Today Sector News – 17.05.2018
* AVIATION: Air India will phase out its remaining three Classic A320 planes, which are nearly three decade old, from the fleet by the end of this year.
* BANKING: The Union Cabinet has approved norms to strengthen the mechanism for resolving litigation among public sector enterprises and government departments, Law and Justice Minister Ravi Shankar Prasad said.
-The Reserve Bank of India's second bi-monthly monetary policy meet for 2018-19 (Apr-Mar) will be held from Jun 4 to Jun 6, instead of the previously scheduled Jun 5-6.
-The government is looking to impose strict deadlines on banks that are under the Reserve Bank of India's watch to implement a turnaround plan, which will include fixed targets for recoveries of bad loans and sale of non-core assets.
-The government is planning to put in place a new loan-sanctioning mechanism for public sector banks which will be technology-driven and effectively minimise discretion available to the bank officers.
* COAL: Power generators in the private sector can get coal from mines closer to their plants and not stick to the linkage from mines allotted for those plants, as per a methodology for rationalisation of linkage brought by the coal ministry.
* COMMODITY: India's sugar imports from Pakistan have been "miniscule" so far in the current financial year at 1,908 tn.
* DEFENCE: The Union Cabinet approved an increase of 113.3 bln rupees in the budget for laying alternate communication network for defence services under the Network for Spectrum project.
* HOTEL: SoftBank is exploring a possible investment in restaurant discovery and food delivery firm Zomato.
* INFRASTRUCTURE: The Cabinet Committee on Economic Affairs approved the extension of the Delhi metro rail corridor by 6.675 km from Noida City Centre to Noida Sector 62, Union Law Minister Ravi Shankar Prasad. The Cabinet Committee on Economic Affairs approved 10.3 bln rupees for development under phase 1 of an integrated multi-modal logistics hub at Nangal Chaudhary, Haryana, under Delhi-Mumbai Industrial Corridor project.
* OIL AND GAS: The Union Cabinet approved a new National Policy on Biofuels that expands the range of raw materials for production of ethanol for blending with petrol in a bid to meet mandatory fuel blending targets and help reduce the country's crude oil import bill.
* REGULATORY: The Securities and Exchange Board of India has released a consultation paper proposing a uniform methodology to determine the price of non-traded and thinly traded non-convertible debentures. Comments on the proposal are sought by Jun 18.
* STEEL: Lenders to Essar Steel will approach the National Company Law Appellate Tribunal to seek its guidance on the 70-bln-rupee conditional offer made by ArcelorMittal.
* TELECOMMUNICATION: Aircel is pinning its hopes on the release of bank guarantees worth 7.51 bln rupees to help it operate as a going concern and pay salaries to its nearly 3,000 employees.
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* BANKING: The Union Cabinet has approved norms to strengthen the mechanism for resolving litigation among public sector enterprises and government departments, Law and Justice Minister Ravi Shankar Prasad said.
-The Reserve Bank of India's second bi-monthly monetary policy meet for 2018-19 (Apr-Mar) will be held from Jun 4 to Jun 6, instead of the previously scheduled Jun 5-6.
-The government is looking to impose strict deadlines on banks that are under the Reserve Bank of India's watch to implement a turnaround plan, which will include fixed targets for recoveries of bad loans and sale of non-core assets.
-The government is planning to put in place a new loan-sanctioning mechanism for public sector banks which will be technology-driven and effectively minimise discretion available to the bank officers.
* COAL: Power generators in the private sector can get coal from mines closer to their plants and not stick to the linkage from mines allotted for those plants, as per a methodology for rationalisation of linkage brought by the coal ministry.
* COMMODITY: India's sugar imports from Pakistan have been "miniscule" so far in the current financial year at 1,908 tn.
* DEFENCE: The Union Cabinet approved an increase of 113.3 bln rupees in the budget for laying alternate communication network for defence services under the Network for Spectrum project.
* HOTEL: SoftBank is exploring a possible investment in restaurant discovery and food delivery firm Zomato.
* INFRASTRUCTURE: The Cabinet Committee on Economic Affairs approved the extension of the Delhi metro rail corridor by 6.675 km from Noida City Centre to Noida Sector 62, Union Law Minister Ravi Shankar Prasad. The Cabinet Committee on Economic Affairs approved 10.3 bln rupees for development under phase 1 of an integrated multi-modal logistics hub at Nangal Chaudhary, Haryana, under Delhi-Mumbai Industrial Corridor project.
* OIL AND GAS: The Union Cabinet approved a new National Policy on Biofuels that expands the range of raw materials for production of ethanol for blending with petrol in a bid to meet mandatory fuel blending targets and help reduce the country's crude oil import bill.
* REGULATORY: The Securities and Exchange Board of India has released a consultation paper proposing a uniform methodology to determine the price of non-traded and thinly traded non-convertible debentures. Comments on the proposal are sought by Jun 18.
* STEEL: Lenders to Essar Steel will approach the National Company Law Appellate Tribunal to seek its guidance on the 70-bln-rupee conditional offer made by ArcelorMittal.
* TELECOMMUNICATION: Aircel is pinning its hopes on the release of bank guarantees worth 7.51 bln rupees to help it operate as a going concern and pay salaries to its nearly 3,000 employees.
