Today Sector News – 24.05.2018
* AUTOMOBILE: Carlos Ghosn tamped down expectations of a quick deal to combine Nissan Motor Co and Renault SA, saying the spectre of failed mergers in his industry loomed large.
* AVIATION: IIT-Madras and the Airports Authority of India have signed a memorandum of understanding to take up collaborative research on Air Navigation Systems.
* BANKING: The government has shortlisted the eligible candidates for vacant senior level management positions in public sector banks, and has sent the list to the Banks Board Bureau, said Financial Services and Banking Secretary Rajiv Kumar.
-The Union Cabinet today approved an ordinance to amend the bankruptcy law, Law Minister Ravi Shankar Prasad told reporters.
-Some public sector banks are at risk of defaulting on coupon payments on bonds issued under Basel-II norms, owing to weak capital ratios of these lenders, rating agency ICRA said.
-After the government met with the heads of banks under prompt corrective action recently, each of the banks will submit a specific plan for the way forward for them by Friday, Financial Services and Secretary Rajiv Kumar said.
-The Indian banking system has continued to groan under the weight of bad loans, with 26 banks together reporting gross non-performing assets of more than 7.31 trln rupees, translating into an increase of about 50% from the corresponding period last year.
* EXCHANGES: The Bombay High Court has extended till May 26 the stay on the proposed launch of the new derivative contracts by Singapore Exchange Securities Trading. The National Stock Exchange has contested the launch of the contract.
-National Stock Exchange has issued a show-cause notice to defaulter businessman Vijay Mallya-led United Breweries (Holdings) for delisting of its shares as trading has been suspended for a long time due to regulatory non-compliance.
* FUNDS: Canada Pension Plan Investment Board, one of the world's largest government pension funds, poured money into small and mid-sized private sector lenders in India at the expense of their large-cap peers in 2017-18 (Apr-Mar).
* INFRASTRUCTURE: The Cabinet Committee on Economic Affairs has approved a waiver of penal interest on government loans to Paradip Port Trust and Visakhapatnam Port Trust, amounting to 10.77 bln rupees and 2.51 bln rupees, respectively.
-Afcon Infrastructure, Navyuga Engineering, RELIANCE INFRASTRUCTURE, SADBHAV
ENGINEERING, LARSEN & TOUBRO, IL&FS TRANSPORTATION NETWORK, DILIP BUILDCON, ASHOKA BUILDCON, PNC INFRATECH, NCC, GAYATRI PROJECTS and KNR CONSTRUCTIONS have submitted bids for the Mumbai-Nagpur Super Communication Expressway.
* POWER: The power ministry is working with banks to arrive at a resolution for stressed power projects in the country, Financial Services Secretary Rajiv Kumar said.
* REALTY: To provide relief to micro, small and medium enterprises, and homebuyers stuck in incomplete housing projects, the union cabinet on Wednesday approved an ordinance to amend the Insolvency and Bankruptcy Code.
* STEEL: India has launched a complaint against the US to challenge President Donald Trump's tariffs on steel and aluminum, a filing published by the World Trade Organization showed.
* TAXATION: The goods and services tax collection in May is likely to be around 900 bln rupees.
* TELECOMMUNICATION: The Union Cabinet today approved the second phase of a project to improve mobile services in Naxal-affected areas of the country at an estimated cost of 73.3 bln rupees.
-Telecom subscriber base in the country again crossed 1.2-bln mark, with mobile service companies
recording a net addition of over 26 mln customers in March, according to monthly subscriber report of Telecom Regulatory Authority of India released.
-The telecom regulator has directed operators to report all tariff plans on its online portal from Jun 30 so that consumers can compare them on a single platform, marking the national expansion of a programme started in April.
-The telecom department has clarified that tower providers will be considered as licensees under right-of-way rules, addressing a major demand of the industry that had been kept out of the purview of these rules so far. The Madras High Court on Wednesday upheld Telecom Regulatory Authority of India regulations preventing broadcasting companies from mixing free-to-air channels with pay channel in bouquets.
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* AVIATION: IIT-Madras and the Airports Authority of India have signed a memorandum of understanding to take up collaborative research on Air Navigation Systems.
* BANKING: The government has shortlisted the eligible candidates for vacant senior level management positions in public sector banks, and has sent the list to the Banks Board Bureau, said Financial Services and Banking Secretary Rajiv Kumar.
-The Union Cabinet today approved an ordinance to amend the bankruptcy law, Law Minister Ravi Shankar Prasad told reporters.
-Some public sector banks are at risk of defaulting on coupon payments on bonds issued under Basel-II norms, owing to weak capital ratios of these lenders, rating agency ICRA said.
-After the government met with the heads of banks under prompt corrective action recently, each of the banks will submit a specific plan for the way forward for them by Friday, Financial Services and Secretary Rajiv Kumar said.
-The Indian banking system has continued to groan under the weight of bad loans, with 26 banks together reporting gross non-performing assets of more than 7.31 trln rupees, translating into an increase of about 50% from the corresponding period last year.
* EXCHANGES: The Bombay High Court has extended till May 26 the stay on the proposed launch of the new derivative contracts by Singapore Exchange Securities Trading. The National Stock Exchange has contested the launch of the contract.
-National Stock Exchange has issued a show-cause notice to defaulter businessman Vijay Mallya-led United Breweries (Holdings) for delisting of its shares as trading has been suspended for a long time due to regulatory non-compliance.
* FUNDS: Canada Pension Plan Investment Board, one of the world's largest government pension funds, poured money into small and mid-sized private sector lenders in India at the expense of their large-cap peers in 2017-18 (Apr-Mar).
* INFRASTRUCTURE: The Cabinet Committee on Economic Affairs has approved a waiver of penal interest on government loans to Paradip Port Trust and Visakhapatnam Port Trust, amounting to 10.77 bln rupees and 2.51 bln rupees, respectively.
-Afcon Infrastructure, Navyuga Engineering, RELIANCE INFRASTRUCTURE, SADBHAV
ENGINEERING, LARSEN & TOUBRO, IL&FS TRANSPORTATION NETWORK, DILIP BUILDCON, ASHOKA BUILDCON, PNC INFRATECH, NCC, GAYATRI PROJECTS and KNR CONSTRUCTIONS have submitted bids for the Mumbai-Nagpur Super Communication Expressway.
* POWER: The power ministry is working with banks to arrive at a resolution for stressed power projects in the country, Financial Services Secretary Rajiv Kumar said.
* REALTY: To provide relief to micro, small and medium enterprises, and homebuyers stuck in incomplete housing projects, the union cabinet on Wednesday approved an ordinance to amend the Insolvency and Bankruptcy Code.
* STEEL: India has launched a complaint against the US to challenge President Donald Trump's tariffs on steel and aluminum, a filing published by the World Trade Organization showed.
* TAXATION: The goods and services tax collection in May is likely to be around 900 bln rupees.
* TELECOMMUNICATION: The Union Cabinet today approved the second phase of a project to improve mobile services in Naxal-affected areas of the country at an estimated cost of 73.3 bln rupees.
-Telecom subscriber base in the country again crossed 1.2-bln mark, with mobile service companies
recording a net addition of over 26 mln customers in March, according to monthly subscriber report of Telecom Regulatory Authority of India released.
-The telecom regulator has directed operators to report all tariff plans on its online portal from Jun 30 so that consumers can compare them on a single platform, marking the national expansion of a programme started in April.
-The telecom department has clarified that tower providers will be considered as licensees under right-of-way rules, addressing a major demand of the industry that had been kept out of the purview of these rules so far. The Madras High Court on Wednesday upheld Telecom Regulatory Authority of India regulations preventing broadcasting companies from mixing free-to-air channels with pay channel in bouquets.
