is preparing to release an all-new line-up of scooter models in India "in anticipation of the introduction of BS VI in 2020".
* BANKING: Finance Minister Arun Jaitley has said public-sector banks need to take necessary steps to ensure clean lending and initiate quick action in cases of fraud and willful defaults. Arun Jaitley has said public sector banks had requested upfront capital infusion, and the government was keen on providing support to banks to ensure a quick exit from the prompt corrective action framework.
* INFRASTRUCTURE: Infrastructure Leasing & Financial Services has filed an application with the
National Company Law Tribunal seeking permission to talk directly with creditors about resolving its debt problem. Of the 33 banks that have an exposure to the Infrastructure Leasing & Financial Services group, at least one has already classified its exposure to a group company as a non-performing investment. Life Insurance Corp and STATE BANK OF INDIA may likely increase their stakes in IL&FS through a rights offering as a means of infusing fresh capital.
* PHARMACEUTICALS: The Indian pharmaceutical industry has started feeling the ripple effects of a recent shutdown of manufacturing units in China over environmental concerns.
* POWER: After ICICI BANK initiated insolvency proceedings against Essar Power MP, the company got relief with the National Company Law Tribunal deciding to post the next hearing for Dec 3.
* RAILWAYS: The National High Speed Rail Corp has dismissed reports that Japan International
Cooperation Agency has stopped funding for the bullet train project between Ahmedabad and Mumbai.
* REAL ESTATE: Embassy Office Parks, a Blackstone Group and Embassy Group-sponsored real estate investment trust, has filed draft offer documents to raise 52.5 bln rupees through real estate investment trust issue.
* RETAIL: Demanding scrapping of US-based Walmart's deal to buy Flipkart, the Confederation of All India Traders has given a call for a Bharat bandh on Sep 28. Flipkart has acquired Israel-based retail analytics company Upstream Commerce, for its technology that will allow the ecommerce giant to offer real-time pricing and product analytics to its sellers.
* STEEL: The committee of creditors in charge of reviving the ailing Essar Steel has told the Supreme Court it sided with Numetal, which it said was now eligible to bid for the company, but ArcelorMittal wasn't.
* TELECOMMUNICATION: The Telecom Regulatory Authority of India has proposed cutting the time required for mobile number portability to as less as two to four days from seven days at present and also impose a penalty of up to 10,000 rupees for every wrongful rejection of a porting request by the subscriber. The Department of Telecommunications has initiated an internal consultation process to classify dues arising on account of spectrum usage charges and licence fee payable by Aircel as statutory dues.
* TRADE: The government expects India's merchandise exports to grow at 16% during 2018-19 (Apr-Mar), Commerce Secretary Anup Wadhawan said.
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* BANKING: Finance Minister Arun Jaitley has said public-sector banks need to take necessary steps to ensure clean lending and initiate quick action in cases of fraud and willful defaults. Arun Jaitley has said public sector banks had requested upfront capital infusion, and the government was keen on providing support to banks to ensure a quick exit from the prompt corrective action framework.
* INFRASTRUCTURE: Infrastructure Leasing & Financial Services has filed an application with the
National Company Law Tribunal seeking permission to talk directly with creditors about resolving its debt problem. Of the 33 banks that have an exposure to the Infrastructure Leasing & Financial Services group, at least one has already classified its exposure to a group company as a non-performing investment. Life Insurance Corp and STATE BANK OF INDIA may likely increase their stakes in IL&FS through a rights offering as a means of infusing fresh capital.
* PHARMACEUTICALS: The Indian pharmaceutical industry has started feeling the ripple effects of a recent shutdown of manufacturing units in China over environmental concerns.
* POWER: After ICICI BANK initiated insolvency proceedings against Essar Power MP, the company got relief with the National Company Law Tribunal deciding to post the next hearing for Dec 3.
* RAILWAYS: The National High Speed Rail Corp has dismissed reports that Japan International
Cooperation Agency has stopped funding for the bullet train project between Ahmedabad and Mumbai.
* REAL ESTATE: Embassy Office Parks, a Blackstone Group and Embassy Group-sponsored real estate investment trust, has filed draft offer documents to raise 52.5 bln rupees through real estate investment trust issue.
* RETAIL: Demanding scrapping of US-based Walmart's deal to buy Flipkart, the Confederation of All India Traders has given a call for a Bharat bandh on Sep 28. Flipkart has acquired Israel-based retail analytics company Upstream Commerce, for its technology that will allow the ecommerce giant to offer real-time pricing and product analytics to its sellers.
* STEEL: The committee of creditors in charge of reviving the ailing Essar Steel has told the Supreme Court it sided with Numetal, which it said was now eligible to bid for the company, but ArcelorMittal wasn't.
* TELECOMMUNICATION: The Telecom Regulatory Authority of India has proposed cutting the time required for mobile number portability to as less as two to four days from seven days at present and also impose a penalty of up to 10,000 rupees for every wrongful rejection of a porting request by the subscriber. The Department of Telecommunications has initiated an internal consultation process to classify dues arising on account of spectrum usage charges and licence fee payable by Aircel as statutory dues.
* TRADE: The government expects India's merchandise exports to grow at 16% during 2018-19 (Apr-Mar), Commerce Secretary Anup Wadhawan said.
