Today Sector News – 18.05.2018
* AVIATION: Domestic airlines carried 11.5 mln passengers in April, 26.1% higher on year, according to data released by the Directorate General of Civil Aviation. AirAsia India has increased its workforce to 2,000, as the no-frills carrier is set to spread its wings overseas from later this year. Air India may have to pay a penalty of $8.8 mln to 323 passengers of its May 9 Delhi-Chicago flight, which was delayed as a fallout of withdrawal of relaxations given on flight duty time limitation of the crew.
* BANKING: The Reserve Bank of India has issued final norms for implementation of net stable funding ratio, which is part of the Basel III framework on liquidity standards along with liquidity coverage ratio, but stopped short of actually announcing a date for implementation of the guidelines.
-The Reserve Bank of India has allowed all scheduled commercial banks and regional rural banks to maintain the minimum capital requirement to operate international financial services centre, or IFSC, banking units, at the parent level instead of at the level of the unit, as prescribed earlier.
-A year after its launch, Ujjivan Small Finance Bank is seeking extension from the Reserve Bank of India to postpone the public listing of the bank, chief executive officer and managing director of the bank said.
-The Centre may ask the Reserve Bank of India to consider revising the prompt corrective action framework so that a complete restriction on fresh lending does not affect credit flow to business, particularly small and medium enterprises.
* CERAMIC: The government has imposed an anti-dumping duty on ceramic rollers imported from China for a period of five years.
* FINANCE: The Supreme Court has decided to take up all cases regarding the validity of cryptocurrency and asked all high courts hearing any such cases to stop doing so.
* INFRASTRUCTURE: The Maharashtra government is planning to get into a partnership model with landowners to meet its target of developing 5,00,000 affordable homes in Mumbai and 1 mln homes across the state by 2022.
* INVESTMENT: India is working on a framework that will provide legal backing for a stable and predictable foreign investment regime in the country as it looks to attract more capital to help create jobs and accelerate economic growth.
* OIL AND GAS: ICE Brent crude oil tops $80/bbl for the first time since November 2014.
* RAILWAYS: Mumbai Rail Vikas Corp will soon begin awarding contracts worth nearly 33 bln rupees, a key condition for the $1.2-bln World Bank loan it is seeking, for the Mumbai Urban Transport Project III, said chairman of the corporation.
* REGULATORY: The new monitoring system to monitor foreign investment limits in listed Indian companies will be operational by Jun 1, Securities and Exchange Board of India said in a circular.
* STEEL: The second bid of Numetal for Essar Steel is worth 370 bln rupees, which is much higher than its first bid, senior lawyer Mukul Rohatgi appearing for the company informed the National Company Law Appellate Tribunal.
* TELECOMMUNICATION: Less than a week after the shuffle between Reliance Jio Infocomm and BHARTI AIRTEL over providing of e-SIM or embedded SIM, the Department of Telecommunications allowed the use of e-SIMs while issuing guidelines for the same. An e-SIM is virtual variant of a SIM card in a mobile phone that uses software to provide the same services.
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* BANKING: The Reserve Bank of India has issued final norms for implementation of net stable funding ratio, which is part of the Basel III framework on liquidity standards along with liquidity coverage ratio, but stopped short of actually announcing a date for implementation of the guidelines.
-The Reserve Bank of India has allowed all scheduled commercial banks and regional rural banks to maintain the minimum capital requirement to operate international financial services centre, or IFSC, banking units, at the parent level instead of at the level of the unit, as prescribed earlier.
-A year after its launch, Ujjivan Small Finance Bank is seeking extension from the Reserve Bank of India to postpone the public listing of the bank, chief executive officer and managing director of the bank said.
-The Centre may ask the Reserve Bank of India to consider revising the prompt corrective action framework so that a complete restriction on fresh lending does not affect credit flow to business, particularly small and medium enterprises.
* CERAMIC: The government has imposed an anti-dumping duty on ceramic rollers imported from China for a period of five years.
* FINANCE: The Supreme Court has decided to take up all cases regarding the validity of cryptocurrency and asked all high courts hearing any such cases to stop doing so.
* INFRASTRUCTURE: The Maharashtra government is planning to get into a partnership model with landowners to meet its target of developing 5,00,000 affordable homes in Mumbai and 1 mln homes across the state by 2022.
* INVESTMENT: India is working on a framework that will provide legal backing for a stable and predictable foreign investment regime in the country as it looks to attract more capital to help create jobs and accelerate economic growth.
* OIL AND GAS: ICE Brent crude oil tops $80/bbl for the first time since November 2014.
* RAILWAYS: Mumbai Rail Vikas Corp will soon begin awarding contracts worth nearly 33 bln rupees, a key condition for the $1.2-bln World Bank loan it is seeking, for the Mumbai Urban Transport Project III, said chairman of the corporation.
* REGULATORY: The new monitoring system to monitor foreign investment limits in listed Indian companies will be operational by Jun 1, Securities and Exchange Board of India said in a circular.
* STEEL: The second bid of Numetal for Essar Steel is worth 370 bln rupees, which is much higher than its first bid, senior lawyer Mukul Rohatgi appearing for the company informed the National Company Law Appellate Tribunal.
* TELECOMMUNICATION: Less than a week after the shuffle between Reliance Jio Infocomm and BHARTI AIRTEL over providing of e-SIM or embedded SIM, the Department of Telecommunications allowed the use of e-SIMs while issuing guidelines for the same. An e-SIM is virtual variant of a SIM card in a mobile phone that uses software to provide the same services.
