Today Sector News – 28.09.2018
* AVIATION: The government is working on a four-pronged revival plan for debt-laden Air India, Minister of State for Civil Aviation Jayant Sinha said.
* BANKING: Payments Council of India has cried foul over banks not reimbursing payment companies for sub- 2,000 rupee transactions made using debit cards or digital payment systems since Jan 1, despite the government making payments for such sops to the lenders.
-The Supreme Court has reserved its verdict in ArcelorMittal S.A's appeal against the National Company Law Appellate Tribunal's order asking the company to clear dues of UTTAM GALVA STEELS and KSS Petron before it could become eligible to bid for Essar Steel.
-The Reserve Bank of India has issued norms for urban co-operative banks that are seeking to become small finance banks.
* CORPORATE: Two private equity companies are in advanced talks to acquire around 20% stake in Essel group's latest and arguably the fastest growing financial services venture.
-The Aditya Birla Group is in talks with Infrastructure Leasing and Financial Services to buy out its education and training arm, IL&FS Education and Technology Services.
* ECONOMY: The finance ministry has issued a circular for the Budget for 2019-2020 (Apr-Mar). The circular outlines the timelines for submission of estimates and demands by various ministries.
-The hike in basic customs duty on non-essential items by the finance ministry on Wednesday will not have a material impact on India's balance of payments and may not provide much support to the Indian rupee, Bank of America Merrill Lynch said in a report.
*FINANCE: IL&FS Financial Services defaulted on 7 repayments between Sep 12-27.
-Shareholders of Infrastructure Leasing & Financial Services are discussing a restructuring proposal under which the company will focus mainly on the management and execution of infrastructure projects, including engineering, procurement and construction contracts, and exit the financing of long-term projects.
-STATE BANK OF INDIA and Life Insurance Corp are set to increase their stakes in IL&FS by subscribing to its forthcoming rights issue.
* INFORMATION TECHNOLOGY: The government is working on a new industrial policy that will use artificial intelligence, Internet of Things and other technologies across sectors, throughout the country, said Rajiv Aggarwal, joint secretary, Department of Industrial Policy and Promotion.
* OIL AND GAS: The Centre has no room to cut excise duty on petrol and diesel.
* RAILWAYS: The Gujarat government has announced the doubling of compensation for farmers whose agricultural land situated in urban areas will be acquired for the Mumbai-Ahmedabad bullet train corridor.
* REGULATORY: The Securities and Exchange Board of India has sought information from mutual funds about their exposure to all non-banking financial companies and housing finance companies.
* STEEL: A VTB Capital-led consortium has offered to match ArcelorMittal's 420-bln-rupee bid for Essar Steel India.
* TELECOMMUNICATION: The Department of Telecommunications will meet officials from the Unique Identification Authority of India over the coming days to discuss the way forward on 'electronic-Know Your Customer' process for mobile number verification, Telecom Secretary Aruna Sundararajan said.
The Telecom Regulatory Authority of India is planning to hold consultations with several stakeholders in order to prepare a roadmap for the implementation of the new telecom policy.
-Telecom gear companies have been given three more months till Jan 1 to comply with the new norms mandating testing of equipment before selling it in the country.
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* BANKING: Payments Council of India has cried foul over banks not reimbursing payment companies for sub- 2,000 rupee transactions made using debit cards or digital payment systems since Jan 1, despite the government making payments for such sops to the lenders.
-The Supreme Court has reserved its verdict in ArcelorMittal S.A's appeal against the National Company Law Appellate Tribunal's order asking the company to clear dues of UTTAM GALVA STEELS and KSS Petron before it could become eligible to bid for Essar Steel.
-The Reserve Bank of India has issued norms for urban co-operative banks that are seeking to become small finance banks.
* CORPORATE: Two private equity companies are in advanced talks to acquire around 20% stake in Essel group's latest and arguably the fastest growing financial services venture.
-The Aditya Birla Group is in talks with Infrastructure Leasing and Financial Services to buy out its education and training arm, IL&FS Education and Technology Services.
* ECONOMY: The finance ministry has issued a circular for the Budget for 2019-2020 (Apr-Mar). The circular outlines the timelines for submission of estimates and demands by various ministries.
-The hike in basic customs duty on non-essential items by the finance ministry on Wednesday will not have a material impact on India's balance of payments and may not provide much support to the Indian rupee, Bank of America Merrill Lynch said in a report.
*FINANCE: IL&FS Financial Services defaulted on 7 repayments between Sep 12-27.
-Shareholders of Infrastructure Leasing & Financial Services are discussing a restructuring proposal under which the company will focus mainly on the management and execution of infrastructure projects, including engineering, procurement and construction contracts, and exit the financing of long-term projects.
-STATE BANK OF INDIA and Life Insurance Corp are set to increase their stakes in IL&FS by subscribing to its forthcoming rights issue.
* INFORMATION TECHNOLOGY: The government is working on a new industrial policy that will use artificial intelligence, Internet of Things and other technologies across sectors, throughout the country, said Rajiv Aggarwal, joint secretary, Department of Industrial Policy and Promotion.
* OIL AND GAS: The Centre has no room to cut excise duty on petrol and diesel.
* RAILWAYS: The Gujarat government has announced the doubling of compensation for farmers whose agricultural land situated in urban areas will be acquired for the Mumbai-Ahmedabad bullet train corridor.
* REGULATORY: The Securities and Exchange Board of India has sought information from mutual funds about their exposure to all non-banking financial companies and housing finance companies.
* STEEL: A VTB Capital-led consortium has offered to match ArcelorMittal's 420-bln-rupee bid for Essar Steel India.
* TELECOMMUNICATION: The Department of Telecommunications will meet officials from the Unique Identification Authority of India over the coming days to discuss the way forward on 'electronic-Know Your Customer' process for mobile number verification, Telecom Secretary Aruna Sundararajan said.
The Telecom Regulatory Authority of India is planning to hold consultations with several stakeholders in order to prepare a roadmap for the implementation of the new telecom policy.
-Telecom gear companies have been given three more months till Jan 1 to comply with the new norms mandating testing of equipment before selling it in the country.
