Today's Sector View – 17.12.2018
* AVIATION: The Indian Commercial Pilots' Association has sought Aviation Minister Suresh Prabhu's intervention and asked for expansion of Air India's network to become profitable. Moving ahead to privatise six big airports on the lines of Delhi and Mumbai's mega airports, the Airports Authority of India has issued a request for proposal for Lucknow, Jaipur, Ahmedabad, Guwahati, Mangaluru and Thiruvananthapuram.
* BANKING: Finance Minister Arun Jaitley has said the government respects the autonomy and independence of the Reserve Bank of India, but added that its autonomy was not synonymous with isolation. The Bombay High Court has granted interim stay on orders passed by the Central Information Commission directing the RBI to submit a list of wilful loan defaulters.
- The Indian Banks' Association is awaiting a decision by National Company Law Appellate Tribunal on a moratorium on payments by IL&FS before approaching the RBI on classification of lenders' 500 bln rupees exposure to the group.
* ECONOMY: Finance Minister Jaitley said that despite all odds, the government will maintain the fiscal deficit target of 3.3% of GDP for the current financial year ending March.
- Macroeconomic parameters such as inflation and fiscal deficit are broadly under control, Economic Affairs Secretary Subhash Chandra Garg said.
* OIL AND GAS: Cairn India won a third of its total haul of 41 oil blocks in India's maiden bid round under open acreage licensing policy by committing a miniscule exploration programme whose non-fulfillment will attract less than 10 mln rupees penalty.
* RAILWAYS: As many as 52 projects for rail connectivity to ports are underway entailing an investment of 446.05 bln rupees.
* TELECOMMUNICATIONS: The Delhi High Court dismissed Vodafone's plea seeking directions to the income tax department to expeditiously process its claim for refund of over 47.59 bln rupees in respect of returns filed for the assessment years 2014-15 to 2017-18.
- The Telecom Regulatory Authority of India has refused to provide the Department of Telecommunications a detailed methodology adopted by it to calculate the reserve price for spectrum for fresh auctions.
- Telecom operators seeking financial relief from the government want the telecom department to hire an independent evaluator to audit them and verify their financial stress.
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* BANKING: Finance Minister Arun Jaitley has said the government respects the autonomy and independence of the Reserve Bank of India, but added that its autonomy was not synonymous with isolation. The Bombay High Court has granted interim stay on orders passed by the Central Information Commission directing the RBI to submit a list of wilful loan defaulters.
- The Indian Banks' Association is awaiting a decision by National Company Law Appellate Tribunal on a moratorium on payments by IL&FS before approaching the RBI on classification of lenders' 500 bln rupees exposure to the group.
* ECONOMY: Finance Minister Jaitley said that despite all odds, the government will maintain the fiscal deficit target of 3.3% of GDP for the current financial year ending March.
- Macroeconomic parameters such as inflation and fiscal deficit are broadly under control, Economic Affairs Secretary Subhash Chandra Garg said.
* OIL AND GAS: Cairn India won a third of its total haul of 41 oil blocks in India's maiden bid round under open acreage licensing policy by committing a miniscule exploration programme whose non-fulfillment will attract less than 10 mln rupees penalty.
* RAILWAYS: As many as 52 projects for rail connectivity to ports are underway entailing an investment of 446.05 bln rupees.
* TELECOMMUNICATIONS: The Delhi High Court dismissed Vodafone's plea seeking directions to the income tax department to expeditiously process its claim for refund of over 47.59 bln rupees in respect of returns filed for the assessment years 2014-15 to 2017-18.
- The Telecom Regulatory Authority of India has refused to provide the Department of Telecommunications a detailed methodology adopted by it to calculate the reserve price for spectrum for fresh auctions.
- Telecom operators seeking financial relief from the government want the telecom department to hire an independent evaluator to audit them and verify their financial stress.
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