Today Sector News – 14.03.2018
* AUTOMOBILE: Honda Motorcycle and Scooter India had announced the launch of its new 160cc premium motorcycle, the X-Blade, with a price tag of 78,500 rupees.
* AVIATION: AirAsia India added one more A320 aircraft in the fleet, raising its size to 17 and announced the launch of its services to Imphal from New Delhi as well to Delhi and Pune from Bengaluru from early next month. The European Aviation Safety Agency has distanced itself from the Indian safety regulator's latest mandate to ground Airbus twin engine A320neo planes flying in the country with even one faulty Pratt & Whitney engine, calling it a "unilateral
decision".
* BANKING: The Indian Banks' Association is holding a meeting with select banks to discuss the recent volatility in the government bond market and its impact on treasury books. The Reserve Bank of India directed banks to discontinue issuing letters of undertaking and letters of comfort for trade credits for imports into India, with immediate effect.
- Defending the Reserve Bank of India's role in the recent over $2-bln fraud reported by PUNJAB NATIONAL BANK, which has shaken the banking sector, former governor Raghuram Rajan today said had the regulator known about the fraud, it would've stopped it. All the 20 public sector banks have obtained approval from their respective boards for the terms and conditions put forth by the Union government to receive capital infusion through bonds as part of the recapitalisation plan.
- The finance ministry has asked all state-run banks to ensure that names and photographs of all wilful defaulters are put on their websites.
* CEMENT: The National Company Law Tribunal has asked Vijaykumar Iyer, a resolution professional of Binani Cement, to appear in person in the tribunal in its next hearing to answer questions on the bidding process followed in the firms debt resolution.
* ECONOMY: The Supreme Court has instructed the government to extend the Mar 31 deadline to link Aadhaar number with various services and schemes, till the cases challenging the validity of the Aadhaar scheme is decided.
* FERTILISERS: The government had by the end of February spent 97% of its revised Budget estimate of 650 bln rupees for fertiliser subsidy in the current fiscal.
* FINANCE: HDB Financial Services plans to raise 6.12 bln rupees through the seventh tranche of secured nonconvertible debentures.
* GOLD: Former Reserve Bank of India governor Raghuram Rajan said the 80:20 gold import scheme was brought in to support the sector in 2014.
* INFRASTRUCTURE: The road transport and highways ministry will raise around 1 trln rupees through off budgetary mechanism in the next financial year to fund its ambitious highway construction programme. The National Highways Authority of India has bid out a total of 1,500 km in March, taking the total length of projects awarded by them till date to 4,000 km in this fiscal.
* JEWELLERY: Bank finance to small and medium jewellers, who constitute more than 80% of the gold trade, has dried up as a fallout of the Nirav Modi-PUNJAB NATIONAL BANK scam.
* PHARMACEUTICALS: The government is planning to make it mandatory for pharmacies to display generic medicines conspicuously on separate shelves so that consumers can opt for low-cost alternatives to expensive branded drugs.
* REGULATORY: SEBI is examining whether evaluation of resolution plans by credit rating agencies will lead to violation of the markets regulator's rules related to investment advisory.
* STEEL: The National Company Law Tribunal has asked the Committee of Creditors and Resolution Professional in the Bhushan Power and Steel insolvency proceeding to not consider any bids or resolution plans while the plea of Liberty House is sub-judice. India will take up with the US authorities their 'unfortunate' decision to hike import duty on steel and aluminium products, Commerce and Industry Minister Suresh Prabhu said.
* TAXATION: The Central Board of Direct Taxes will conduct a countrywide review of tax collection, especially for advance tax, tax deduction at source, arrears, and black money cases in a bid to shore up the direct tax revenue kitty for the financial year ending Mar 31. The Centre has released 283.98 bln rupees as goods and services tax compensation to states for Jul-Dec, with Karnataka getting a major pie.
* TELECOMMUNICATION: Vodafone India has partnered with TECNO brand phones of TRANSSION India to provide cashback worth 2,200 rupees on the Camon i series of 4G smart phone handsets priced 8,990 rupees each. Telecom Regulatory Authority of India Chairman R.S. Sharma slammed incumbent telecom operators for trying to dent the sectoral regulator's impartiality and credibility, saying their allegations of bias or favour in regulation is absolutely "inappropriate and uncalled for".
- The telecom regulator has issued show-cause notices to some carriers over call drops and inability to meet prescribed benchmarks under the new quality of service rules in some circles, and has given them time till Mar 21 to present their side of the case.fone.
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* AVIATION: AirAsia India added one more A320 aircraft in the fleet, raising its size to 17 and announced the launch of its services to Imphal from New Delhi as well to Delhi and Pune from Bengaluru from early next month. The European Aviation Safety Agency has distanced itself from the Indian safety regulator's latest mandate to ground Airbus twin engine A320neo planes flying in the country with even one faulty Pratt & Whitney engine, calling it a "unilateral
decision".
* BANKING: The Indian Banks' Association is holding a meeting with select banks to discuss the recent volatility in the government bond market and its impact on treasury books. The Reserve Bank of India directed banks to discontinue issuing letters of undertaking and letters of comfort for trade credits for imports into India, with immediate effect.
- Defending the Reserve Bank of India's role in the recent over $2-bln fraud reported by PUNJAB NATIONAL BANK, which has shaken the banking sector, former governor Raghuram Rajan today said had the regulator known about the fraud, it would've stopped it. All the 20 public sector banks have obtained approval from their respective boards for the terms and conditions put forth by the Union government to receive capital infusion through bonds as part of the recapitalisation plan.
- The finance ministry has asked all state-run banks to ensure that names and photographs of all wilful defaulters are put on their websites.
* CEMENT: The National Company Law Tribunal has asked Vijaykumar Iyer, a resolution professional of Binani Cement, to appear in person in the tribunal in its next hearing to answer questions on the bidding process followed in the firms debt resolution.
* ECONOMY: The Supreme Court has instructed the government to extend the Mar 31 deadline to link Aadhaar number with various services and schemes, till the cases challenging the validity of the Aadhaar scheme is decided.
* FERTILISERS: The government had by the end of February spent 97% of its revised Budget estimate of 650 bln rupees for fertiliser subsidy in the current fiscal.
* FINANCE: HDB Financial Services plans to raise 6.12 bln rupees through the seventh tranche of secured nonconvertible debentures.
* GOLD: Former Reserve Bank of India governor Raghuram Rajan said the 80:20 gold import scheme was brought in to support the sector in 2014.
* INFRASTRUCTURE: The road transport and highways ministry will raise around 1 trln rupees through off budgetary mechanism in the next financial year to fund its ambitious highway construction programme. The National Highways Authority of India has bid out a total of 1,500 km in March, taking the total length of projects awarded by them till date to 4,000 km in this fiscal.
* JEWELLERY: Bank finance to small and medium jewellers, who constitute more than 80% of the gold trade, has dried up as a fallout of the Nirav Modi-PUNJAB NATIONAL BANK scam.
* PHARMACEUTICALS: The government is planning to make it mandatory for pharmacies to display generic medicines conspicuously on separate shelves so that consumers can opt for low-cost alternatives to expensive branded drugs.
* REGULATORY: SEBI is examining whether evaluation of resolution plans by credit rating agencies will lead to violation of the markets regulator's rules related to investment advisory.
* STEEL: The National Company Law Tribunal has asked the Committee of Creditors and Resolution Professional in the Bhushan Power and Steel insolvency proceeding to not consider any bids or resolution plans while the plea of Liberty House is sub-judice. India will take up with the US authorities their 'unfortunate' decision to hike import duty on steel and aluminium products, Commerce and Industry Minister Suresh Prabhu said.
* TAXATION: The Central Board of Direct Taxes will conduct a countrywide review of tax collection, especially for advance tax, tax deduction at source, arrears, and black money cases in a bid to shore up the direct tax revenue kitty for the financial year ending Mar 31. The Centre has released 283.98 bln rupees as goods and services tax compensation to states for Jul-Dec, with Karnataka getting a major pie.
* TELECOMMUNICATION: Vodafone India has partnered with TECNO brand phones of TRANSSION India to provide cashback worth 2,200 rupees on the Camon i series of 4G smart phone handsets priced 8,990 rupees each. Telecom Regulatory Authority of India Chairman R.S. Sharma slammed incumbent telecom operators for trying to dent the sectoral regulator's impartiality and credibility, saying their allegations of bias or favour in regulation is absolutely "inappropriate and uncalled for".
- The telecom regulator has issued show-cause notices to some carriers over call drops and inability to meet prescribed benchmarks under the new quality of service rules in some circles, and has given them time till Mar 21 to present their side of the case.fone.
