Today Sector News – 27.09.2018
* AVIATION: Directorate General of Civil Aviation is considering a change in the way the on-time
performance of airlines is calculated to make it based on arrivals instead of departures.
* COMMODITY: The Union Cabinet approved financial assistance of 55.38 bln rupees for the sugar sector, with an aim to facilitate exports in 2018-19 (Oct-Sep) to reduce domestic surplus, support prices, and help mills make timely payments to sugarcane farmers.
* FINANCE: Tata Capital Financial Services has raised 34.88 bln rupees through a public issue of nonconvertible debentures.
* INFRASTRUCTURE: The Cabinet Committee on Economic Affairs approved a new broad-gauge
electrified railway line between Katghora and Dongargarh in Chhattisgarh at an estimated cost of 59.51 bln rupees. Infrastructure Leasing & Financial Services was unable to service its obligations in respect of the commercial papers and the interest on its non-convertible debentures, due Wednesday.
- Infrastructure Leasing & Financial Services is in advanced talks with one of Europe's leading road
operators, Atlantia, to sell a portfolio of toll-road assets for about $1.2 bln. The Aditya Birla group, which invested in IL&FS' group companies via its mutual fund and non-banking finance company arms, is considering legal options to recover its funds.
* SHIPPING: Thyssenkrupp Marine Systems has been awarded a 4.1-bln-rupee order with Mazagon Dock Shipbuilders Ltd to refit Indian Navy's non-nuclear submarine INS Shishumar.
* STEEL: After selling its oil business to a consortium led by Rosneft for $12.9 bln and securing support from another Russian major VTB Group for Essar Steel, promoters of Essar Group may be looking for another investor from Russia for its stressed power business.
- Hindustan Steel Works Construction management has alleged unwarranted trouble from the
contractual employees union and the union, in turn, alleging violation of terms as per a previously
concluded agreement.
* TAXATION: An Arbind Modi-led committee tasked with the drafting a new direct tax code is likely to submit its report this week. The Union Cabinet approved increasing the government's stake in the Goods and Services Network to 100%.
* TELECOMMUNICATION: The Union Cabinet approved the National Digital Communications Policy, through which the government aims to attract investment worth $100 bln in the sector of digital communications by 2022.
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performance of airlines is calculated to make it based on arrivals instead of departures.
* COMMODITY: The Union Cabinet approved financial assistance of 55.38 bln rupees for the sugar sector, with an aim to facilitate exports in 2018-19 (Oct-Sep) to reduce domestic surplus, support prices, and help mills make timely payments to sugarcane farmers.
* FINANCE: Tata Capital Financial Services has raised 34.88 bln rupees through a public issue of nonconvertible debentures.
* INFRASTRUCTURE: The Cabinet Committee on Economic Affairs approved a new broad-gauge
electrified railway line between Katghora and Dongargarh in Chhattisgarh at an estimated cost of 59.51 bln rupees. Infrastructure Leasing & Financial Services was unable to service its obligations in respect of the commercial papers and the interest on its non-convertible debentures, due Wednesday.
- Infrastructure Leasing & Financial Services is in advanced talks with one of Europe's leading road
operators, Atlantia, to sell a portfolio of toll-road assets for about $1.2 bln. The Aditya Birla group, which invested in IL&FS' group companies via its mutual fund and non-banking finance company arms, is considering legal options to recover its funds.
* SHIPPING: Thyssenkrupp Marine Systems has been awarded a 4.1-bln-rupee order with Mazagon Dock Shipbuilders Ltd to refit Indian Navy's non-nuclear submarine INS Shishumar.
* STEEL: After selling its oil business to a consortium led by Rosneft for $12.9 bln and securing support from another Russian major VTB Group for Essar Steel, promoters of Essar Group may be looking for another investor from Russia for its stressed power business.
- Hindustan Steel Works Construction management has alleged unwarranted trouble from the
contractual employees union and the union, in turn, alleging violation of terms as per a previously
concluded agreement.
* TAXATION: An Arbind Modi-led committee tasked with the drafting a new direct tax code is likely to submit its report this week. The Union Cabinet approved increasing the government's stake in the Goods and Services Network to 100%.
* TELECOMMUNICATION: The Union Cabinet approved the National Digital Communications Policy, through which the government aims to attract investment worth $100 bln in the sector of digital communications by 2022.
