Today Sector News – 22.05.2018
* AGRICULTURE: The government may increase import duty on soyoil, sunflower oil, and canola oil by 10 percentage points each to boost prices of the domestically grown oilseeds.
* AUTOMOBILE: Hyundai Motor India has launched the 2018 model of the Creta sport utility vehicle at a base price of 943,908 rupees, ex-showroom Delhi. Hyundai Motor Group bowed to pressure from billionaire Paul Singer's Elliott Management Corp by shelving a controversial $8.8-bln deal, marking an unprecedented victory for shareholder activists in South Korea. Royal Enfield has launched a new limited-edition model of a classic motorcycle inspired by a World War II bike used by British paratroopers behind enemy lines.
* AVIATION: Operations at Mumbai airport came to a halt at about 2115 IST, as an Air India aircraft made an emergency landing due to an hydraulic failure, blocking the main runway.
* BANKING: Finance ministry has directed all 11 state-run banks under Reserve Bank of India's prompt corrective action framework to submit their revival plans by the end of this week.
* COAL: Government has decided to augment coal supplies to Centre or state power plants, and independent power producers from May 19 to Jun 30 to overcome shortage of the dry fuel and check power crisis.
* CORPORATE: The Income Tax Department is an "aggrieved creditor" to many deregistered shell companies and will petition at the National Company Law Tribunal to recover tax dues of crores of rupees. Internal investigations by two banks and over half-a-dozen companies have revealed that a few employees may have been aware about unpublished price-sensitive information leaked before the quarterly results of these banks and companies were released.
* EXCHANGES: National Stock Exchange has decided to delist Vijay Mallya-promoted Kingfisher Airlines, Plethico Pharmaceuticals and 16 other companies from May 30.
* FINANCE: The government has not sought any relaxation for banks under the Reserve Bank of India's prompt corrective action framework.
* OIL & GAS: India Inc has urged the government to cut excise duty on petrol and diesel immediately, observing that rising oil prices pose a high risk to India's economic growth trajectory. Abu Dhabi National Oil Co, which has started storing crude oil in the Mangaluru oil storage cavern of Indian Strategic Petroleum Reserves, is also keen on storing crude in Padur facility of ISPRL.
* SUGAR: The government is considering a number of measures such as creating a buffer stock and fixing a minimum price of sugar for mills to help them clear cane arrears.
* TELECOMMUNICATION: The Telecom Regulatory Authority of India is soon expected to lay out the broader principles on data ownership, security and privacy before the government, but will stop short of recommending rigid guidelines.
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* AUTOMOBILE: Hyundai Motor India has launched the 2018 model of the Creta sport utility vehicle at a base price of 943,908 rupees, ex-showroom Delhi. Hyundai Motor Group bowed to pressure from billionaire Paul Singer's Elliott Management Corp by shelving a controversial $8.8-bln deal, marking an unprecedented victory for shareholder activists in South Korea. Royal Enfield has launched a new limited-edition model of a classic motorcycle inspired by a World War II bike used by British paratroopers behind enemy lines.
* AVIATION: Operations at Mumbai airport came to a halt at about 2115 IST, as an Air India aircraft made an emergency landing due to an hydraulic failure, blocking the main runway.
* BANKING: Finance ministry has directed all 11 state-run banks under Reserve Bank of India's prompt corrective action framework to submit their revival plans by the end of this week.
* COAL: Government has decided to augment coal supplies to Centre or state power plants, and independent power producers from May 19 to Jun 30 to overcome shortage of the dry fuel and check power crisis.
* CORPORATE: The Income Tax Department is an "aggrieved creditor" to many deregistered shell companies and will petition at the National Company Law Tribunal to recover tax dues of crores of rupees. Internal investigations by two banks and over half-a-dozen companies have revealed that a few employees may have been aware about unpublished price-sensitive information leaked before the quarterly results of these banks and companies were released.
* EXCHANGES: National Stock Exchange has decided to delist Vijay Mallya-promoted Kingfisher Airlines, Plethico Pharmaceuticals and 16 other companies from May 30.
* FINANCE: The government has not sought any relaxation for banks under the Reserve Bank of India's prompt corrective action framework.
* OIL & GAS: India Inc has urged the government to cut excise duty on petrol and diesel immediately, observing that rising oil prices pose a high risk to India's economic growth trajectory. Abu Dhabi National Oil Co, which has started storing crude oil in the Mangaluru oil storage cavern of Indian Strategic Petroleum Reserves, is also keen on storing crude in Padur facility of ISPRL.
* SUGAR: The government is considering a number of measures such as creating a buffer stock and fixing a minimum price of sugar for mills to help them clear cane arrears.
* TELECOMMUNICATION: The Telecom Regulatory Authority of India is soon expected to lay out the broader principles on data ownership, security and privacy before the government, but will stop short of recommending rigid guidelines.
