Today's Sector News - 09.12.2019: 09.00 Am
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* AVIATION: In an indication that Indian airlines' reliance on foreign pilots is not likely to come down any time soon, the Directorate General of Civil Aviation is open to extending the current deadline up to which the government has granted temporary authorisation to foreign pilots to fly for Indian-registered airlines. The civil aviation ministry has invited bids for six underserved and 24 unserved airports/airstrips and one water aerodrome located in the Northeast under the fourth round of regional connectivity scheme.
* BANKING: The Reserve Bank of India on Friday barred asset reconstruction companies from acquiring financial assets of a bank or financial institution that is a sponsor or a lender to the asset reconstruction company.
-Bank of America Corp on Friday inaugurated its Global Business Services Centre at International
Financial Services Centre at GIFT City in Gandhinagar, making it the first international bank to start
operations at GIFT City.
-The indirect tax department has asked banks to reverse input tax credit claimed on insurance paid to
Deposit Insurance and Credit Guarantee Corporation, a step that will escalate cost for lenders.
-The government has invited applications for the post of chairman of National Bank for Agriculture
and Rural Development.
* EXCHANGE: Girish Chandra Chaturvedi has been appointed chairman of the governing board of
National Stock Exchange.
* OIL AND GAS: Contrary to expectations of another night-long affair, the Organization of the Petroleum Exporting Countries and its allies wrapped up their meeting early with an agreement to deepen crude oil production cuts by around 500,000 barrels per day to 1.7 mln bpd in Jan-Mar.
* PHARMACEUTICALS: The Supreme Court has ordered an interim stay on the National Company Law Appellate Tribunal's ruling on the resolution of Orchid Pharma.
Mumbai-based drugmaker USV is in advanced discussions to acquire the trademark for anti-diabetes drug Jalra from Novartis for a deal valued at more than 2 bln rupees.
* REAL ESTATE: The government-sponsored fund for enabling completion of stalled housing projects has achieved its first closing at 105.3 bln rupees, SBI Capital Markets said in a LinkedIn post.
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